I'm not going to comment anymore about Obama. He's so clearly just a "talking head" reading a teleprompter that he's not even worthy of serious comment. Nearly everything he says sounds ok but the government---his government---is doing the opposite. There is no credibility in anything he says. He talks about expanding energy exploration in this country but he's been the most hostile to the energy business of any president EVER. He's always lambasting fat cats (mostly Wall Street banker), but why is no one in jail for malfeasance? He talked about reducing regulation but his EPA is out-of-control and his NLRB is stifling business for no reason. His administration is all about increased regulation!
He harps on "fairness" but doesn't have his facts straight or his math correct. As I've said before, the rich pay the lion's share of the taxes (the top 10% pay 70% of the taxes), so I don't care to hear again and again about someone not paying their fair share--it's bullshit.
Buffet's and Romney's tax rates are unusual. From the data, the top 0.1% of income earners pay, on average about 23% of their income in taxes in the past 10 years. The top 1% pay slightly more on taxes--running about 24%. The group between 10 to 50% income group only pay on average 7 or 8% income tax. The bottom 50% pay no taxes or even have NEGATIVE taxes---many receiving checks from the government and no taxes. Who's not paying their fair share??
If Obama wants to impose a minimum tax of 30% on the very wealthy, then where's the bill for Congress's consideration? Send a bill to Congress! I'm tired of hearing the rhetoric. If you don't like the tax code, then compose a legislative bill to change it! Send it up for a vote! He won't send a bill because it will not pass--as there needs to be comprehensive solution to taxes, tax rates, deductions and measures to promote growth.
Obama's singular solution is to tax the richest at 30%. But it will barely help. Since the wealthy top 1% already pay 24%, the added 6% of revenue might amount to about $80 billion ---a drop in the bucket compared to a $1,400 billion deficit. His simplistic approach is only floated for populist appeal. He must know that the math doesn't add up?
What's needed is a summit at the White House with all the tax and budget experts from both sides of the political aisle to talk about spending cuts, adjusting tax rates and deductions with the idea of collecting more revenue and spreading the tax burden. There are too many deductions. The biggest burden falls on the wealthy, whereas the top 10 to 50% income group only pay on average 7 or 8% income tax. That's not really fair. The bottom 50% don't much at all. If we had a rule that only those that paid taxes were allowed to vote, then we might be talking about good governance.
It's spending that's out of control. Also, re-establishing normal growth rates will reduce the deficit. On this latter point, the Obama administration is a failure since his every solution to economic growth problems runs through Washington D.C.--which means it will not work.