The 2012 mantra is going to be, “Everyone should pay his or her fair share.” The News Free Press morning paper headline was ‘Obama Calls for Millionaire Tax Hike’ and beneath the headline was a picture of Mitt Romney with the caption ROMNEY’S RICHES.
What is a person’s “fair share?” Are you paying your fair share or should you be paying more? Should you pay the same rate on income as a higher wage earner?
If Obama is actually ‘fair’, he will tell you that he isn’t calling for Romney or any other millionaire to pay more income tax right now. The rich already pay a higher rate of income tax according to the IRS. Obama is calling for a doubling of the capital gains tax. When the capital gains tax is raised it affects Americans who are not millionaires as well. I am not sure if Warren Buffet was talking about “Income Tax” when he said he paid a lower rate than his secretary. Perhaps he was comparing apples to oranges. His income tax rate should have been higher. If most of his money is earned through capital gains, then that rate may have been lower depending upon how much she makes. Capital gains taxes are the same across the board. Listen to what was said in 2008.
If Democrats want fairness, then they want those who have not been paying anything, roughly 47% of all Americans to begin to pay ‘their fair share.’ Mitt Romney paid $3,080,000 in capital gains taxes alone last year. This doesn’t include other taxes he had to pay. He gave over 15% of his wealth to charity compared to Barack Obama’s 1% during 2000 – 2004 and Joe Biden’s much less than 1%. If we are going to be fair, shouldn’t those who refuse to give to charity be required to pay more taxes to welfare recipients since we all should care for those on welfare and not just those who feel generous?
Better yet, let’s vote for a candidate who will do away with the IRS and replace it with the Fair Tax.