Every once in a while, President Obama, when he freelances, exposes his inner-core ideology and the fact that he has little acquaintance with how the real world works. In his Q & A Monday, he explained again the necessity for people like Warren Buffett and himself to give up in taxes “hundreds of thousands of dollars I don’t need.”
It is going to be difficult for a great many of those “millionaires and billionaires” subject to the Obama tax rates to pay those extra “hundreds of thousands of dollars,” because they only make $200,000.
I think about the guy or gal who has worked their way up the ladder to finally reach the $200,000 taxable income level, who has a medical emergency or who is the sole source of income for an invalid parent. I wonder if they think they “need” every dime they earn.
There are very few Buffetts, and President Obama probably knows most of them. But we’ve got quite a few H.E.N.R.Y.s (High Earning Not Rich Yet).