Good news for millionaires: President Obama wants their tax rates dropped to match those of "average working Americans"
Of course, what the president said and what he meant are, as usual, diametrically opposed.
NPR says that President Obama will propose that millionaires pay income taxes “at the same rates as average working Americans.”
That would be good news for most millionaires!
The Congressional Budget Office reported in 2010,
The overall federal tax system is progressive—that is, average tax rates generally rise with income. Households in the bottom quintile (fifth) of the income distribution paid 4 percent of their income in federal taxes, while the middle quintile paid 14 percent, and the highest quintile paid 25 percent. Average rates continued to rise within the top quintile, with the top 1 percent facing an average rate of close to 30 percent.
I'd like to remind readers that the "progressive" income tax -- which is actually regressive -- is antithetical to America's history, traditions and founding.
As Karl Marx wrote in his seminal Communist Manifesto:
The proletariat will use its political supremacy to wrest, by degree, all capital from the bourgeoisie... ...in most advanced countries, the following will be pretty generally applicable: A heavy progressive or graduated income tax.
In fact, a careful comparison of Karl Marx' 10-point program of Communism and the Obama-Pelosi-Reid agenda would truly find few disagreements.
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