Tuesday, September 20, 2011

Obama and More Taxes, Updating Previous Post

Unless you were on vacation in Ulan Bator, Outer Mongolia you heard that President Obama has finally decided to join the fray when it comes to getting control of the budget. See my post here if you haven’t already read it. As could be expected from a leftist, entitlements were pretty much left alone and Obama has fired the first salvo in the class warfare. Of course, he wants to raise taxes, what else would a progressive want to do? Reform entitlements? No Way! Gotta pander to the base.

Today, I thought I would throw around a few facts and figures to get everyone thinking about his proposal. I think most of this is old news to most of you, especially those who care to keep track of what is going on. For the lefties who stop by on occasion, you do need to see these numbers. Not that it is going to change your mind, but I thought you should know how we are going to counter your bleeding hearts.

The rich are already paying WAY more than the middle class and the poor. As pointed out above, the poor pay no taxes and lots of middle class don’t either.

The 10 percent of households with the highest incomes pay more than half of all federal taxes. They pay more than 70 percent of federal income taxes, according to the Congressional Budget Office. (Source: Yahoo News)

Hey Mr. President, let’s do the math. 90 percent of Americans pay 30 percent of the taxes. That 90 percent probably includes Buffet’s secretary.

Speaking of Warren’s secretary, it is possible that she paid more taxes than Mr. Buffett did.

There may be individual millionaires who pay taxes at rates lower than middle-class income workers. In 2009, 1,470 households filed tax returns with incomes above $1 million yet paid no federal incomes tax, according to the Internal Revenue Service. But that’s less than 1 percent of the nearly 237,000 returns with incomes above $1 million. (Source: Yahoo News)

Could it be that Mr. Buffett has a better tax accountant than is secretary? Or maybe he derives his money, not from a paycheck, but in the form of dividends, which are taxed at 15 percent.

Mr. Buffett, if you are feeling blue about your secretary having to pay more in taxes than you do, then maybe you need to reduce your paycheck down to her pay level. Better yet, why not increase her pay to a million a year? Then she could pay the same taxes as you do.

Here is something I want all of you think about, especially if you are a believer in redistribution of wealth through force (i.e. the tax code)

This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes, payroll taxes and other taxes, according to the Tax Policy Center, a Washington think tank.

Households making between $50,000 and $75,000 will pay an average of 15 percent of their income in federal taxes.

Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.6 percent. (Source: Yahoo News)

I do realize some people are scratching their heads and saying, “how come I have taxes taken out of my paycheck every two weeks if I’m not paying taxes?” What you have to do is take a look at your tax filing every April. While it is true that the poor and many in the middle class do have taxes taken out just like those filthy stinkin' rich people, the poor and the middle class get it all back and often times more, than what they paid over the year.

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