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Obama’s tax falsehoods (Does the President not know that his quest to raise taxes will kill jobs?)
Washington Times ^ | 09/27/2011 | Richard Rahn

Posted on 09/27/2011 6:21:33 AM PDT by SeekAndFind

Mr. President, what is the maximum rate of tax you think any American should be forced to pay? I asked those in the White House press office this question last week, and I have yet to receive an answer. I am willing to bet they will never give me or any other American the number.

In last week’s column, I showed how many Americans of all income levels are paying effective tax rates of approximately 400 percent on their savings income because the government is keeping short-term interest rates under 1 percent while generating inflation of 3.8 percent at an annual rate. The inflation tax also causes many capital gains recipients to have effective tax rates in excess of 100 percent.

The administration has proposed major tax increases, based both on a false statement of the problem and false statements about the likely effects of the proposed solutions. The administration and its advisers must know that much of what they are saying is false because they have been corrected so many times.

The first falsehood is that billionaires like Warren Buffett are paying a lower tax rate than their secretaries. Mr. Buffett appears to prefer to take much of his compensation in the form of capital gains rather than salary. His companies can deduct the cost of salaries from their revenue, but capital gains only accrue after a company has paid its corporate tax. To properly measure his tax rate, it would be necessary to look at all of the taxes he pays both directly and indirectly on his investment income, including the inflation tax and pro-rata share of the corporate income tax. You can bet it is far higher than his secretary’s tax rate.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: jobs; obama; taxhikes

1 posted on 09/27/2011 6:21:36 AM PDT by SeekAndFind
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To: SeekAndFind

The president has said on numerous occasions: “It’s not about revenue. It’s about fairness.”

Unfortunately, fairness is subjective. What’s fair to the fox is not fair to the chickens. There may be universal truths, universal right and wrong, but no universal fairness. We are seeing the President’s political wealth redistribution agenda at work here.


2 posted on 09/27/2011 6:26:41 AM PDT by Gen.Blather
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To: SeekAndFind

He knows what he is doing.


3 posted on 09/27/2011 6:27:28 AM PDT by justice14 ("stand up defend or lay down and die")
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To: SeekAndFind

He does know. He doesn’t care. The purpose of his economic policies is not to improve the economy but to redistribute it, to take the reparations “Pop”, Rev Wright, etc told him were due — basically to loot as much as fast as possible. This has been the biggest flash mob smash-and-grab in history.


4 posted on 09/27/2011 6:30:17 AM PDT by Paine in the Neck (Where's he getting these ideas? He's not smart enough to be that stupid all by himself.)
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To: SeekAndFind
Obama does know these things. He has promised "fundamental change" to America. He meant it. He has been going about instituting it his entire term.

He does not want to "fix" the free market or cornerstones of our economy. He means to bring them down and all of his initiatives have been aimed at that and are working.

He is a marxist ideolog and he lies.


IT'S WHAT MARXISTS DO

5 posted on 09/27/2011 6:41:43 AM PDT by Jeff Head (Liberty is not free. Never has been, never will be. (www.dragonsfuryseries.com))
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To: Jeff Head
Exactly right. It always surprises me that Obama’s supporters think they are immune to his antics. All this means is they haven't gotten slammed yet.
6 posted on 09/27/2011 6:44:47 AM PDT by MasterGunner01 (To err is human; to forgive is not our policy. -- SEAL Team SIX)
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To: SeekAndFind

He wants to kill jobs. He needs a large an angry under class to complete the marxist revolution where the only difference from today is that there is no middle class and the under class shares less than they have now.


7 posted on 09/27/2011 6:58:50 AM PDT by DCmarcher-976453 (SARAH PALIN 2012)
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To: Gen.Blather

“We are seeing the President’s political wealth redistribution agenda at work here.”

Unfortunately, the definition of ‘wealth’ is completely lost to ‘Progressives’. If ‘Wealth’ were merely money, Zimbabwe would be rich. Obama’s attempt to steal property from the productive to give to the unproductive will fail. Always has, always will.
“We will not pay!”, sayeth the Greek ownership class. (They know they are the last ones standing after the rich have been run out of the country!)


8 posted on 09/27/2011 7:25:14 AM PDT by griswold3 (Character is Destiny)
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To: SeekAndFind
Obama’s tax falsehoods (Does the President not know that his quest to raise taxes will kill jobs?)

The bigger question: "Does he care?"

Answer: NO!

FUBO GTFO! 481 Days until Noon Jan 20, 2013

9 posted on 09/27/2011 8:04:56 AM PDT by The Sons of Liberty (Psalm 109:8 Let his days be few and let another take his office. - Mene, Mene, Tekel, Upharsin)
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To: SeekAndFind

DemocRAT strategy

Kill more jobs = more people in need of gov’t help = more votes for RATs.


10 posted on 09/27/2011 10:32:57 AM PDT by JimRed (Excising a cancer before it kills us waters the Tree of Liberty! TERM LIMITS, NOW AND FOREVER!)
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