President Barack Obama and billionaire investor Warren BuffettI've been saying for the last couple of months during the debt ceiling debate that the White House was looking for a way to sneak in a tax increase upon the American people. Democratic leaders in Congress such as House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Majority Whip Richard Durbin and billionaire investor Warren Buffett have been saying that the rich aren't paying their fair share of taxes to the federal government. Buffett has asserted that his secretary pays more in taxes than he himself does. I knew that the president was looking for an excuse to raise taxes upon the wealthy. Newsmax says that President Obama is proposing a new levy on U.S. taxpayers who pay more than $1 million as a means of reducing the national debt. He is adopting the suggestion from billionaire investor Warren Buffett of Berkshire Hathaway. This tax will be part of the recommendation to the super congressional committee which will be charged to "find ways to trim $1.5 trillion" from the nation's long-term deficit. Buffett made the statement over a month ago that the federal government needs to stop coddling the rich. He said the rich who earn over a million dollars need to pay a higher percentage of taxes. My advice for Mr. Buffett is he needs to write out a large check to the federal government. Since he's a billionaire and has more money than he knows what to do with, then why doesn't he participated in shared sacrifice as the president so often speaks of and donate 35% of his income above and beyond what he already pays to the federal government. He can voluntarily donate money to the federal government. I'm sure Congess would be delighted to take his money. The truth is he can exempt himself because he's an Obama crony.
The question I have for President Obama is what's a fair share for rich people to pay? What percentage should the rich who earn over $1 million pay in order to be paying their fair share? Is it 35%? Is it 40%? 50%? What's fair? Just because a person is rich doesn't mean they should be paying a higher percentage of taxes in comparison to all other taxpayers. What's fair about that? Why are President Obama and Congress trying to punish those who are wealthy due to hard work, diligence, and thrift? It's because it's part of the agenda to destroy capitalism and implement a socialistic society. President Obama mentioned repeatedly about transforming this country. He's been successful thus far in transforming this country. Another question I want to ask the president is why should certain income categories be exempt from paying taxes? Why should the emerging rich or those making incomes of $250,000 to $1,000,000 shoulder most of the burden and those on the lower end not contribute any taxes? I know some will say that those on the lower rung of the ladder can't afford to pay much in taxes. I agree. I'm not insinuating that those on the lower end should pay a high percentage of taxes. Nonetheless, the rich shouldn't pay a higher percentage of taxes either. Just because they're rich doesn't mean they should be paying a higher percentage of income taxes in comparison with other Americans with lower incomes.
As I stated in yesterday's post, the solution to the tax issue is to abolish the current tax code and implement either a flat tax or a national sales tax where revenue would be generated from the sale of goods to Americans. That way everybody would contribute to paying their fair share of taxes. It would also close loopholes as well. Anybody that works a job should contribute to the tax base. Naturally under the flat tax rate, those whose income category ranges in excess of $1 million for example will pay more taxes in real dollars under a flat tax rate of 10% vs. those whose income category is in the range of $20,000 under a 10% tax rate. The point is we shouldn't punish the rich because they are wealthy. If they've earned their wealth, they should be able to enjoy the fruits of their labor.
It's through the rich that jobs are created. No poor person can create jobs. Heinz Ketchup wasn't started by a poor man. All the major oil companies were started by rich men. John D. Rockefeller wasn't poor when he started Standard Oil in 1870. Rich people are the only ones that can start a business. The poor don't have the capacity to start businesses. It takes capital to start a business. It's time for all this class warfare to end. It's not going to happen because the elected elite are power hungry. The progressive tax code gives the politicians control over the American people, which is what the agenda is about. The power to tax is the power to destroy. The Obama administration is all about destroying our capitalist system. He's creating a socialist America which will eventually culminate into a communist country.
Click on the above link from Newsmax to read about Obama's plan for the "mega rich."
No comments:
Post a Comment