CNS: Obama: 'That Wild-Eyed, Socialist, Tax-Hiking Class Warrior Was Ronald Reagan' (the fib of the day)

[Patricia M. McBride]

You certainly have to give Obama credit.  When he tells a whopper, it really is one and this one is actually more than one.  First of all, Reagan closed loop holes and then, he LOWERED taxes for everyone.  The reason the IRS got more money is that companies did well and paid more taxes for that reason.  Secondly, he claims, then, they will pay as much as middle class Americans (and many of them pay no taxes at all or those taxes they do pay in are returned to them).   Shame, shame, shame on this man for telling such tall tales.  And of course, Mr. Buffet pays capital gains tax (as he has already paid income tax on his investments (at a far greater rate than his secretary) and his secretary pays income tax on her income, so we are comparing apples and oranges, and they don't compare, but Obama is assuming those he is speaking to are too stupid to know that.  In fact, most of the Obama fibs are made with the assumption that people are stupid and will believe anything he says.

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by Terence P.  Jeffrey

April 12, 2012

(CNSNews.com) - In reiterating on Wednesday his proposal that the federal government should increase taxes  on wealthy Americans, President Barack Obama said he was following the model of President Ronald Reagan, whom he mockingly called--in  likening himself to Reagan--a "wild-eyed socialist."

"That wild-eyed socialist, tax-hiking class warrior was Ronald  Reagan," Obama said, while contending his idea for  increasing taxes on high-income earners was derived from the philosophy and policies of the conservative, Republican president who served in the White House from January 1981 until January 1989, and who died in 2004.

Obama described his plan as one that would make sure that Americans who make $1 million per  year or more--"like my friend Warren Buffet"--will pay at least the same  percentage of their income in federal taxes as middle-class people.

Read more here:  http://cnsnews.com/news/article/obama-wild-eyed-socialist-tax-hikin...

[Patricia M. McBride]

As you ladies both have small companies, and I do not, I am not really able to add to what you are saying but do find it of great interest!  Thank you both for sharing your opinions as it does help inform others from a small business perspective. 

[tamara stephenson]

Reagan cut taxes immensely in 1981.  However, spending continued, so over the course of his next 7 years in office, he raised taxes 7 times; it never got back to where it was before '81, but he did roll back many cuts and had major tax reform in 1986, doing away with tax shelters, loopholes, etc.  As for Warren Buffett, i am sure he pays regular income taxes on his earned income.  But, as a manager of funds, he reaps the benefits of the capital gains tax of 15%, and like most hedge fund managers, even if your job is managing money, he still gets the 15% rate.  I believe everyone should pay fair taxes; corporate lobbying has made big companies get all of hte loopholes, while small S-corps like mine have a flow-through rate.  So, when my company shows a profit, I pay taxes at the individual level.  Believe me, we try to empty the bank account at the end of every fiscal year so that if we are going to pay the tax, we actually get the money in our individual accounts.  When you look at the progressive rate, I have an effective tax rate this year of 30% of my income.  Yes, I did well financially and I worked like a dog.  I don't mind paying my fair share.  but when I look around and see the truly wealthy paying 14%, and I know it's because they bought off some congressmen to write loopholes in the taxcode just for them, it makes my blood boil.