Here's Matt Welch, editor-in-chief of Reason Magazine on the shameful and deceitful "Buffet Rule" campaign.
Yeah, why the hell are we paying for Warren Buffet's Medicare?
We say shameful and deceitful because the President and his water-carriers are deliberately conflating two completely different tax rates in order to score cheap political points.
The hue and cry of Buffet's poor secretary being taxed at a higher rate than Buffet himself doesn't hold up to scrutiny when, obviously, the woman who makes between $200,000 and $500,000 will be taxed at a higher marginal rate (up to 35%) than Buffet who grants himself an annual salary of only $100,000.
Where Buffet acrues most of his income is in capital gains where the tax rate is only 15%. As Welch suggests, if Obama and Buffet were truly being honest and had the courage of their convictions, what they should be calling for is a 35% tax on capital gains. Cue: complete economic meltdown.
Of course, that's not what they are calling for but instead they trot out Buffet's 1 pecenter secretary (so far as making her a guest at the State of the Union address last Tuesday evening) as the poster child for the Occupy-approved message of "fairness" and income inequality.
As of yet, no one, least of all our increasingly cynical and desparate chief executive has explained to us how taxing the rich will cure unemployment, reduce the debt and be, ultimately, the pro-growth policy this country's economy so needs. But it isn't about any of the above... it's all about getting re-elected to do what, exactly, we're not quite sure.
Small wonder when we've been told it's food stamps and unemployment bennies that are the drivers of the nation's economic engine.
Monday, January 30, 2012