Tag Archives: Buffet Rule

‘Morning Joe’ Scarborough Goes Off: ‘I pay over 50% in taxes, Obama only pays 18..’

Joe Scarborough is not happy that Obama pays only 18% in taxes, while  Joe pays over 50%. He wants the hypocrisy to sink in. They see the hypocrisy!

But one Chuck23250 on YouTube thinks this could be a “sophisticated scam” to bring attention to the Buffet Rule:

Joe.either you are falling into a Progressive trap or this is a sophisticated scam to bring attention to Obamas Buffet Rule. You are helping him make the case for taxing the rich more. See, listen to Ed Rendell jump in there with the Buffet rule. Obama wanted to change it but for the Republicans. It is the Republicans fault that Obama only pays 18.4 percent. Why not go to a flat tax or a sales tax. Tax everyone the same. Now that would be fair. Eliminate the gestapo IRS police state all together

Obama would not have to pay higher taxes under ‘Buffett Rule’

Obama’s new signature tax hike initiative, the Buffett Rule, would not apply to him according to his 2011 tax return released by the White House.

The liberal proposal to raise taxes on the rich would only come into play had Obama made at least $1 million. His return shows that the President only made $789,674 last year – mostly from book sales.

The Obama’s tax bill came to $162,074 which means his effective tax rate was just over 20%.

The White House announcement contradicts both the initial idea of the Buffett Rule and the legislation built upon it – the Paying a Fair Share Act of 2012. In the announcement, the White House says, “Under the President’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.”, but the Buffet Rule was to put a higher tax rate on those making $1 million or more and the Paying a Fair Share Act of 2012 has only that provision.

The Paying a Fair Share Act has no chance to pass the House and will likely fail in the Senate. The populist legislation will have the intended effect of characterizing Republicans to be protecting the wealthy when the GOP defeat Obama’s latest effort to redistribute the wealth of American citizens.

Democrats have positioned the legislation as a deficit-cutting move while no one actually believes that the ~$4 billion in annual revenue will go to anything but increasing the size of government – Congress has yet to meet a dollar that they cannot spend.

Who Pays What in Taxes: The Truth Comes Out at CDN

The President wants to raise taxes in America through his phony American Jobs Act and the unconstitutional super debt committee fallacy. Is President Obama trying to slam us into a double-dip recession? Now he wants to impose what he cutely calls The Buffet Rule  to tax Americans even further, because as Warren Buffet says, the rich pay less than in taxes than the poor middle class. Is that statement true?  Apparently it is a complete fabrication/fallacy as a recent AP fact Check article shows us:

AP Fact Checks Obama: Are the Rich Really Taxed Less Than Secretaries?

WASHINGTON (AP) — President Barack Obama says he wants to make sure millionaires are taxed at higher rates than their secretaries. The data say they already are….

This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.

Households making between $50,000 and $75,000 will pay an average of 15 percent  of their income in federal taxes.Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.

The latest IRS figures are a few years older — and limited to federal income taxes — but show much the same thing. In 2009, taxpayers who made $1 million or more paid on average 24.4 percent of their income in federal income taxes, according to the IRS.

Those making $100,000 to $125,000 paid on average 9.9 percent in federal income taxes. Those making $50,000 to $60,000 paid an average of 6.3 percent. (emphasis mine)

 

As we see here President Obama is dead wrong when he quotes the outright lie being told by Warren Buffet about who pays what in taxes in America today. NOTE:  Buffet claims his income as capital gains and therefore skirts the issue of paying his fair share also. (That is a great example of the word trickery used in mind manipulation to skew the facts in this situation.)  But in looking at the AP fact Check numbers above, we see an even bigger injustice exposed in this propaganda here:  Taxes on the rich have already increased since 2009 when Barack Hussein Obama took office. while taxes on the lowest earners have decreased:

2011- If you make more than 1 million  your tax rate is now an effective 29.1%,  [ UP 4.7% ]   from 24.4% in 2009, Obama’s first year in office.

2011- Make 50 – 75k and your effective tax rate is now 15%,  [ UP a whopping 8.7% ] from the 2009 tax rate of  50 – 60k at 6.3% .

2011- Those making between 20 – 30 k will pay 5.7%,  or [23.4% less than the million-dollar earners.]

 

 Shame on you President Obama and Mr. Buffet. Barack Obama has already raised taxes across the board for the rich, and also raised them on the middle class folks by a whopping 8.7%  in your short time in office. Now you want more tax increases?  When will it stop?

 In 2012, when we vote for common sense conservative principles to stop this economy-crushing Liberal nonsense !