Over the past few weeks, Obama has exhibited the intensity of a Navy SEAL in his execution of class warfare. He is trying to convince everyone that those who earn 17% of Adjusted Gross Income, yet pay 36.7% of federal income taxes don’t pay anything, while those who pay little or no taxes shoulder the entire tax burden. Obama will continue to toss out misinformation throughout the campaign about all these billionaires that supposedly pay little in taxes.
While he is prosecuting his class jihad, we should remind him of these facts and figures:
Remember that none of this even begins to account for the $70 trillion+ unfunded entitlement liability and Obama’s new proposed spending that he wants to pay for with the “Buffett Rule.” Even Obama claims that he understands how massive tax increases would be counterproductive and that he only wants the rich to pay “a little more” to fulfill their “fair share.” The fact is there is no way the Buffett Rule, which would raise $46.7 billion in revenue over 10 years, will ever solve the debt crisis, even if you subscribe to the notion that we can and should raise some taxes.
Now that Mitt Romney has all but secured the nomination, he has an opportunity to combat Obama’s Buffett Rule with the Romney Rule. Government spending should not grow faster than the private economy. That is the only way to solve the debt crisis. Period.
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