Buffet Tax a Joke
The Buffet Tax would raise $4 billion a year in new revenues, but the president is overspending by $4 billion a day. This is a political farce being performed by Obama, explains Steve Hayes.
It's completely worthless, and yet the president has spent more time talking about this than virtually any other specific economic policy proposal... it's not serious, there's nothing serious about it.
Part of the president's deception here - there's always a trick with this guy - is that he's discussing tax rates instead of what people really pay - the effective tax rate.
In fact, the average effective federal income tax rate for taxpayers is 11 percent, I noted in my January 24 post, “Nets Use Romney’s Taxes to Advance Obama’s False ‘Fairness’ Narrative,” which includes a table showing those earning between $50,000 and $75,000 pay an average effective income tax rate of 7 percent, 8 percent for those taking in $75,000 to $100,000 and 12 percent for those between $100,000 and $200,000.