Obama: “Prosperity Grows From People With No Money”
Yes, he was throwing down one his well used class warfare cards
(Washington Times) Two days after Senate Republicans blocked consideration of the White House’s “Buffett rule,” a proposed tax increase on millionaires, President Obama used the rejection to rally supporters in swing-state Ohio and paint himself as a champion of the middle class.
“In this country, prosperity doesn’t trickle down,” the president told a crowd of about 400 on hand for a speech Wednesday at Lorain County Community College in Elyria. “Prosperity grows from the bottom up and it grows from a strong middle class out.
In Obama’s Magical Unicorn World money apparently just appears under poor people’s pillows. Those eeeeevil rich people spreading it around is just a silly notion. Granted, not everyone becomes rich because some rich entity gave them money, just consider Obama: he made a ton of money thru middle class people paying for his books, which ……. wouldn’t have been published and distributed without an eeeeevil rich publishing house publishing it and giving him a nice advance.
If prosperity grows from the bottom up, why are there historic numbers of people on food stamps and government assistance in the reign of Emperor Obama?
“I’m saying you make a million dollars a year … you should at least pay the same percentage in income tax as middle-class families do,” Mr. Obama said. “That helps us afford being able to say to the 98 percent of families who make $250,000 a year or less, ‘Your taxes won’t go up.’ “
The rate is a canard: someone paying 15% of a million dollars pays more actual money to the IRS than someone who pays 22% on $50,000. I’d hope Obama really knows this and is simply playing a class warfare card, but you never know. Furthermore, those eeeeevil rich people get to net tax rates partly buy making charitable donations, which tends to benefit Americans. It would be better to do away with many tax breaks, such as ones that allow money earned in the United States to be sheltered overseas. Simplify the tax code.
Despite the president’s rhetoric, a September report by the nonpartisan Congressional Joint Committee on Taxation shows that the wealthy, on average, already pay the most taxes at far higher rates than the middle class.
The report lists individual income tax rates by salary bracket, showing those making less than $200,000 paying no more than a 9.5 percent rate for individual income taxes while those making more than $1 million pay an average effective rate of 22.2 percent.
Wait, what? Damned facts.