Middle-class families already pay less taxes than millionaires and billionaires. Despite the intense rhetoric flowing from an increasingly unpopular President Obama, his “class warfare” tactic to kick-start the 2012 campaign is quickly dying on the vine of half-truths and outright lies.
“This is not class warfare, this is math,” the president insists. But the actual numbers are nowhere near what his outrageous demagoguery suggests.
In 2009, about 237,000 individual income tax filers reported adjusted gross income of $1 million or more. Placed in one big group that includes families and small businesses, the total is $722 billion. $178 billion of that sum was paid in income taxes.
Their effective federal income tax rate was 24.6 percent. That is three to four times the effective rate on middle-class families earning between $50,000 and $75,000 per year. These millionaires Obama tries so hard to denounce compose 0.2 percent of all taxpayers, earned 10.6 percent of all income in 2009 and paid 20.5 percent of all individual income taxes.
What level of taxation for this group will finally satisfy liberals?
Do these figures provide a smoking gun that proves millionaires don’t carry their weight? Or is it the one last desperate issue Obama can pull from his 2012 re-election bag of tricks? This is an outright brazen attempt to pit America’s less fortunate against the “selfish rich.”
The president’s popularity has fallen to its lowest level hovering at a dismal 39 percent. His latest gimmick is portraying himself as a tax-cutter and champion of “the great unwashed.”
The government-backed stimulus loan of $528 million to recently bankrupt Solyndra Solar is indicative of the administration’s vision of taxpayer sacrifice. His hopeless “Jobs for America” bill largely has fallen on deaf ears in Congress. Who in their right mind running for re-election next year would place their name on a bill that piggybacks the administration’s unpopular $850 billion stimulus failure?
Where are the real jobs from that taxpayer nightmare? Why is unemployment still over 9 percent if it was a success like the White House insists? Is a new jobs bill necessary when there is no money to fund it? Is legal extortion of America’s most successful citizens the presidential thing to do? Or is this a chapter out of “All the King’s Men” with Obama playing Willie Stark working up the masses?
These are hard times for the Obama’s re-election campaign. Many in his own base are beginning to openly criticize his policies. The once fawning national media is actually providing more balanced coverage of the president’s delusional view of America and how to fix it.
So now the newest brilliant thinking to rise in the polls is “Hang the rich?”
To the president, “rich” means over $200,000 per year in taxable income. Unfortunately, America’s top earners can never hope to keep up with these populist-type antics that change with the wind. But they are defined as “easy marks” when times get rough at 1600.
The question is whether his base will buy this latest gamble on his part? Does the president have so little regard for their intelligence that he is confident they will pick up his sword and carry it into this trumped-up political scam?
The president fully expects his $447 billion unfunded jobs bill to be paid by “the rich.” That’s roughly half the $850 billion already paid for the last failed stimulus. The only difference between these two massive spending sprees is the jobs bill doesn’t mention the word “stimulus.” A brilliant tactical move by White House late-night thinkers.
Were the president to seize every dime of money left over after “the rich” have paid this year’s taxes, there’s a less-than-even chance that amount could pay the $1.3 trillion deficit Obama has run up in this fiscal year ending next week.
The president suggests paying for the $450 billion jobs bill through “tax reform” which is a euphemism for tax increases. Why can’t he just level with the American people rather than trying to place the burden (blame) on the country’s most productive earners?
If Obama was serious about real tax reform, he would submit a bill to Congress that isn’t a tax hike in disguise. If he was serious about reducing the deficit, he wouldn’t introduce it alongside massive new deficit spending proposals like “America’s Jobs Bill.”
The country needs to understand one important point: President Obama’s number-one priority is winning re-election. That goal is first and whatever else second.
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