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By - September 20, 2011

What Is The Definition Of “Fair Share”?

President Obama has continually plastered the air waves with the statement “The rich have to pay their fair share“.  Since taking office Obama has used that phrase too many times to count.

One would believe the rich get away without paying much if anything in taxes, given the pounding Obama has given them over this subject.  Warren Buffett doesn’t help out when he spouts off about paying less in taxes than his secretary.  Of course this is the same Warren Buffett who is currently fighting the IRS over his $1 billion tax bill he has not paid since 2002.  Hmmm, I’ll bet his secretary has never paid in near that much in taxes, in her entire lifetime.  This is also the same Warren Buffett who has finally had something named after him…The Buffett Tax.  Most billionaires are quite  philanthropic , but it seems Mr. Buffett has been quite stingy with his money.  Buffett has created many millionaires with his investments and those people have given quite a bit back to their communities, having many buildings named after them, but not Warren.  The most vocal proponent of higher taxes is the most stingy rich person out there.

Is a fair share GE, a company run by Obama’s friend and donor Jeffrey Immult,  which did not pay any taxes last year even though it posted billions in profits?

Is a fair share Solyndra who’s main financier is another Obama friend and millionaire, who gets his money back from the bankruptcy of Solyndra while the you and I are on the hook for the $535 million of taxpayers money poured into the company by Obama?

These are examples of dishonest rich people and of cronyism practiced by Obama in favor of his dishonest friends.  If you are a friend of Obama’s you will reap the rewards, if however you are Joe Q Public or even a hard working millionaire who employees many people prepare yourself.

What is the truth about the “fair share”?

First, the truth is not many millionaires are taxed at the same low level that Warren Buffett is.  Less than 1% of millionaires and billionaires are taxed at his low levels, meaning 99% of them pay a lot more than their secretaries.

The truth is the top 1% of wage earners pay 38% of the total tax burden to the government even though they account for only about 16% of the nations wealth.

The top 10% of wage earners pay 70% of the national tax burden and they account for about 35% of the nations wealth.  This bracket will include many of those reading this article.  It doesn’t take much to be in the top 10%, all you need to make is an average $114,000 per household.

The top 51% pay all the nations tax burden, leaving 49% that don’t pay any thing at all.  49% of Americans are completely dependant on those of us in the 51% to support them and all the state and federal functions.

So where is the fair share in this reality?  Looks like most of us are getting the shaft.

httpv://www.youtube.com/watch?v=bhtq13ACvU8

Obama is practicing Class Warfare to the extreme, hoping this will gin up support from the leftist and the moderates.

Here is a cartoon from 1948 which in an eerie way depicts life today.  Watch the cartoon, it’s 9 minutes long but the speech given by “John Q Public” near the end of the video will send chills down your spine as it nails what is going on today.

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Comments (3)

 

  1. Nebraska transplant in California says:

    I saw on Fox News the other day that some Republican congressman is proposing a bill that would cut the red tape to allow the Warren Buffets of the world to give more of their money to the government. Let’s see how Mr. Buffet responds to that and whether he’s sincere about entrusting the government with redistributing more of his wealth.

  2. do your research says:

    You make yourself look like a moron when you suggest that Buffett, who made the single biggest American charitable donation in 2006 with a pledged $37 billion to the Gates Foundation, is stingy and not philanthropic.

  3. jnj3225 says:

    But we are discussing fair share of taxes! Not gifts.

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