Barack Obama, who is, without a doubt, the biggest blowhard in the history of the beltway, continued his assualt on "millionaires and billionaires" once again and called on them to pay their fair share. He reminded everyone about Warren Buffett's secretary paying a higher tax rate than Mr. Buffett. Of course, the president (and Mr. Buffett) conveniently forget to mention that Mr. Buffett's capital gains are taxes on income that was already taxed as ordinary income before it was invested.

Obama went on and on about how it is not fair for a worker making $50K a year to pay a higher rate than a hedge fund manager making $50 million a year. He failed to mention how the $50K a year worker contributes maybe $10K in taxes (after deductions) while the hedge fund manager probably pays $7 to $8 million in taxes. Forget the rate -- the "millionaire or billionaire" has contributed 500 times more in taxes than the worker. And in the meantime, this evil wealthy person probably has a staff of dozens working for him. In this example, the hedge fund manager's tax contributions can support a lot more illegal aliens and medicaid moochers  than any $50k a year worker-bee.

Barack Obama is playing the only card he has left to get re-elected. All else has failed so he must try class warfare, because, after all, the evil rich are outnumbered by all us peons. If Barack Obama could have his way, he would practice Castrobamanomics: the confiscation of all wealth for the state to re-distrubute (and steal).

Instead of a tax on the wealthy, why not just tax their net worth? I am sure Mr. Buffett would be more than happy to fork over 10%  ($5 billion) of his net worth every year for his liberal charlatan buddy, Barack Obama.

The sanctimonious liberals fail to realize a basic truth about raising taxes: when you tax someone rich, someone who is poor will lose his job.



The War on Wealth Continues