Even at 15 percent, the rich will pay more. For argument’s sake, someone who earns $100,000 would pay $15,000 in taxes, while someone who makes $100 million would pay $15 million. Delicate calculations confirm that $15 million exceeds $15,000. The rich will pay more dollars in taxes, but as a proportion of income equal with everyone else. Hello, “fair share.”
Gingrich also would chop America’s corporate tax from 35 percent (the industrial world’s second highest, after Japan’s) to a flat 12.5 percent, which would tie Ireland’s as the lowest and most competitive among developed nations. Coupled with immediate, 100 percent expensing of capital purchases, such a stimulus would unleash dramatic economic expansion — rather than the Obama-style “stimulus” that yields bankruptcies, layoffs, and FBI raids.
Compared to Gingrich’s gutsy blueprint, Romney’s exhibits the caution that has made the former Massachusetts governor the “Oh, well, if we must” choice, even among his supporters.
While Romney would ditch the death tax and cut the corporate tax to 25 percent, he would preserve today’s income-tax rates. He would scrap taxes on interest, capital gain, and dividends, but — echoing Obama — only for those making less than $200,000. – [Political Arena Editor Chuck Norton – the vast majority of those who make over $200,000 in what the IRS calls “earned income” are small and medium sized businesses. Mitt’s plan is so mild that it cannot do the economic heavy lifting to get us out of this morass. Speaking in economic terms, Obama’s plan is an economy killing machine and Mitt Romney’s is only marginally better.]
I was asked the question in the title so I thought I would provide a short answer with some supporting evidence.
Socialists like Soros are not truly into socialism, they are into control. Envy is the tool and socialism is the vehicle that he and people like him use.
There are essentially three kinds of socialists:
The Control Freak: We are the ruling elite and are born to rule. Follow me and stay out of my way or else…
The Utopian: The Utopian wants to create a perfect society which is impossible. The more they tighten their grip the more slips through their fingers. When Utopians come into power they often lose that naivete and become control freaks.
The Sucker: Those who have swallowed the envy narrative. They see someone else get taxed or punished who has more and that makes them feel better in spite of the fact that they are not better off for it and are in fact, worse off. Why? Because envy corrupts the spirit and the thought process. There are 37% fewer millionaires in the country now than when Obama got elected. If this is all about redistribution of wealth let me ask you – how much of that money did you get?
Obama while giving a speech to Google blasted the Chamber of Commerce for opposing a raise in the top marginal tax rate to 39.9% because millionaires and billionaires weren’t paying their fair share.
Google paid 2.4% federal tax on 3.1 billion in income. Google doesn’t pay the top marginal rate – small to medium sized businesses called “S-Corps” do.
Google pays the corporate rate and has the influence to get favors in the 60,000 page tax code. Google also makes money overseas and chooses not to repatriate the profits.
Raising the top marginal tax rate doesn’t effect millionaires and billionaires because by and large they do not pay that tax, but small businesses would get soaked. Google and GE pay next to nothing and small to medium domestic business pays 39.9% (albeit with some deductions). This is how President Obama and the leadership of his party define fairness. Now you have just figured out why the largest Wall Street outfits and many other mega-corporations donate to Democrats in such numbers over Republicans.
Hence Norton’s First Law: Big Business loves big government because big government taxes and regulates the small and medium sized domestic competition out of the competition.
The taxes Democrats propose to “soak the rich” always seem to miss those who they demagogue for not paying their fair share. They have been “soaking the rich” for decades and keep missing the target. Why? – LINK
Obama sugar daddy #2 Warren Buffet, who says that the rich should pay more while Obama demands increases in a tax that the super rich don’t even pay, but small and medium sized businesses do… well Buffet not only goes to great lengths to shield his money from taxes, but he owes almost a billion dollars – LINK.
Instead of complaining about tax cuts for the “wealthiest Americans” or not, why not set up a voluntary tax for the “wealthiest Americans”? Then, the government can track which of the wealthiest Americans, particularly Obama’s wealthiest supporters, are willing to pay it.