Obama’s two big plans to grow the economy are to raise taxes and then to raise more taxes.
First is the Buffett Rule, which theoretically would raise a few billion a year (although in reality it would cause a decline in revenue). Even theoretically, it only raises enough in a year to cover the government’s deficit spending for about half a day. Although, I’m not sure why they call it the Buffett Rule, seeing as how if we actually followed Buffett’s examples, we wouldn’t even pay the taxes we currently owe. The real Buffett Rule: Step 1 – Don’t pay your taxes. Step 2 – Publicly say that you want to pay more taxes so Democrats and the media (I know, I know) won’t call you on it. Step 3 – Repeat as necessary.
Obama’s version of the Buffett Rule is about raising capital gains taxes on bastard ass rich jerks. When questioned, Obama didn’t even deny that raising the capital gains tax brings in less revenue (see chart below). So it’s bad for the economy and has the added benefit of bringing in less tax revenue….but it’s fair, ya know. Fair, as in, dumping shit over everybody equally.
Obama’s other math-proof plan is to raise income tax rates while making the tax code even more complex. As has been pointed out, higher income tax rates on the rich also bring in less revenue. The rich paid a higher share under Coolidge than Wilson, under Reagan than Carter, and under Bush than Clinton. Every example we have, lower rates on the rich bring in more revenue and a higher share paid by the rich. Yet, according to liberals, every single example we have has an extenuating circumstance.
Higher rates with a more complex tax code isn’t about helping the economy or increasing revenue, it’s about having more control. If you don’t want to pay half your income in taxes, you better live your life and run your business the way Obama wants you to. If you’re good and submit to Obama’s will, like Jeff Immelt, then your company can pay $0 in taxes. But if you’re bad and do things Obama doesn’t like, then he will lie and demonize and publicly attack you until you learn your lesson. Somehow it’s the oil companies and not Jeff Immelt’s GE that don’t pay their “fair share” – even though oil companies pay over $42,000,000,000 more than GE in taxes (meaning they pay about $42 billion total, since again, GE paid $0).