Obama Is Telling Lies Again Regarding Taxes

FACT CHECK: Are rich taxed less than secretaries?

WASHINGTON (AP) — President Barack Obama makes it sound as if there are millionaires all over America paying taxes at lower rates than their secretaries.

"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 tell 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.

There may be individual millionaires who pay taxes at rates lower than middle-income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal income tax, according to the Internal Revenue Service. That, however, was less than 1 percent of the nearly 237,000 returns with incomes above $1 million.

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http://news.yahoo.com/fact-check-rich-taxed-less-secretaries-070642868.html

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Obama said, "Middle-class families shouldn't pay higher taxes than millionaires and billionaires."
He didn't say ALL millionaires and billionaires pay less in taxes than middle-class families. We all know that there are plenty that do and that there are tax loopholes designed specifically for these millionaires and billionaires that allow then to do exactly what Obama is claiming. The fact that some millionaires and some billionaires are actually responsible enough to pay their fair share doesn't mean that they all do.
When you talk about the overall tax burden, the wealthy are bound to pay the greater overall share since they have the most money. The fact is that the tax rate on the wealthy has sharply decreased since Reagan and the difference between the very wealthy and the very poor has continued to widen and all those Bush tax cuts have created zero jobs in this country but plenty of jobs overseas. If the billionaires and millionaires are going to continue to off-shore jobs with the tax breaks they have enjoyed for almost 12 years, I say tax their collective behinds off. Who needs them?

 

So you are saying the more responsible the millionaires and some billionaires are, the higher their tax rates are? That woiuld be an interesting approach.

 

My biggest question is that if the problem is loopholes and deductions and tax breaks and subsidies, etc, why is the solution to create a new tax bracket and increase the tax rate? It doesn't take much deducing to realize that, within a short time, there will just be more loopholes and deductions and tax breaks and subsidies that will be bought from the politicians to compensate for the increases.

What we need is a leader with the courage to be honest and propose a completely revised tax system that eliminates the deductions and loopholes and tax breaks and subsidies first and sets the needed rates from there.

 

That is a good place to start.

It is apparently mostly all hedge fund managers, like Buffet, who would fall into the category of not paying as much in taxes as their secretaries anyway.

http://abcnews.go.com/blogs/politics/2011/09/fact-check-the-richtheir-secretaries-and-taxes/

So what does the President do...make a "Buffet Rule" that addresses the small number of hedge fund manager types? Nope. That would make too much sense and be too honest. Instead, he makes a "Buffet Rule" that includes the approximately quarter million non-Buffets who make over 1 million dollars and who already pay 3 to 4 times the tax rate their secretaries do.

 

....then when spending increases even more & this new revenue stream doesn't cut it the rest of us will become the targets.

By the way, has anyone wondered how much Buffet pays his secretary? He claims she's in the 35% tax bracket...wouldn't that put her well in six figures?