taxation

[TheMercenary]

Correcting President Obama's Myriad Tax Fallacies

Now we see President Barack Obama engaged in this same game regarding federal tax policy and financing for a so-called jobs plan based on the same Keynesian theory that he just proved fallacious yet again, as has been proved over and over since the 1930s. Campaigning for reelection on Monday, Obama said:

Middle-class families shouldn’t pay higher tax rates than millionaires and billionaires. That’s pretty straightforward. It’s hard to argue against that. Warren Buffet’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it. It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. Anybody who says we can’t change the tax code to correct that….They should have to defend that unfairness—explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that—paying a higher rate. They ought to have to answer for it.

Let me explain it to you, Mr. President. The truth is that the unfairness you discuss is a fantasy. The facts are just the opposite.

Continues:

http://www.forbes.com/sites/peterfer...tax-fallacies/