Okay, so today President Obama came out with his “Buffet” tax proposal with the intent of raising taxes on those among us who earn over 1,000,000 USD. Before the Rose Garden speech was over Boehner was drawing lines in the sand and throwing a handful in the face of Obama. Boehner and his Republican Tea Partiers are against raising any taxes — especially those on the rich and infamous. If left to his devices, Boehner would do away with all Wall Street regulations and continue his bid for a free for all market economy.
Interestingly, most Americans seem to be in favor of the tax increase or at least a more level playing field, among them several of the wealthiest in the country. But, here’s the real truth as I see it. The wealthiest really wouldn’t mind paying a few more dollars in taxes. It’s those among us who are earning the $1 – $5 million USD that would be squawking the most — and it seems to me that would include many in Congress. Sure, their Congressional salaries do not reach that level, but let’s not kid ourselves those folks aren’t earning a few hundred thousand a year. Most have investments that fall under the capital gains tax and that is next to nothing.
So, here’s the bottom line from the Buffet’s mouth: