While Barack Obama tours the nation proclaiming that it is simply unfair that Warren Buffett pays a lower tax rate than his secretary, Buffett is fighting a billion dollars in taxes he is obligated to pay. And this goes back 10 years that he owes back taxes.
So if the guy already fails to pay his fair share, why would he want to pay more?
Well, obviously he doesn’t want to pay more. But like everything else Obama does, he will also most likely grant waivers and “credits” to those who pretend to support him.
One Obama Administration official after another was found to have failed to pay back taxes before they got a job with Obama. So Warren Buffett fits right into this discussion.
An administration that would hire Tim Geithner as Treasury Secretary when it was discovered he owed massive back taxes is simply not credible when they millionaires should pay “their fair share”.
Heck, we’d settle for Obama Administration officials paying what they owe under current tax laws. That would bring in more than the “Buffett Rule” Obama is tooling around the country beating drums for.
In fact, if you add up the jet fuel and security costs associated with Obama’s efforts to divert attention from his failed economic policies with this ridiculous “rule” it will probably bring in next to nothing. And after his tax cheats fail to pay up and he issues all the waivers he normally does to his friends and supporters, we are probably spending more tax dollars whoring the idea than it will ever bring in.
The problem is not that the tax rates are not high enough.
It’s the economy, stupid!