Quit thinking about Warren Buffet
POSTED: Tuesday, September 20, 2011 - 5:45pm
UPDATED: Sunday, September 25, 2011 - 8:47pm
tyler — The president has been campaigning this week.
Publicly, his staff says it's a tax plan. Everyone knows it's a campaign speech.
As we mentioned Monday, the president keeps invoking millionaires and billionaires who need to pay their fair share. And on the surface when you hear the president speak, it sound like if we can get the rich to
pay more everything would be ok for us little folks.
The president is transfixed on this billionaire Warren Buffet who says he pays less tax than his secretary.
Aren't we supposed to call them administrative assistants now-a-days, but I digress.
Actually, when pressed they say his tax rate is lower than his assistant. But that's not right either.
Mr. buffet pays taxes on capitol gains.
It was also published a few weeks ago he's behind on those taxes. His secretary pays a higher percentage on her salary because she is an employee.
This is all a ruse.
The Associates Press- and I am stunned- actually did a fact check on what the president is saying and it's not so.
The president has been saying this: "Middle-class families shouldn't pay higher taxes than millionaires and billionaires," Obama said Monday. "That's pretty straightforward. It's hard to argue against that."
The data tells a different story. On average, the wealthiest people in America pay a lot more taxes than the middle class or the poor, according to private and government data. They pay at a higher rate, and as a group, they contribute a much larger share of the overall taxes collected by the federal government.
235,000 millionaires pay 20% of all tax revenue. The rich do pay most of the taxes.
You can confiscate all the wealth from the wealthy and we still would be financially upside down.
We have a spending problem.
This is class warfare.
And it works because many people in America don't pay attention to how the gamesmanship on both sides really works.