As I predicted earlier this morning, today′s speech by Barack Obama from the White House Rose Garden was pure politics and offered absolutely nothing new concerning deficit reduction. Oh, he changed the name of his millionaire tax to the Buffett Tax, unaware that Warren Buffet pays very little income tax since most of his earnings come from capital gains. Thus proving that Obama knows as much about tax policy as a pig does about Sundays. Obama again played the Socialist, class warfare card and called for the those earning over $250,000 a year to pay their fair share, thinking that the current system is not a fair tax one. He is right there, the top 1% are already paying 38% of all income tax revenues with the bottom 47% of wage earners paying none at all. The top 10% pay about 70%. Obama also neglects the fact that those mean, nasty oil companies pay more than 20% of all federal revenue through oil lease fees. Much of their income is reinvested in exploration and technology, which accounts for their low percentages of paying corporate tax rates.

buffett tax

So once again, Barack Obama shows himself to be a Socialist, playing the class warfare card for the redistribution of wealth. He says he will veto any bill that relies only on spending cuts to lower the federal deficit. House Speaker John Boehner retorted after Obama′s White House Rose Garden speech that increasing taxes, as through the Buffett Tax, would be like giving a cocaine addict more cocaine. Obama and the Democrats are addicted to spending, which is why they oppose spending cuts. His only offerings along those lines are to further gut Medicare and Medicaid, which is part of the Obama agenda for transforming Obama-Care into a massive, single-payer health insurance system. Obama calls for a fair tax code but what he really wants is to confiscate as much wealth as possible, further slowing down the economy such that more Americans must become dependent on the federal government for survival.