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That's got to hurt - when the media finally gets around to doing their job regarding obama's statements - they find he is not at all honest.
That is based on a misunderstanding of Obama's policy, and warren buffet's statement.
There is a curve with high rates hitting upper middle class and lower rich people. It then drastically declines when you reach the super rich. It has to do with earned income tax rates versus long term capital gains rates, something most people cannot grasp because they really don't deal with it. This is because very few people make substantial amounts of money off of long term capital gains.
So while someone earning 250k will pay a higher rate then someone making 50k someone who makes 500K off of long term capital gains will pay a lower rate then both of them.
My hubby and i pay our fair share of taxes believe me. No way in hell i want to pay my Son's or my brother's taxes, both doing pretty well for themselves, with very high high positions.
Believe me they pay more then their fair share, we ain't talking Bill Gates here either. Both of them lucky enough to get in with a Well know Company, and have high positions.
And everything else they have to pay for, is naturally more. Have more, and you pay mo.
Any takers, they would both be more then happy, to have any of you pay their taxes, that would make them extremely happy.
If a multi - Millionaire makes 10 Million Dollars a year and pays 1 Million Dollars in tax....rarely happens many get away with paying( 0 Dollars in taxes ) , but let's say that this Multi - Millionaire paid 1 million Dollars that's only 10% of what he earned...Middle Class Tax Payer Pay much more than that....that's probably what the POTUS was saying.....
If a multi - Millionaire makes 10 Million Dollars a year and pays 1 Million Dollars in tax....rarely happens many get away with paying( 0 Dollars in taxes ) , but let's say that this Multi - Millionaire paid 1 million Dollars that's only 10% of what he earned...Middle Class Tax Payer Pay much more than that....that's probably what the POTUS was saying.....
No, he wasn't. According to the IRS, it's a lie. You can see for yourself the high earners pay more of a percentage of their income in taxes.
I think the republicans are on the verge of losing ground on this issue. They can nail Obama for not improving the economy and also for not doing what he promised to do or being who he said he'd be. They can complain about his bad ideas, continuation of failed policies, lack of transparency and also blame the democrats for not having any ideas on how to fix the economy. But they are facing a losing fight if they continue to rail against tax increases for the wealthiest americans. The " job creators" haven't suffered from the economic downturn like the middle class has. Yes we need to cut spending, stop illegal immigration, cut entitlements programs and target some for reform. But there is room for some modest targeted tax increases among the richest americans and to close loopholes amongst the largest US corporations. Its a middle ground. The democrats are way off base with their plans but the republicans are in danger of losing the high ground if they don't offer some common sense alternatives. Give the richest( who earn say 500k to 1 million or more) americans a modest tax increase. And then cut spending 3 dollars for every new dollar in taxes. And use that money to shore up social security and to pay down the national debt.
To quote Mark Cuban (he is a reasonably rich guy), there should be no special treatment to Capital Gains tax. "Capital Gains" should be treated as income, for tax purposes. Now what? He's a socialist?
Treat cap-gains as income.
And company provided health insurance too for that matter.
Eliminate ALL deductions
Drop the personal income tax rate to 15%. For everyone.
The Treasury's coffers would overflow.
Problem solved.
And the 47% of filers who currently pay no Federal income tax would then be included in the equation too. We definitely don't want them feeling left out. They too should feel the swell of patriotism that comes from writing that check every April. It's just not fair to them to do otherwise. And we know this administration is all about fairness. Right?
The top 5% still do not pay enough taxes to cover the protection they recieve from the government. They probably never will.
BTW - I agree with NHARTPHOTOG. Middle income professionals are really getting screwed in this economy. That is by design and is not an accident.
The top 5% pay for their own private protection. They have security guards and private security details at their disposal. They do not need the "donut eaters" that just show after the fact to take a report.
But they are facing a losing fight if they continue to rail against tax increases for the wealthiest americans.
Obama's class warfare rhetoric worked so well in 2010, didn't it?
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