Stuart heard a radio report saying the Buffett Rule would force millionaires to pay the same tax rate as the middle class. And he is furious about it.
Varney & Co.
Later on Fox Business:
…Obama’s duplicity in misquoting Reagan was chronicled nicely by Glenn Kessler of the Washington Post. Kessler pointed out that Reagan said, “We want to cut taxes, not opportunity. . . . By lowering everyone’s tax rates all the way up the income scale, each of us will have a greater incentive to climb higher, to excel, to help America grow.” …
…As we know, Obama has a totally different vision…
President and Michelle Obama reported earning an adjusted gross income of $789,674 in 2011 and paid $162,074 in federal income tax, according to the family’s tax returns released by the White House on Friday.
The Obamas’ effective tax rate was 20.5 percent, well below the 30 percent minimum rate the president wants to require for anyone earning $1 million or more under the so-called Buffett Rule, which would eliminate certain tax breaks and write-offs…
…Obama collects a $400,000 salary as commander in chief but in 2010 received most of his income from sales of his three nonfiction books: “Dreams From My Father,” “The Audacity of Hope,” and the children’s book “Of Thee I Sing: A Letter to My Daughters.”
Over the past 12 years, his tax returns show, Obama’s earning ramped up — after he was elected to the U.S. Senate in 2005 and sales of his first book, “Dreams,” took off dramatically. After having earned $207,000 to $273,000 in each of the five previous years, the Obamas collected $1.66 million in 2005, paying $546,000 in taxes, a rate of 32.9 percent.
In 2007, after “Audacity” was published, Obama raked in $4.1 million and paid $1.4 million in federal taxes, a rate of 33.7 percent. In 2008 and 2009, the family also paid more than 32 percent in taxes…
The complete article is at The Washington Post.
“The Buffett Rule makes for good politics, but it doesn’t make for good economics. And here’s why: 80 percent of American businesses file their taxes as individuals, as S corporations, partnerships, LLCs. So when you impose an alternative minimum tax like the Buffett Rule, for every one Warren Buffett you get, you get so many more successful small businesses, which are our job creators.”
Is the Buffett Rule a Step Towards Fairness or Campaign Stunt? Heritage Foundation’s Curtis Dubay and Citizens for Tax Justice’s Rebecca Wilkins debate the Buffett Rule.
…Obama, meanwhile, paid a lower tax rate than his secretary, who made less than $100,000, the White House confirmed to Fox News on Friday…
Update 2: Obama Family Tax Shelter. First Family transfers wealth, avoids taxes
Update 3: CNBC’s Rick Santelli Loses it Over Obama’s Buffett Rule: “Absolutely Not!” “They want to change the dialogue, bait and switch, so we get more worried about what people pay, what’s fair!