Rick Santelli explains the Buffett Rule:
As any serious person will say, the Buffett Rule doesn't do anything but provoke more of Team Obama's class warfare campaigning for the November election. If millionaires and billionaires want to do as the Buffett Rule advocates - taking more of their money - then all they have to do is write an extra check to the IRS. It is perfectly legal to do so.
The fact is this - the millionaires like Mitt Romney, whom Team Obama would like you to bare your teeth at every time this pandering is spoken - are already taxed twice on their income and will be taxed a third time of the same money upon death. The money is taxed when it is initially earned, when investment dividends come in, and then in the death (estate) tax. Isn't this "fair" enough for Democrats like Barack Obama?
Obama says he doesn't need tax breaks now that he's a wealthy man - thanks to the American voter and those who purchase his book (like the State Dept to be divvied out as gifts). So, has he sent a little extra to the IRS in his tax return?
It's been said before - Warren Buffett pays at a lesser tax rate than his highly compensated personal secretary because his income is from investments. Also, if this were truly a serious proposal moved forward by Buffett, why is he still taking advantage of said tax breaks himself? If he is so consumed by liberal guilt at being financially successful, where is his voluntary contribution? Hmm?
Barack Obama arrogantly stands before his adoring campaign rally audiences and preaches about fairness. Who is he to define the word? Since when does the government pick winners and losers based on financial success? Our is a progressive tax system, with approximately 43% of Americans not paying federal income tax. Is that fair? Are they not taking advantage of the same tax breaks as everyone else?
As the Santelli video shows, the Buffett Rule would be a drop in the bucket to be put towards our national deficit. It is election year pandering by an increasingly desperate campaign. Without real success to run on, Team Obama has little other than class warfare in their political rhetoric.
The Buffett Rule is scheduled for a vote next week in the U.S. Senate. Everyone knows it will not pass. This is just a show vote so that the Democrats can campaign on the no votes from Republicans. Let them. Americans know what is going on with the economy. Americans strive to be successful themselves. Americans do not like class warfare. The time will come soon enough for the voters to deliver that message to Barack Obama.
Barack Obama - he made it worse.