President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.
So is this a tax cut? It can’t possibly be a tax increase because the wealthy already pay a higher percentage of income taxes than middle-class workers.
2011 Federal Income Tax Rates
|Marginal Tax Rate||Single||Married Filing Jointly|
So, who motivated this charade?
Obama is going to call it the “Buffett Rule” for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.
Uh huh? The same Buffett who continued to use all the tax loopholes he derided? The same Buffett who didn’t do the ‘honorable’ thing and voluntarily ‘gift’ more taxes to the Bureau of Public Debt? Click here to learn more on how you can pay more taxes if you are ashamed of your obscene profits.
Just so we’re clear … middle-class Americans are in the 25-28% tax bracket. The wealthy are in the 35% tax bracket. Things may have changed, but when I was in school 35 > 25 or 28.
The only way the wealthy can lower that percentage is if they use accounting loopholes that are available to all Americans based on their investments. If you want to change that, close the loopholes. While your at it, erase all tax deductions and just have a flat tax rate that is subsidized by a sales tax if necessary. It will simplify the tax code, and prevent everyone from using creative accounting. Plus, the rich will still pay much more taxes than everyone else. And while you’re at it, start making the half of the population that doesn’t pay any income taxes now start paying income taxes.
I’m perpetually amused by the ‘fair share’ argument. What exactly is considered ‘fair share?’ To me, and anyone who is infected with the virus called Basic Common Sense, ‘fair share’ means equal parts (i.e. everyone pays 25%). What exactly is fair about half the population not paying any taxes while the other half does? What’s fair about a minority of the population paying 80% of the taxes?
I’ll tell you what, I’ll make you a deal. I’ll let you raise taxes on the wealthy if you revoke the privilege of voting from those who pay no income tax. Why should people who don’t contribute have a say in policy?
Now that’s a ‘fair’ trade.
- Obama to seek higher tax rate for the rich (cbsnews.com)
- Obama Tax Plan Would Ask More of Millionaires – NYTimes.com (mbcalyn.wordpress.com)
- Obama To Sock Rich With A “Buffett Tax” On Incomes Of $1 Million Or More (articles.businessinsider.com)
- Obama to make tax-the-wealthy push … and credit Warren… (shortformblog.tumblr.com)
- Obama to seek a new tax rate for wealthy – calling it “the Buffett Rule”-the 1% is not going to like this at all! (bonjupatten.wordpress.com)
- Obama Takes Class Warfare To The Next Level [MUST READ!!] (jhaines6.wordpress.com)