During tonight’s State of the Union, President Obama — noting that one quarter of millionaires are able to pay less in taxes than millions of middle class families — called for a minimum 30 percent income tax rate for millionaires. Obama also took on the favorite Republican talking point that calling for millionaires to pay their fair share in taxes is “class warfare”:
MoreTax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes…Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.
4 comments:
Look at what the rate was with Regan and before that.
How would you like to be a millionaire and pay no tax? Donate all your salary to your charitable foundation and let it buy everything you need and just use it.Now do you understand why no matter how much they say tax the rich it wont affect them.
The real issue here is not how much tax the rich pay,we could tax them 75% and it still would not make a dent in the amount of money we are overspending.A tax increase without reducing spending is a moot point.
You can't tax your way out of a spending addiction. Obama's answer for every problem is addition taxation. In the words of Redd Foxx "You big dummy!!"
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