Billionaire USA families couldn’t cover one-fifth of Obama’s deficits

It’s time to bash the wealthy! News media love to tell the common people just how rich the top 1 percent are, letting us know what kind of stuff they own and remind us that most of them contribute to [evil] Republicans.

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$200k – $500k earners pay double average tax rate compared to $50k – $75k

Deserving of its own post.  Here is a table I created from the original. Those earning $200k to $500k – the largest group directly effected by the increased tax rate demanded by Democrats – are paying more than double the rate of the $75k to $100k group!

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Middle class average federal income tax rate less than half of the “rich” – Update

I’ve had some Facebook friends post informational graphics concerning tax policy and health care issues. Almost every one is published by a liberal organization in support of President Obama and liberal policies. They are designed with emotion as the foundation. Here is my first shot at a conservative image you can download and post on Facebook.

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Krauthammer: Obama’s desire for tax rate hikes political – not economic move

On Special Report last night, Charles Krauthammer reminded us the Simpson Bowles Commission identified federal tax loopholes and deductions that totaled more than $1 trillion every year.

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Obama administration “balanced approach” short on the “balance” part

Obama administration staffers discussing President Obama’s proposed balanced approach to reducing the deficit a few dollars – there is no interest in discussing the debt or unfunded future liabilities – have shown little or no interest in spending cuts.

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Bamboozled: The rich do pay a higher tax rate than middle class

We’ve been telling you this for years. You can pick out individual cases where really rich people – especially those living exclusively on dividend income – pay a lower effective federal income tax, but that is rare. For the 2010 tax year, IRS data proves millionaires payed an average tax rate of 20.4 percent, while the middle class paid between 5 percent and 8 percent, three to four times less than the rich!

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Hinderaker takes on Obama concerning math and taxes

Last night, John Hinderaker called out President Obama on his ability to calculate the results of his tax plan. I did the same thing on Nov. 7, and I’m hoping* the media will also take a few minutes to run the numbers based on tax data collected.

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Will Smith changes tune on tax rates

He’s got no problem paying more taxes so “his country will grow,” but once he hears the French president is suggesting a 75 percent tax on income of more than $1 million Euros, he balks.

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Buffet’s company sued for back taxes

Slipping under the radar last month was news that the federal government sued NetJets, a company owned by Warren Buffet’s Berkshire Hathaway, for some $366 million in unpaid taxes and penalties.  The legal question, as with most tax cases, is complex. Read more

Tax the rich – Run the numbers on taxing the millionaires in the United States

This is a rehash of my April 2011 post. Since we’re taking about the “Buffett Rule” I thought it appropriate to duplicate this post.

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