President Obama does not understand the tax System
By bobmnu
@bobmnu (8157)
United States
June 15, 2009 2:17am CST
President Obama is talking about taxing the Wealthy. In the USA we do not tax wealth we tax income. Senator Kerry, Senator Kennedy and Senator Rockefeller - all Democrats are the 1st, 2nd and 4th wealthiest Senators in the US Senate. Combined they have more wealth than all the Republicans and many of the Democrats. Senator Kerry may control $10,000,000 in the Heinz Corp but only gets $500,000 in income from the Corp. he pays taxes on the $500,000 not the 10 million. When President Obama talks about taxing the wealthy he is talking about taxing the people who are working and earning the big money. Another example is Senator Edwards who formed a legal corp for his law firm. He could pay himself a salary of $100,000 a year and gave himself a Capital Gains distribution of 2 - 3 million dollars each year. His tax would be $28000 on the $100,000 salary and $750,000 on the Capital Gains distribution for a total tax bill of $778,000. If he took it all as income he would pay 38% on $3,100,000 or $1,178,000 for a tax savings of $400,000. This is the difference between taxing the wealth vs taxing the income. If the government is going to take $90 out of every $100 you make why should you work?
5 responses
@Destiny007 (5805)
• United States
15 Jun 09
Better yet, why would you live here and pay those high taxes when you have the option of moving to a place where the taxes are much lower and fairer to the successful.
0bozo is a communist who believes that a person's money belongs to the government and not to the individual who creates the wealth.
2 people like this
@bobmnu (8157)
• United States
15 Jun 09
Ireland proved that greatly reducing taxes on Business and Individuals is the plan for success. They have one of the few thriving economies in Europe, and more tax revenue coming in. People do not mind paying taxes that are fair, but why should 20% of the people pay 95% of the taxes while 50% pay no taxes and enjoy 80% of the government benefits????
@dogsnme (1264)
• United States
19 Jun 09
Actually, I think he understands it more than we choose to admit. People talk about how the government is so out of touch with everything, with the people. But, I think it is the people who are out of touch with the government. And the politicians know this and exploit it. We are just as much to blame as the politicians for the insane tax system and the growth of oppressive government because we don't pay close enough attention to the game that is being played so that we can "call their bluff" before it is too late. People need to wake up and start watching a little less American Idol and Survivor and start learning more about the Constitution and the history of America and how the country was founded and start taking responsibility for their own lives and their own freedoms if they don't want to loose them all together.
@bobmnu (8157)
• United States
25 Jun 09
I could not agree with you more. People need to learn more about the Constitution. The Constitution does not give the government power, it restricts the power of the government. Politicians are always looking for ways to increase their power and the people need to call them on it every step of the way.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
17 Jun 09
He doesn't understand the tax system, but he does understand class warfare.. which is nothing but hate and bigotry.
@PrarieStyle (2486)
• United States
16 Jun 09
President Obama doesn't understand a lot about a lot of things. The Constitution, Health Care and selling cars, just to name a few.
That's what you get when you hire someone who gave you a blank application...
