Obama Saying "You Don't Want To Raise Taxes In A Recession."

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Obama Saying "You Don't Want To Raise Taxes In A Recession."

Post by Admin on Mon Sep 19, 2011 6:11 pm

As always with Obama, that was then, this is now.

Obama On His Plans To Raise Taxes On The “Rich”: “This Is Not Class Warfare — It’s Math”…
(CBS News) — Taking a defiant tone against Republicans unwilling to raise taxes in order to close the deficit, President Obama today unveiled a $3 trillion long-term deficit reduction plan that relies heavily on raising taxes on the wealthiest Americans.

“This is not class warfare — it’s math,” Mr. Obama said, addressing GOP critiques of his plan head on.

“The money has to come from some place,” he continued. “If we’re not willing to ask those who have done extraordinarily well [to do a little more], the math says everybody else has to do a lot more. We have to put the entire burden on the middle class and the poor.”

The core of Mr. Obama’s deficit reduction plan is $1.5 trillion in new taxes. About $800 billion comes from repealing the Bush-era tax rates for couples making more than $250,000. The plan also closes certain corporate tax loopholes and limits certain tax deductions.

The president is also putting forward a measure he’s calling the “Buffet Rule” — named for billionaire investor Warren Buffett — to raise taxes on those making $1 million or more a year in income. Taxpayers making $1 million or more often make their fortune through investment income, which is taxed at 15 percent, compared with the top tax bracket of 35 percent.

Source: CBS News

(NRO) — The top 1 percent of earners shoulder 38 percent of the personal federal income taxes and make only 20 percent of income. The top 5 percent of income earners pay almost 60 percent of income taxes and make almost 35 percent of all personal income.

Here are some other data points that I find interesting:

Of the top 1 percent of income earners, only 23 percent are millionaires.

A household income above $380,000 puts you in the top 1 percent of income earners.

Of the top 10 percent of income earners, only 2 percent are millionaires.

A household income above $114,000 puts you in the top 10 percent of income earners. That means that a cop making $60K married to a teacher making $60K make it into the top 10 percent.

Source; national Review



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