Obama’s faulty math: Higher taxes for rich just doesn’t add up
When President Barack Obama rails against “millionaires and billionaires,” as he does often, Republicans accuse him of trying to divide the country by class. In his speech calling for $1.5 trillion in tax increases, mostly on high-income earners, Obama declared, “This is not class warfare. It’s math.” The problem for him is that his math doesn’t add up.
For starters, Obama’s tax increases hit individuals making $200,000 and families and small businesses earning $250,000. That’s far from being a millionaire. Sen. Charles Schumer, one of a number of the Democrats critical of Obama’s tax plan, notes that $250,000 “doesn’t make you rich at all” in high-cost-of-living, high-tax New York.
Furthermore, the numbers dispute Obama’s assertion that “the wealthy” don’t pay their fair share of taxes, according to an analysis of recently released IRS data for 2009 by the nonpartisan Tax Foundation. The study shows that taxpayers earning more than $200,000 accounted for 25 percent of the nation’s adjusted gross income for that year but paid 50 percent of the $866 billion in 2009 income taxes.
Also, those awful corporations that left-wing Democrats hate so much pay a lot of taxes. The 1,900 largest corporations accounted for two-thirds of the $227 billion in 2009 corporate income taxes, according to the foundation.
The numbers measuring the impact of Washington’s stimulus programs aren’t any better. The Federal Reserve declared Wednesday that the country faces years of low growth and announced a new $400 billion economic salvation program. The Dow nose-dived 283 points Wednesday and 391 Thursday. A couple of weeks ago, Wall Street reacted with another plunge after Obama announced his latest $447 billion jobs program.
That cobbled-together mixture of temporary tax cuts, short term credits and infrastructure spending is supposed to create 2 million jobs. Do the math and that comes out to the government spending $223,000 for each new job.
Bitter and sanctamoneous liberals have been using "The Rich" as their all-purpose boogeyman since the dawn of the Left. The "math" that the President touts so heavily doesn't work now any more than it ever did; there's just a whole new audience of budding socialist simpletons who believe that it sounds like a new, fresh, solution.
You know, I think there's a reason that our schools put such a low priority on history; it assures that there are always a new generation to rediscover socialism in the hope that, eventually, it will end in something other than failure and genocide. The Socialst model is the only idea they have. Santayana was, indeed, prophetic.