Tag Archives: Jobs speech

Obama tax lies, Jobs speech, Warren Buffett hypocrisy, Tax Policy Center 46 percent pay no federal income taxes

Obama tax lies, Jobs speech, Warren Buffett hypocrisy, Tax Policy Center 46 percent pay no federal income taxes

From the Chicago Tribune September 20, 2011.

“Data: The rich actually do pay more taxes”

“President Barack Obama makes it sound as if there are millionaires all
over America paying taxes at lower rates than their secretaries.

“Middle-class families shouldn’t pay higher taxes than millionaires
and billionaires,” Obama said Monday. “That’s pretty straightforward.
It’s hard to argue against that.”
The data tell a different story. On average, the wealthiest people in
America pay a lot more taxes than the middle class or the poor,
according to private and government data. They pay at a higher rate,
and as a group, they contribute a much larger share of the overall
taxes collected by the federal government.

There may be individual millionaires who pay taxes at rates lower than
middle-income workers. In 2009, 1,470 households filed tax returns
with incomes above $1 million yet paid no federal income tax,
according to the Internal Revenue Service. That, however, was less
than 1 percent of the nearly 237,000 returns with incomes above $1

In his White House address Monday, Obama called on Congress to
increase taxes by $1.5 trillion as part of a 10-year deficit reduction
package totaling more than $3 trillion. He proposed that Congress
overhaul the tax code and impose what he called the “Buffett rule,”
named for billionaire investor Warren Buffett.

The rule says, “People making more than $1 million a year should not
pay a smaller share of their income in taxes than middle-class
families pay.”

“Warren Buffett’s secretary shouldn’t pay a higher tax rate than
Warren Buffett. There is no justification for it,” Obama said. “It is
wrong that in the United States of America, a teacher or a nurse or a
construction worker who earns $50,000 should pay higher tax rates than
somebody pulling in $50 million.”

Buffett wrote in a recent piece for The New York Times that the tax
rate he paid last year was lower than that paid by any of the other 20
people in his office.

This year, households making more than $1 million will pay an average
of 29.1 percent of their income in federal taxes, including income
taxes and payroll taxes, according to the Tax Policy Center, a
Washington think tank.”

“The Tax Policy Center estimates that 46 percent of households, mostly
low- and medium-income households, will pay no federal income taxes
this year. Most, however, will pay other taxes, including Social
Security payroll taxes.”

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Hypocrisy from Obama and Warren Buffett.

From The Blaze August 30, 2011.

“How Much is Buffett’s Berkshire Hathaway Back-Tax Bill Exactly? About $1 Billion”

“On Monday, The Blaze reported that Warren Buffett’s company, Berkshire Hathaway, owes back taxes dating to 2002. The news is significant because in a recent op-ed column for the New York Times, Buffett, one of President Obama’s staunchest supporters, stated that, to now, the “super wealthy” have been coddled and deserve to be taxed at an even higher rate than they currently are.

When Buffett made his revelation earlier in the month, most assumed his company was up-t0-date on its taxes. That assumption has turned out to be incorrect, however — and to a substantial degree perhaps.

According to Berkshire’s 2010 annual report, the company has been in a near decade-long struggle with the IRS over its own taxes. Using public documents, a certified public accountant detailed Berkshire’s tax problems to Americans for Limited Government researcher Richard McCarty, revealing the damage could be close to $1 billion. Netright Daily adds:

According to page 56 of the company report, “At December 31, 2010… net unrecognized tax benefits were $1,005 million”, or about $1 billion. McCarty explained, “Unrecognized tax benefits represent the company’s potential future obligation to the IRS and other taxing authorities.  They have to be recorded in the company’s financial statements.”

He added, “The notation means that Berkshire Hathaway’s own auditors have probably said that $1 billion is more likely than not owed to the government.”

$1 billion is not an insignificant chunk of change, even for Buffett, representing about 0.2 percent of the company’s $372 billion in total assets.

The annual report goes on to state: “We anticipate that we will resolve all adjustments proposed by the U.S. Internal Revenue Service (‘IRS’) for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.””

“Ironic, isn’t it? When Warren Buffett penned that op-ed demanding he be taxed more, we assumed that meant he had actually paid his taxes. Not quite the case. Buffett’s famed company, Berkshire Hathaway, owes taxes that are nearly a decade old.”

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Obama Ohio speech, January 22, 2010, Jobs speech, Unemployment Up in 43 States in December, Lies, Narcissism, Karl Rove, Sean Hannity, Ohio job losses

While Obama was giving a  jobs speech, Friday afternoon, January 22, 2010 at Lorain County Community College
in Elyria, Ohio, a government report indicated that unemployment was up in 43 States in December. Consistent with Obama’s past and personality, Obama’s speech is driven by Lies and Narcissism. Commentary is provided by Karl Rove, Sean Hannity and Citizen Wells.

Fox News unemployment report, January 22, 2010.

“Unemployment Up in 43 States in December”

“WASHINGTON — Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market and illustrating nationwide data released two weeks ago.
The rise in joblessness was a sharp change from November, when 36 states said their unemployment rates fell. Four states — South Carolina, Delaware, Florida and North Carolina — reported record-high jobless rates in December.
New Jersey’s rate, meanwhile, rose to a 33-year high of 10.1 percent while New York’s reached a 26-year high of 9 percent.
Analysts said the report showed the economy is recovering at too weak a pace to generate consistent job creation.
“A lot of states that had started to add jobs (in November) gave up those gains in December,” said Sophia Koropeckyj, managing director at Moody’s Economy.com.”

“Texas lost the second-most jobs: 23,900. That sent its jobless rate to 8.3 percent in December from 8 percent. The next-largest job losses were in Ohio, Illinois and Michigan.”

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Obama Ohio speech text

“Today, because of the actions we took, the worst of this economic storm has passed. But families like yours and communities like Elyria are still reeling from the devastation left in its wake. Folks have seen jobs you thought would last forever disappear. You’ve seen plants close and businesses shut down. I’ve heard about how the city government here is bare bones. And how you can’t get to work or go buy groceries like you used to because of cuts in the county transit system.”

“Let me tell you – so long as I have the privilege of serving as your President, I’ll never stop fighting for you. I’ll take my lumps, too. I’ll never stop fighting to bring jobs back to Elyria. I’ll never stop fighting for an economy where hard work is rewarded, where responsibility is honored, where accountability is upheld, where we’re creating the jobs of tomorrow.”

“I’ll never stop fighting to open up government. That’s why we put in place the toughest ethics laws and toughest transparency rules of any administration in history.”

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