Barack Obama, the community organizer from Indonesia and corrupt Chicago politics, may be onto something! Blame the rich, increase their taxes and solve social problems—more money to spend for unemployment benefits, GM’s pension and health plans, and those 10,0000 newly employed government workers. Those expenditures, however, will not create new jobs in the private sector.
Democrat class warfare creates scapegoats. They promise that everyone will pay a “fair share,” especially those Republican billionaires who “can’t spare a dime.” But wait—the three richest men in the U.S., whose assets total 126 billion, are Democrats! What’s more, 15 of the top 20 richest are also Democrats! (Forbes Business 9/19/12).
Those 33 Czars got it wrong again!
Most billionaires of any stripe, however, pay more in taxes. The top one percent of income earners (people and businesses) pay almost 40% of the federal tax bill. The top five percent pay 60% (Holtz-Eakin, former CBO executive). The Tax Policy Center, a beltway think tank, says the top 20% of U.S. households earned 53% of the nation’s income in 2009, but paid 67% of the nation’s taxes. Is that a fair share?
Democrat Jeffrey Immelt‘s General Electric, however, paid no taxes last year on record profits. Jeffrey and GE know the tax code and used the code to avoid their “fair share.” Obama did not fire Immelt or chastise him when GE’s last light bulb factory in the U.S. was recently shipped to China for cheaper labor costs. Last year, when Immelt transferred GE’s X-ray Division from Wausau, Wisconsin to China (120 high-tech, high-pay jobs), Democrats and Obama continued to speak with a forked tongue—say this, do that! Or, ignore the facts!
Send Congressman Chris Gibson to Congress in the 19th district and George Amedore to state senate, 46th district, to fight Sheldon Silver. They will support the Ryan-Romney effort to achieve fiscal sanity and create a predictable economic environment for business and jobs to grow.