Obama Gets the Numbers Wrong In His Tax Plan! --John Lott on Fox News site

[underpants]

ON EDIT - I am not posting this because it has any merit I am posting this because I saw it on Google news exactly at the time President Obama was making his speech. This is pre-packaged BS from a joke of a source - John Lott. The ! in the article title was so ridiculous that it actually added a comedic element to this running joke.






The justification for President Obama's new proposed tax on the wealthy is wrong on the numbers. Despite the president's claims, millionaires don't pay lower tax rates than middle class workers. His proposed surcharge on capital gains and dividend taxes will raise already high tax rates on high income individuals and force even more investment outside the United States. The so-called "Buffett rule" is based on Warren Buffett's claim:


The 400 of us pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

It is true that the 15 percent capital gains and dividend tax rates are lower than the marginal income tax rate paid by a lot of workers. Of course, this ignores that because of deductions the average tax rate for the middle class is much lower than the marginal rate.


But much more importantly, Buffett's claim ignores why the capital gains and dividend tax rates are set at the level they are: corporate income has already been taxed once when the company earned it. In the United States the combined federal and state corporate tax rate is 40 percent, the highest rate in the world.

Read more: http://www.foxnews.com/opinion/2011/09/19/obama-gets-numbers-wrong-in-his-tax-plan/#ixzz1YRbCB3fB

[Bumblebee]

1. It's FOX, so it must be accurate!

[FarLeftFist]

2. rReally, a FOX news opinion piece?

[Arkana]

3. A rich guy paying 25% is going to hurt a lot less than a guy making 35K paying 20 or 15%.

There is a social responsibility in play here.

[DJ13]

4. will raise already high tax rates on high income individuals

The current 15% tax rate on capital gains is too high?!

[rucky]

5. That double taxation argument is bullshit. You're taxed on your gains

above your initial investment, made with money left over.

[bluestate10]

10. The thing that gets me most is that the article was posted as apparent truth.

That more than anything else shows nefarious motive for posting the article on a democratic website.

[underpants]

12. No I posted it as an obvious lie

[tblue]

6. I hope you posted Fox stuff just to show us how wrong they are.

[bluestate10]

9. I don't think so. The poster is a virulent attacker of President Obama. nt

[underpants]

13. Well of course I did

[bluestate10]

7. Would a democrat post an article like this without comment?

The argument given in the article is that same one made infinitum by republicans. Clinton proved them wrong and economic history has proved them wrong. Try posting a positive article about President Obama once, or at least have the courage to declare what you truly are.

[FarLeftFist]

8. BEWARE OF THE DOUBTFUL MILLIONAIRE ECONOMIST TRYING TO PROTECT HIS OWN SELF-INTERESTS!

[Sheepshank]

11. and the meager percentage earnings for the 98% isn't included as regular taxable income?

I call baloney on that thought process that the rich do not have to claim gains as personal income. Since corporations are a taxable entity of course they pay (or should pay) taxes. Officers and directors receving a paycheck and ANY financial gain from that corporation are separately taxable as if it were an income tax. The rest of us schmucks include earning on savings and investments etc as though they were taxable income. Why not the rich?

...are you saying that anyone earning a wage paid by a corporation should not pay taxes on those earnings?

[underpants]

16. !

No I thought that the whole thing was a steaming pile and the ! was an amateurish element. Would you post something on DU with a single pathetic ! in the subject line? No of course you wouldn't

Lott is a clown. No really he is, look at this sadsack

[FarLeftFist]

14. Don't worry about those millionaires, they have trillions in the Cayman Islands.

Let them fight their own battles.

[Yo_Mama_Been_Loggin]

Fuck's Noise says it?

It's gotta be true.

[nenagh]

15. I would absolutely never watch Fox News..

:(