Based on media reports about the focus of tonight’s State of the Union, it’s clear that you can take the community organizer off the street corner, and take away his clipboard, but you can’t take the street corner out of the community organizer, who will substitute a TelePrompTer for the clipboard and proceed to cloak his desire to use the massive power of the government to take one person’s stuff and give it to someone he considers more deserving. If you had any doubt that the Obama campaign plans to resort to outright lies and demagoguery to try to win the election, the announcement that Warren Buffett’s secretary will be sitting next to Moochelle Obama tonight should clarify matters nicely for you.
The so-called Buffet Rule is based on the talking point, initiated by Mr. Buffett, and taken up as a mantra by Barack Obama; specifically:
The Buffett rule — which the president said was developed after the billionaire investor said he paid a lower effective tax rate than Bosanek, his secretary — forms a key component of Obama’s plan to boost short-term spending to help create jobs for the middle class.
And Bosanek will offer a sharp symbolic juxtaposition with the GOP on a day when Republican presidential candidate Mitt Romney released tax returns that show he paid an effective tax rate of 13.9 percent on his 2010 income of $21.6 million. He estimates payment of an effective rate of 15.4 percent on income of $20.9 million in 2011.
Nicely played, WaPo, but aren’t you missing something? From the Wall Street Journal:
The Berkshire Hathaway magnate makes much of the fact that he paid only 17.4% of his income in taxes, which he considers unfair when salaried workers often pay more. But Mr. Buffett makes most of his income from his investments, in particular from dividends and capital gains that are taxed at a rate of 15%.
What he doesn’t say is that much of his income was already taxed once as corporate income, which is assessed at a 35% rate (less deductions). The 15% levy on capital gains and dividends to individuals is thus a double tax that takes the overall tax rate on that corporate income closer to 45%.
And speaking of missing something, wait, is she paying a higher or lower tax rate than her boss Mr. Buffett?
Consider the stunning performance that we are about to witness. A man who has benefitted his entire life from government largess, be it through affirmative action or living large on the taxpayers’ dime, will lecture the makers about their failure to give to the takers. A man who donated 1% of his income to charity will hint darkly about the greed of his desired 2012 opponent, who gave 15% of his to charity. A man who masqueraded as a leader who understood there was “no red America, and no blue America, only the United States of America” all the while knowing that his life’s mission was to “rub raw the resentments of the people of the community,” and who admitted that he is less concerned about revenue to the treasury than he is about “fairness,” will proceed to stoke those resentments to enhance his political fortunes. The bitter, angry race-obsessed cauldron of rage and entitlement otherwise known as Michelle Obama, who lives at a level of luxury unknown to nearly every other human being on the planet, will try to hang on to her position feeding at the government trough by using one of the little people as a mascot, hoping no one will notice the deceit unpinning the so-called “Buffet rule.”
It disgusts me to think that any American could buy into this garbage, but sadly, the Left’s 100-year project of dumbing down the population appears to have been successful.
We’ll be live chatting during this bizarre spectacle tonight here. Let’s hope it’s more interesting than that snoozer of a debate Brian Williams hosted last night. Please join us.