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Dr. Christina Romer, a professor at Cal Berkley and former Chair of President Obama’s 
Council of Economic Advisors researched and published a study showing that the income tax “hump” is 28%. What that means is that increasing the income tax rate up to 28% yields more revenues to the Treasury, but raising the rate above 28% causes high-end earners to invest in non-taxable assets, so reduces Treasury revenues. So why in order to reduce the deficit would the President insist on raising the rate on the top 2% of earners fro 35% to 39.6%, and claim that doing so will raise an additional $600 billion? Ignorance or lying?
In April 2008 then-candidate Obama was asked by a pesky reporter whether he knew that raising the capital gains tax from 15% to 40% would, indeed, result in less money to the Treasury. The now-President relied, “Yes, but this is about fairness.” So, again I ask, “Ignorance or lying?”
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Tagged as tax rates, Barack Obama, Christine Romer, Cal Berkely, U.S. Treasury, "fairness", tax increases, tax cuts
In April 2008 then-candidate Obama was asked by a pesky reporter whether he knew that raising the capital gains tax from 15% to 40% would, indeed, result in less money to the Treasury. The now-President relied, “Yes, but this is about fairness.” So, again I ask, “Ignorance or lying?”
liar, liar, constitution’s on fire… and the arsonist is????
Wonderful to hear from you, AfterShock. Your insights are highly-valued here.
Almost none in the U.S. Congress has knowledge of the U.S. Constitution. In the aggregate they know less than the average person on the street. http://www.aolnews.com/2011/01/14/opinion-who-are-the-constitutional-illiterates/
When being sworn in, each has a Pinocchio moment.
I think I got this one, Doc. Lying? Obama’s a lot of things, corrupt, dishonest, unethical, I could go on but why bother. What’s he’s not, though, is stupid. This is all a very purposeful attempt to fool people who are either too ignorant or too lazy, to do the necessary research that would make it oh so obvious to them that they’re being lied to. And that’s just what Obama is counting on!
Agreed, Dan. And THAT is why, when another blogger suggested I do this series attempting to enlighten the now-ignorant and duped, I reluctantly agreed. I’ve also set up automatic posting to both Twitter and Facebok.
“So why in order to reduce the deficit would the President insist on raising the rate on the top 2% of earners fro 35% to 39.6%, and claim that doing so will raise an additional $600 billion? Ignorance or lying?”
No… It’s because he’s a True Believer. A classic Marxist.
Well it’s both, of course.
It’s ignorant because he clearly has no understanding of what “fairness” really is; and it’s lying because it’s about wealth transfer (as is everything he does), not fairness.
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