Guess what? It will call for increasing taxes on the rich. Here it goes:
"A senior White House official confirmed to Fox News that the president will seek a new minimum rate for millionaires.
The idea is to make sure they pay at least the same percentage as middle-income taxpayers -- Obama will call it the "Buffett Rule," after billionaire Warren Buffett who complained that the wealthy are sometimes effectively taxed at a lower rate than others.
That's because investment income is taxed at a lower rate than ordinary income."
What's wrong with this?
1) Most millionaires in the US are not like the Kennedys. In other words, most millionaires are entrepreneurs and self-made men who hire people and create wealth. They were not born rich or inherited their wealth.
2) As you can see in the chart above, the "rich" are already paying a disproportionate share of our income taxes. How much more are they suppose to pay? What happens when they take their money to other countries, like Chile, who understand capitalism?
3) I can support the elimination of "loopholes". However, it should be in the context of a total reform that calls for a flat tax.
4) Last, but not least, why the "class warfare" What's the point of blaming "the job creators" for the fact that Pres BO's stimulus did not stimulate anything?
This is shameful Did you ever think that a US president would sound like Evo Morales of Bolivia?
Last week, Bill O'Reilly destroyed Press Sec. Jay Carney over Pres BO's speech, i.e the silly notion that Mr Buffett is paying less taxes than his secretary and having the GE president sitting next to The First Lady. Here is the video:
Catch Silvio Canto, Jr. on his Internet radio show and his blog - Canto Talk.
Tags: Bill O'Reilly, class warfare and Jay Carney, Silvio Canto, Jr., radio show To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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