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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 is expected to seek a new base 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 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 , 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% .  The wealthy are in the 35% .  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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