How sad. Our president has been reduced to chasing demons.
Obama’s recent phony jobs bill which raised $400 billion in taxes on everyone making over $200,000 (couples over $250,000) apparently did not whip the masses into a pitchfork and torch frenzy, because it targeted our doctors, local business owners, and others who are just too damned hard to hate.
So Obama has narrowed his aim and now will target those making $1 million or more, who are so few in number and so easy to hate that it might just light the fire Obama needs for reelection.
As reported by The NY Times:
President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials….
Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.
Adds Jake Tapper:
Faced with a Congress that opposes many of the suggestions he has made for job growth and deficit reduction, the president is increasingly making proposals that seem designed to garner popular, even populist, support — Republicans call it “class warfare” — so as to draw contrasts with Republicans for election 2012.
The campaign and the perpetual Obama need to find enemies has completely overtaken fiscal policy. Obama has ceased even pretending.
Here was my take when I saw a tweet from Brett Baier about the new tax: