Friday, January 27, 2012
Obama Exploitation of Buffet's Secretary Fails
During Tuesday night's State of the Union address, President Obama, showcased his class warfare rhetoric, not to mention exposing the direction of his 2012 campaign, by trying to highlight the "Rich paying less than their fair share, while workers pay more than their fair share" argument. Using the taxes and wages of his pal, Warren Buffet and Buffet's secretary (Debbie Bosanek) as an example, and with Buffet and Bosanek sitting in the audience, Obama railed on how unfair it was for a worker like Bosnaek to pay more in taxes than Buffet who is a billionaire. Obama then put a minimum percentage on the amount of taxes the ultra-rich should pay - 30 percent - which is now being called the Buffet rule.
There are several billionaires saying how un-fair it is that they pay less in taxes than workers. Not only is this untrue, but if they want to pay more, then pay it. Do you need a special invitation!
But yet again Obama uses selective facts and does not present all the truth to make his point.
While it is reportedly true that Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent, Buffet's income comes mostly from investment income where the capital gains tax rate is much, much lower than the rate on straight salary, such as Bosanek's. So after all, Bosanek's income places her in the top 1, 2 or 3 % of Americans, just the people who Obama's wants to pay more.
Buffet's say's: "I don't pay hardly any payroll taxes, while Gov. Romney hardly pays any payroll taxes." If Buffet's paid more taxes on his investment income, taxed at the lower capital gains tax, he would have much less money to create jobs with. This is the argument that the Liberals just don't understand.
"I just feel like an average citizen. I represent the average citizen who needs a voice," said Bosanek. "Everybody in our office is paying a higher tax rate than Warren ."
Well if you are over taxed then why did you and your husband buy another house this year? You want people to feel sorry for you?
Where all of this leads is to a fair tax conclusion. Of course, fair in Republican eyes is much different than what's fair in the eyes of Socialists, Democrats and Progressives,....there I go again, being redundant,...I should have just said Liberals.
If we all paid a flat tax rate, wouldn't that be fair? Let's take 10% off the top from everyone. Then everyone has "buy-in" for this country. The 49% not paying any taxes, but drinking at the government entitlement trough will of course fight this,....cause it's unfair.
Just as a comparison, Mitt Romney paid around $3 million in taxes last year. Is this enough?