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An excellent choice of adjective

August 20, 2011

William Jacobson at Legal Insurrection described the Democrats and Obama as having a voracious appetite for class warfare. I thought that was a great description and that voracious was an excellent choice of adjective.

The Legal Insurrection post quotes (and links) a post at The Tax Foundation blog. Here’s a snippet from that Tax Foundation post. But go RTWT; it’s brief.

The Facts Contradict Obama’s Calls for Higher Taxes on the Rich and Corporations

During his attempt to calm the markets yesterday, President Obama once again signaled his belief that America needs higher, not lower taxes. Indeed, the Wall Street Journal is reporting that Obama’s remarks had “included a call for tax changes that would boost payments from ‘wealthy Americans and corporations,’ but this phrase was taken out at the last minute. None the less, Mr. Obama seems obsessed with the notion that wealthy Americans and corporations are not paying enough taxes.

The President’s notions are not, however, grounded in fact. Let’s review the data on individual taxpayers first:

Recently released IRS data for 2009, shows that taxpayers earning over $200,000 paid 50 percent of the $866 billion in total income taxes paid that year, or $434 billion. Skeptics will say, “That’s because they earn the majority of the income in America”. Not so. These taxpayers earned 25 percent of the $7.6 trillion in total adjusted gross income in the country that year.

And the Obama administration just can’t seem to figure out what’s wrong with the economy (link to another Legal Insurrection post).

One would think they’d never heard of regime uncertainty, eh?

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