Let's examine the bold faced lies of Obama and the left, who try to justify tax increases on "the rich" on a daily basis:
First, Obama quotes the dollars earned by the top 1% of income earners to prove that "the rich" are making too much and being taxed too little. That's sleight of hand.
The president is lumping billionaires with yachts and private planes into the same boat with small business owners like myself. Within that top 1% are a few billionaire titans like Warren Buffett, hedge fund managers who earn $500 million per year, Wall Street tycoons who earn $100 million per year just in stock options, all mixed in with small business owners like me.
How can you use billion dollar stock gains, or $100 million hedge fund incomes, or $20 million Wall Street bonuses, to justify raising taxes on a small businessman who makes $250,000 to $500,000 per year by working 16 hours a day?
By courageously risking their own money, small business owners create over 70% of the new jobs in the U.S. economy.
President Obama is comparing these individuals to billionaires who share the same tax bracket. Mr. Obama claims that everyone in the top 1% tax bracket is making too much, and paying too little in taxes.
The president is playing a bait and switch shell game. Some might even go so far as to call that kind of manipulation tax fraud.
Second, Mr. Obama claims tax rates are currently among the lowest in history. Once again the president is purposely omitting the full picture.
Separate from federal income tax rates, U.S. taxpayers now pay the highest FICA and
Medicare tax rates ever; the highest state, local and property taxes ever; the highest sales taxes ever; and the second highest business income taxes in the industrialized world.
Add it all up, and small business owners like myself are overburdened like never before in history. So we are clearly being deceived. Again, some might call that tax fraud.
Third, Obama is comparing apples to oranges when he compares tax rates. Rates are lower today than in the past because many valuable tax deductions were eliminated. And we now face caps, phase-outs, and the dreaded
Alternative Minimum Tax.
Therefore quoting higher rates is a distortion of the truth. A tax rate of 70% from decades ago might actually be lower than today's rates once you include these factors.
As
Ronald Reagan would say, "There you go misrepresenting, again, President Obama."
Fourth, Obama constantly reports that tax rates were once much higher. Another distortion.
It is true that FDR raised the top rate in 1935 to 79%. But what Mr. Obama and his team doesn't tell us is that it only applied to someone making the equivalent of $76,000,000 per year.
Only one man in the entire United States of America paid a penny at that rate in 1935: John D. Rockefeller.
Mr. Obama wants much higher taxes for millions of small business owners making $250,000 and above
Read more:
http://www.foxnews.com/opinion/2012/02/13/mr-obama-dont-have-tax-problem-have-spending-problem/#ixzz1mHMAxVcv