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Barack Obama unsheathed his key campaign weapon for 2012: Tax America’s millionaires and billionaires and thereby solve our national debt. It won’t work for several reasons.
A little-publicized finding should shock Obama supporters: The president’s approval among the poorest Americans is only 48 percent, according to an April 13 Gallup poll, leaving him with less-than-majority approval rating among all income brackets in Gallup’s presidential approval surveys.
While some people resent the high pay and bonuses earned by Wall Street bankers, they have no resentment about the many millions in riches paid to some who star in movies, or silly TV shows, or who play pro basketball, which Obama loves so much.
Moreover, study after study has shown that those without a lot of money don’t resent the rich. Many hope they will be wealthy some day. And while Obama is eager to brainwash the gullible public into believing that the “rich” are under-taxed, in truth, they pay more than their “fair share.”
The Adjusted Gross Income for those earning $250,000 is 21.2 percent of the total tax of $7.6 trillion. On total tax returns, the “rich” paid 43 percent. So, those in the $250,000-plus bracket still are bearing twice the tax load, relative to their income, according to 2009 preliminary IRS figures and calculations of the National Taxpayer Union.
This doesn’t stop many Democrats from practicing demagoguery: claiming that the Republicans want to deprive poor children of sustenance and hurt old and young women with their budget.
Slamming the responsible Republican plan to shrink the nation’s $14.3 trillion debt, Obama April 13 blustered: “There’s nothing serious about a [budget reduction] plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires.” That was his rude contention in his speech as his purported and distorted response to the debt crisis.
Speaking as if he were the purveyor of all truths, Obama declared:
“In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle class Americans. But we cannot afford a trillion worth of tax cuts for every millionaire and billionaire in our society. And I refuse to renew them again.” His lower lip curled down in defiance.
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