Obama Continues To Struggle At Math, Wants Rich To Be Taxed More So They Pay “At Least” As Much As Middle-Class.

’57 states’ Obama is at his new math dummery again.

Source:

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
10% Bracket $0-$8,500 $0-$17,000
15% Bracket $8,501-$34,500 $17,001-$69,000
25% Bracket $34,501-$83,600 $69,001-$139,350
28% Bracket $83,601-$174,400 $139,351-$212,300
33% Bracket $174,401-$379,150 $212,301-$379,150
35% Bracket $379,151- $379,151-

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.

Interesting.

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.

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Posted on September 18, 2011, in Big Government, Blog, Dumbassery, Politics and tagged , , , , , . Bookmark the permalink. 3 Comments.

  1. Your argument is wrong if you are talking about people in their 50s on SS and Disability and Medicaid because those people already paid 30 to 40 years of taxes and deserve the right to vote because they have paid into the system. what has to happen is we get rid of these damn illegals who take advantage of our system and use our programs and don’t pay a dime. That’s the 25 percent who doesn’t pay and the other 25 percent are the rich. If 1 rich guy pays 30% of his true income without investments that would get us out of debt. Get 10 billionaires to pay their share – we’re in the black again.

    So your argument stinks however you are entitled to it. My idea is tax the rich 100 percent because they outsourced all the job. If you get rid of tax deductions you and I would end up paying more and I’d lose my life and the rich would end up paying less again.

    You want to help America – help me start the 2nd American Revolution – cut off heads and ask questions later.

    Bonju Patten

    • Oh boy, where to start?

      Clearly, you don’t know what you’re talking about, and are just blurting words out that aren’t rooted in coherent thought. I will, however, try to address your points.

      1) I wasn’t talking about SS recipients. Who, I might add, cannot collect SS in their 50’s, and they still pay income taxes on their SS benefits. It’s called a double tax.

      2) There never has been a study that shows 25% of our population is illegal aliens like you claim. Nor is there any validation of your preposterous assertion that the rich pay no taxes. In fact, the opposite is true. According to the CBO, the top 20 percent of income earners pay 86.3% of federal income taxes. Also false is your outlandish claim that 25% of American households are rich. According to an LA Times’ report on data compiled on wealth, about 1.53% of US households are considered wealthy.

      3) You stated: “If 1 rich guy pays 30% of his true income without investments that would get us out of debt.” Aside from this being the most laughable of your ignorant statements, it’s universally and indisputably false. Bill Gates is the richest American with a net worth of $56 billion, with investments. 30% of $56 billion is $16,800,000,000. That’s well short of our nearly $14.8 trillion debt. It’s not even close to our annual deficit (over $1.3 trillion currently) … even if you times it by ten! And I gave you an edge by using his total net worth as opposed to his annual income, and timing his net worth by 10 as opposed to using other less wealthy billionaires as you suggested. Good thing you’re not Secretary of the Treasury.

      Aside from all that, it is mathematically impossible to pay off the debt now. The US national debt is larger than the amount of currency we’ve printed. You not only couldn’t use any of your ideas to pay off the debt, but you couldn’t pay it off if you took every single penny from every single American and applied it to the debt.

      If you took 100% of the money earned over $250,000, all of the net worth from America’s 400 billionaires, and all of the profits from Fortune 500 companies we’d have a whopping $3.67 trillion. Or just under 25% of our national debt. It’s about as much as is needed to run our government for 9 months.

      4) The rich don’t outsource jobs unless they have to in order to remain profitable. Government forces outsourcing. For instance, Ford has a 65mpg car that they can’t sell in the US because diesel taxes are too high. States with high taxes lose businesses to states with low taxes, etc. It’s really a very elementary formula.

      5) We would pay more if we got rid of tax deductions for individuals. So what? It’s the most fair way of collecting taxes. I thought all of this ‘tax the rich’ stuff was about ‘fairness.’ Plus, if we force 100% of the population to pay taxes, they wouldn’t need to tax you and me so much.

      6) You don’t know how to fight a war, I do. Stop calling for a revolution you couldn’t possibly understand.

  1. Pingback: How the rich people operate – pay close attention to this post- this is how they avoid taxes « THE WORD WARRIOR Bonju Blog

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