Obama’s Millionaire Ignorance

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Lavish, even outlandishly lifestyles occurred among the millionaires and billionaires in a period of our history more than 100 years ago, just as some of the rich are overly extravagant today.

According to the book, “From Hayes to McKinley” by H. Wayne Morgan, one millionaire of the past, had his teeth drilled and filled with diamonds, so he literally flashed a million-dollar smile,

Few were more ostentatious than the mansions at Newport, Rhode Island. They were described at the time as Newport’s “froth of castles.” They often had more rooms than large hotels.

The wealthiest people of the time had between three hundred and four hundred times the capital of the middle class, probably the “greatest wealth gap between the rich and the middle class the nation has ever witnessed,” according to “A Patriot’s History of the United States.” The number of millionaires in this country rose from a handful to more than four thousand. As ridiculously ostentatious as some of the rich were, it meant that more than ever America was the land of rags to riches. Then, as today, most of the very rich were self-made.

Obama’s attack on millionaires and billionaires sends this clear and mean-spirited message: The Republicans don’t care about the “middle class” and want to benefit those most advantaged (the rich/elite). He continuously rails against “millionaires and billionaires” to separate that population from mainstream America.

The obvious baseness of this argument coming from the president of the United States is important. The amount of true millionaires and billionaires are so few in number, that taxing them more – as Obama wants to do – will not help with any significant deficit reduction.

History shows us that higher tax rates result in less – not more – tax collections.

With the reforms of 1986, President Reagan reduced tax rates to 28% in exchange for eliminating tax shelters. As a result, the amount of federal income collected was more at the 28% rate and a clean tax code than at 91% and tax shelters. Why take additional money from those taxpayers who have been able to create wealth and employment successfully and give it to the government to mismanage and squander?

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  • http://www.youtube.com/watch?v=wlvEptmF434 Chuck Hendrickson

    How come the entire American public allows this Marxist fraud who engages in "pure dishonest political speech" almost every time he opens his mouth continue to destroy our country.
    1. If you research the subject he is NOT constitutionally a Natural Born citizen. If you don't understand the term it is simple. BOTH parents have to be American citizens. If we are going to ignore this provision of the constitution which one are we going to ignore next, perhaps the one about free speech?
    2. If you research the subject it is clear that his long form birth certificate is 100% counterfeit. This is a federal felony. If you want to learn more listen to this interview: http://www.youtube.com/watch?v=wlvEptmF434
    Bill Clinton was impeached for lying under oath. Should presenting a fraudulent document to the American people not be taken as seriously? Should it be totally ignored?
    3. If we were truly a nation of laws he would have to answer to both issues before being considered for re-election. How come no one is talking about these 2 issues?

    • Jim_C

      I don't know, Chuck, probably because they are superfluous and idiotic to most people. How come no one is talking about the dissembling that got us into the Iraq War that cost us enormously in blood, treasure, and reputation and came alongside an economic meltdown in which millions lost their savngs and jobs?

      Oh, sorry–that stuff's not important, but the birth certificate and Clinton's impeachment somehow is, even if only symbolically, right Chuck? There I go again, just "blaming Bush," right Chuck?

      But what's good for the goose is good for the gander, right, Chuck?

      • Tim Hawn

        Yo Jim,
        If you haven't noticed, blaming Bush is all you've got.
        You can't look at Barry's record which is pathetic.
        You can't look at his accomplishments either before or after becoming "president".
        You can't look at the cabinet he has chosen – Holder for example.
        You can't look at the constitutionally of his presidency.
        So look at Bush.

  • oldtimer

    Obama is a multi-millionaire, but, I forgot, he will just exempt himself and his friends from his laws like he did healthcare.

  • StephenD

    “millionaires and billionaires” As if they are side by side. There is a huge difference between them but that really doesn't matter. As long as he can get to the point that it is "Us against Them" he has done his job. I am truly ashamed that he is our President. It is an embarrassment.
    I am increasingly fed up with the ineptitude of ALL of the politicians in D.C. who, regardless of which side of the aisle, ramble on about the failure of the other side and yet accomplish very little on their own side. They all talk while campaigning as if they have the answers we need. They know how to "fix" everything. They talk about what they will do and all we see is the same old story; Life long blowhards. I say it is time to clean them out…from all quarters and start fresh with term limits in place and restricted lobbyist access.

  • Jim_C

    "Where would we be without Bill Gates, the Koch Brothers, Steve Jobs?" Well, let's see: Gates and Jobs essentially revolutionized our economic engine. Without the Koch brothers, geez, hmmm, I guess we'd simply buy toilet paper from someone else.

    A poll recently came out that surveyed the "Occupy" movement. 80% said they had a favorable, non-negative view of wealthy people. We all want to be successful, most of us don't resent anyone for being so. It's not about "attacking the wealthy." It's about the very real income gap which has grown over 30 years, and the instability this produces.

    • StephenD

      I still don't get it and I apologize. I am a simple man.
      How does the amount of money you make cause instability in my life? How am I affected by the CEO of JP Morgan getting a $20M pay raise this year? It is disgusting to see someone making such money, granted, but what does that have to do with how I live my life and the costs associated to it? I am 2 paychecks away from going hungry. So what. The pay raise that he got (or if it was denied) wouldn’t make a lick to me one way or the other. As my Long gone, Blue collar Dad used to say, “That doesn’t put any bread on MY table.”

  • Spider

    Everyone Obama has known or interacted with since birth has been either a racist black radical, Marx-ist revolutionary or an anarchist. What does that make him ? You are the company you keep.

  • Texasron

    If there would be only one person taxed by Obama, that would be good enough for him. His only purpose to keep saying that he wants to tax the rich is to divide the country. And, he is succeeding. His constituents are not too smart to know any better.

  • SECREV

    Dude, obama understands precisely where wealth, and value, come from. He is systematically destroying both. With malice aforethought. The lack of understanding is on your part — the president is not stupid, or ignorant. He is evil. Like all Leftist/Fascist megalomaniacs. Until you, and the rest of the Right, understands this fundamental truth, you can NOT fight him/Left. It is not understanding that the Left lacks—it is conscience that is missing from the sociopaths who march under the marxist/leninist/maoist banners.

  • Jim_C

    Really?! More ideological than Hamilton, Lincoln, FDR, Reagan?

    I WISH Obama were more "ideological."

  • http://www.youtube.com/watch?v=wlvEptmF434 Chuck

    Barry is incapable of seeing thru his ideology and thus incapable of growth.
    That is what separates him from others with a strong ideological bent such as
    Reagan. However the jury is still out as to whether he is really so ideologically driven
    or deep down he just knows that everything he espouses and is pushing will hurt the
    country and that is his true agenda.

  • tanstaafl

    Stick to yer guns, Chuck. Obama is not eligible to be the President, since (as you correctly point out) he is not a natural born citizen. His father never was or even applied to be, an American citizen.

    Obama Sr. was also married to his first wife (in Africa) during his stay in the U.S. Our country does not recognize plural marriage, although if the "stealth jihad" continues………be that as it may, Obama's parents were not married and any claim that this "mythical" union somehow turn Obama Sr. into an American citizen are void.