President Obama's strange definition of fairness

Fox ^ | January 26, 2012 | John Lott

[Bobbys1963]

During his State of the Union address Tuesday night, President Obama pushed for higher tax rates on what he called “the wealthiest Americans.” He declared: “Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes.” As usual, the president motivated the higher taxes with references to “fair play” and getting the wealthy to pay their “fair share” of taxes. “Fairness” was the codeword of the State of the Union address, not the chronic problem of lingering high unemployment, something the president never even mentioned. Of course, Obama emphasized “fairness,” but his newest attacks on the wealthy not paying their “fair share” very conveniently comes right after Mitt Romney revealed that he has averaged paying a 14 percent tax rate over the last two years. Unfortunately, some Republicans come across as confused about capital gains taxes. Romney pushes a weak defense of himself rather than an explanation for why capital gains should be taxed at a lower rate than other income. In the NBC News debate in Tampa on Monday night, Romney explained . . .

[ml/nj]

"If you make more than $1 million a year, you should not pay less than 30 percent in taxes.”

So, like, wasn't Obama President with absolute majorities in both houses of Congress? Why didn't the BS artiste make this the law of the land when he certainly was able to do so?

ML/NJ

[Don Corleone]

Confiscatory taxation is a hallmark of the Marxist method for reducing a nation to dependency on a dictatorial government!

[Sopater]

If you make more than $1 million a year, you should not pay less than 30 percent in taxes

... and you should be very ashamed of yourself. /s

[ryan71]

We're wasting our time dicking around with tax rates.

We need to GUT the entire tax code of loopholes, basically, junk it and write a new one. One that would fit on a napkin!

[Soul of the South]

“Confiscatory taxation is a hallmark of the Marxist method for reducing a nation to dependency on a dictatorial government!”

True. The first step here is raising the income tax rate on the people defined as “wealthy” in the name of fairness. When that revenue is insufficient to satisfy the desire to spend more, the next step will be levies on wealth. Warren Buffett may not live to see it but the ultimate goal of the Marxists he supports is to take his wealth. If Obama and the Democrats retain power, I can see a day coming when the wealthy supporting and opposing Obama are told they have an unfair share of the nation’s wealth. If your net worth is over $1 million, we will take 10% of your net worth per year. If your net worth is over $1 billion we will take everything over $1 billion and 10% of the rest.