Every senator who votes on it will have to examine for himself or herself whether or not they want to vote for a bill that says millionaires and billionaires should not pay taxes on their income at a lower rate than middle-class Americans,” White House press secretary Jay Carney told reporters Monday. “And they will have to explain to their constituents why they don’t agree with that principle.”
This is what today’s democrats are. It is what they do. They lie and bit the classes against each other in order to remain in power.
Because just about every economist agrees that the Buffet tax will raise very little money.
And, then there are those pesky facts:
People with incomes of $1 million or more now pay overall effective federal tax rates of about 25%, counting individual income and payroll taxes. That compares with about 9.3% for people in the $40,000 to $50,000 income range, according to a Tax Policy Center analysis for 2011.
“President Obama… is the first president in history to openly campaign for re-election on a platform of higher taxes. He has already raised taxes on millions of Americans, but he won’t stop there. He wants to raise taxes on millions more by taxing small businesses and job creators.”
It’s true. Obama is running on raising taxes for THE RICH. You know, those OTHER PEOPLE. The people who won the lottery in life. It’s so fucking unFAIR. It’s not just a claim the Romney campaign is making. It’s true.
Mr. Obama’s plan would raise the capital-gains rate on January 1 to 20% on those who earn more than $200,000 ($250,000 for couples), plus a 3.8% investment surtax to finance ObamaCare. That 23.8% rate amounts to a nearly 60% increase from the 15% rate in effect since 2003. And that’s without his new “Buffett rule,” which would take the rate to 30% for many taxpayers.
Quick review: $200,000 is $800,000 LESS than making a million – so calling this one a tax on “the rich” is a stretch. AND, an increase in the capital-gains tax is a revenue KILLER for the government. It’s failed every time it’s tried.
In our view the optimal capital-gains tax rate is one that leads to the most capital investment, jobs and wealth gains for American workers. That economically optimal rate is somewhere close to zero and would lead to more overall tax revenue as the economy grew faster. But if Congress wants a capital-gains tax, history suggests the revenue maximizing rate is closer to 15% than to 23.8%.
Obama gives grand speeches about how taxing the rich is going to pay for all the things he promises, and how “the rich” need to pay their fair share. Of course, he neglects to mention that 50% who pay NO income taxes. What’s their fair share?
As President Obama told Charlie Gibson of ABC News in 2008, whether or not a higher capital-gains tax raises more revenue is irrelevant to him. He wants a higher rate as a matter of “fairness.” The soup may be lousy but he wants more of it.
Time for some math. Math is HARD.
The White House said last week that 1,470 millionaires paid no income tax in 2009.
About 237,000 returns reported adjusted gross income of $1 million or more in 2009.
That means a WHOPPING 0.6% of MILLIONAIRES paid no income tax in 2009. Versus the bottom 50% who pay no income tax. THE RICH are being vilified for the .6% who paid nothing (for what reason? We’re not so interest in that), while the bottom 50% of earners get a free ride. Or lunch. Or whatever.
Thomas Sowell breaks it down for us; what Obama’s rhetoric is really about:
With all the talk about people paying their “fair share” of income taxes, why do nearly half the people in this country pay no income taxes at all? Is that their “fair share”? Or is creating more recipients of government handouts, at no cost to themselves, simply a strategy to gain more votes?
Some people are puzzled by the fact that so much that is said and done by politicians seems remote from reality. But reality is not what gets politicians elected. Appearances, rhetoric, and emotions are what get them elected. Reality is what the voters and taxpayers are left to deal with as a result of electing them.
Obama’s schedule for today, via White House Dossier:
9:10 am || Departs White House
11:45 am || Arrives West Palm Beach, Florida
1:15 pm || Delivers remarks at fundraiser; private residence, Palm Beach Gardens
2:55 pm || Delivers remarks on the economy; Florida Atlantic University, Boca Raton
6:00 pm || Delivers remarks at fundraiser; Westin Diplomat Hotel, Hollywood, Florida
8:05 pm || Delivers remarks at fundraiser; private residence, Golden Beach
9:20 pm || Departs Hollywood, Florida
11:45 pm || Arrives White House