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.
Does he not realize that the little company tending the lawn around Warren Buffett’s home probably pays the same income-tax rate that Buffett pays? And that his tax-rate increase on the “wealthy” would raise that firm’s taxes the same? According to the Obama vision, money you have earned is basically on loan from the government until our president deems you don’t “need” it anymore.
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).
I wonder if our president knows any of them.