Obama's Silly Tax Code

He’s “taxing the rich” (the WORKING RICH) at a rate TWICE as high as the “average person. Therefore punishing the (working) rich, whose projects create jobs and profits for us all, and rewarding mediocrity. Punishing achievement cannot ever work. Soon the achievers will no longer have the INCENTIVE to achieve and the looters will have nothing left to loot. “ 'If you’re a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150,” Orszag explains. “If you are Warren Buffet or Bill Gates and you make that same donation, you get a $350 deduction — more than twice the break as the teacher.' But that’s because the tax rate for the rich guys is more than twice as high as the tax rate for the teacher. They get a bigger “break” because they pay more in taxes to begin with. The unfairness that the Obama administration perceives is built into a system of progressive taxation that includes deductions." I get really tired of hearing the phrase, “tax breaks for the rich.” They don’t exist. The rich pay MOST of the taxes paid, and thus are ENTITLED to a bigger tax break. (Atlasphere)