19 Sep 2011

Class Warfare Time

, , , ,

Tyler Durden responds to President Obama’s “Millionaire Tax” proposal.

In his increasingly desperate attempts to pander to a population that has by now entirely given up on the hope, and barely has any change left, Obama is going for broke (or technically the reverse) by setting the class warfare bar just that little bit higher. This time around, his targets are millionaires, who according to the NYT are about to see their taxes soar. Or not: nobody really knows if the proposed “Buffett Rule”, affectionately known for crony communist #1, will impact just millionaires income tax, which incidentally is the same as what everyone else is paying, or, far more importantly, their Investment Income, which is where the bulk of America’s wealthy income comes from. Which incidentally makes all the sense in the world: two and a half years after Bernanke has been desperately doing everything in his power to raise the “wealth effect” if only for the richest 1% of the US population, it is, from the government’s perspective, time for the taxman to come knocking and demand his share of the capital gains. Yet what is lost in this ridiculous proposal are the unintended consequences…

Read the whole thing.

There isn’t any hope that Obama can get these kinds of proposals through Congress. What this is all about is testifying aloud in public to his fidelity to the leftist redistributionist faith and energizing his base of parasites and looters.

StumbleUpon.com
One Feedback on "Class Warfare Time"

SDD

The “Buffett Rule” is already in effect.

Let’s look at the data for 2009 (most recent IRS data):

Income Level Taxes % AGI
$1,000,000-1.5MM 25.3%
$10,000,000+ 22.6

$50,000-75,000 7.7
$75,000-$100,000 8.5
$100,000-200,000 11.9

I did this in ten minutes using publicly available data from the IRS. Which conclusion should I draw here:

a) The President isn’t smart enough to do the research that I did?
b) The President knows fully what the data shows and is being intentionally misleading?



Comments

Please Leave a Comment!




Please note: Comments may be moderated. It may take a while for them to show on the page.












Feeds
Entries (RSS)
Comments (RSS)
Feed Shark