John Ransom

So this is what it’s come to in America.

Earwitness News reports that our Taxer-in-Chief is going to try again to tax the rich.

As part of his deficit reduction plan,” reports the LA Times, “Obama on Monday will propose a new minimum tax rate for millionaires to ensure they pay an effective federal tax rate at least as high as that paid by middle-class earners, administration officials said.”

"The president will call the new tax the ‘Buffett rule’ after billionaire investor Warren Buffett, an Obama supporter who has publicly complained that tax breaks allow him to pay a lower rate than his secretary.”

So our love of idolizing the yappy captains of industry has come to the point where George Kaiser controls investments, Warren Buffett controls tax-policy, George Soros controls media and organizing, T. Boone Pickens controls our energy policy and TV pundits treat the Donald’s TV reality candidacy like it’s, um, reality.

And we wonder why Washington and Wall Street seem so in love with each other.  

Listen up people: Billionaires represent the status quo. They made their money. There is a reason why so many rich liberal do-gooders don’t want you to do so good.  

For them, it’s a barrier to entry. When they call for tax on the rich, or more investment in solar, or more reading programs, or population control, you need to hear it for what it is:  lobbying for their own narrow interest. And that interest has more to do with greenbacks than it does green energy.

Now that they got theirs under the old rules, they want to change the rules of the game to make it more difficult for others to get what they already have.

Does anyone really, honestly think that Warren Buffett is going to pay more in taxes when Obama starts penalizing capital gains at a higher rate?

Because if he wants to make things fairer he can:  1) give his secretary a raise and 2) pay more in taxes.

None of us are stopping him.

Did Buffett become Master of the Universe under the same system his lickspittle Obama now proposes?

This is the same government that claimed it cut spending this summer with a fake debt deal. This is the same government that claimed it saved the economy with a fake stimulus program. This is the same government that claimed it stopped the high cost of medical care with a fake healthcare reform bill. This is the same government that wanted to pass global warming legislation that never, ever in a million years would have affected the temperature of the earth by even .10 degrees.  

So why do you think that a tax policy supported by the uber rich and rejected in the past by bi-partisan majorities will do anything other than serve the rich who are pitching it?

No, this tax policy is about keeping the status quo and helping Obama raise taxes on someone, anyone.

When all else fails for Democrats, you can be sure they will try to raise taxes.  It’s about the only way Obama can unify the Coalition of the Whacky he’s put together and save his job.   

Next up: The Moammar Gadhafi tax. I’m sure as a notable world billionaire, Gadhafi  will be surrendering to  Obama any day now.

First, Obama tried to increase taxes on the four million tax returns that show income over $250,000 per year.  Democrats said no to that and even extended the hated, dreaded Bush Tax Cuts. Remember? The tax cuts that we’ve been told by Michael Mooooore, Matt Damon and their friends is responsible for the economic mess we’re in?

So then Obama tried to tax private jets. Republicans said no to that.

So now, with his campaign on the ropes, Obama has figured out that he needs the four million votes of those who make $250,000 per year. But he certainly can afford to tax the 22,000 returns that show “income” over $1 million.

After all, Obama apparently just bailed every last one of the 22,000 millionaires out of their nose-diving, government-guaranteed solar investments.  

They owe him.


John Ransom | Create Your Badge

See more top stories from Townhall Finance. New Homepage, more content. Be the best informed fiscal conservative:

John Ransom The Billionaires Who Run Obama's America
Heidi Harris Tax the Rich and Then What?
Mike Shedlock Geithner Gets Brush Off From Europe as He Pitches Obama "Rescue" Plan
Jeff Carter The Color of Rain
George Friedman The Geopolitics of the United States, Part 1: The Inevitable Empire
Chris Poindexter
Take a Deep Breath on Euro Problems
Crista Huff Hog Wild in China
Email Ransom thfinance@mail.com
Twitter http://twitter.com/#!/bamransom

John Ransom

John Ransom is the Finance Editor for Townhall Finance.
TOWNHALL FINANCE DAILY

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!