The Democrat’s golden rule is “Never let the facts get in the way of a good narrative”–especially when setting up a ‘class warfare’ struggle [as a weapon] for the November 2012 election cycle.
Enter the proposed “Buffet Tax”, named after Warren Buffet–the perrenially 2nd or 3rd richest person in the United States, according to the annual “Forbes 400” list; it is essentially a “sur-tax” on those earning $1 million+ per year.
It is intended to raise tax revenue–to help pay for President Obama’s Job’s plan.
The Buffet Tax was born from a now famous New York Times piece, wherein “Oracle of Omaha” stated that he paid a lower income tax rate than his secretary, and the Obama team picked up that ball and ran with it.
A recent FOXNews article quoted the president’s mantra-like Jobs bill rhetoric…
“The Republicans in Congress call this class warfare. Well you know what?
If asking a billionaire to pay the same tax rate as a plumber or teacher makes me a warrior for the middle class, I’ll wear that charge as a badge of honor,” Obama said to cheers.
“Because the only class warfare I’ve seen is the battle that’s been waged against the middle class in this country for a decade.”
Unfortunately, Obama’s rhetoric just doesn’t jibe with the facts.
In a recent FOXNews’ article titled “The Buffet Deception”, by Elizabeth MacDonald, she provided actual information from the Internal Revenue Service (IRS), which revealed these figures per each income level, according to 2009 IRS data:
Those earning $10 million+ paid 6% of all personal federal income tax, at an average tax rate of 26%.
Those earning $1 million+ paid 20.5% of all personal federal income tax, at an average tax rate of 24.6%.
Those earning $500,000+ paid 29.8% of all personal federal income tax, at an average tax rate of 24.5%.
Those earning $200,000+ paid 50.2% of all federal personal income tax, at an average tax rate of 22.2%.
Now, to totally disprove President Obama’s claims that billionaires and millionaires pay a lower tax rate than plumbers, who have an average annual income of $41,000, and teachers who have an average annual income of $43,000, the Tax Policy Center data indicates those earning $40,000 to $50,000 will pay an average tax rate of 12.5%.
The millionaire pays an average federal tax rate of 24.6%, which is double that of teachers and plumbers at 12.5%, and arguably, billionaires pay 26%, which is an even greater difference.
Now, to set the stage of what percentage of the population pays how much of the total tax bill, the top 5% of income earners paid 58.7%, and the top 10% paid 69.9%, of all personal federal income taxes.
In stark contrast, 47% of all taxpayers do not pay any federal taxes.
That means plumbers and teachers who represent the “middle class” 43% of the remaining taxpayers, cover just 30% of all federal income taxes.
Let’s get this straight, the millionaires and billionaires in the top 10% pay 70% of all federal income taxes at an average rate of about 25%, versus the 43% of the middle class, represented by “plumbers and teachers” pay only 30% at an average rate of 12.5%–both in the face of 47% paying none whatsoever … and President Obama believes that the “upper class” has been “waging” a class war against the middle class?
Unfortunately, it is actually President Obama who is the purveyor of class warfare in this case, mutilating fact and truth, using it to foment nothing less than a “populace uprising”, thinking that it will somehow facilitate his socialist objective to redistribute the wealth of the country–in this case via government [tax] intervention.
What damage could Obama’s ‘class warfare’ cause?
According to the National Federation of Independent Business, at least 75% of small businesses are [income pass-through entities], [such as] Subchapter-S election corporations or LLCs, about half which have employees.
So, if their tax rates were dramatically increased, under President Obama’s class warfare tax plan, it would be “poisonous” to job creation–in the private sector–where the vast majority of new jobs originate.
This is actually a very clever plan for President Obama to try to increase the turnout of his voter base at election time, by making them believe he will be providing justice and that new, better-paying jobs will be right around the corner. But, what will really happen is that his plan will destroy what is left of the American economy right before their very eyes.
However, most importantly to him, Barak Obama believes that he would achieve his only [narcissistic] objective–Re-election in November 2012.
Make no mistake–he cares about nothing else–Narcissists don’t have that ability.