Grumpa Joe's Place

In a recent debate, the press forced Mitt Romney into disclosing his income tax return just as they had forced Obama to show his origin of birth and his college records. There is no law that requires a candidate to disclose his tax return, and Mitt wanted to do as Obama did, i.e. disclose after you are president. Instead he caved, and now the topic of discussion is how much money Mitt has and how little tax he pays. Actually, I think the guy is pretty smart to have accumulated so much wealth in a lifetime.  However, he is not as rich as the president’s chief advisor on tax matters, one Warren Buffet whose net worth is at forty-seven billion. Warren Buffet takes a small salary, therefore most of his earnings are capital gains which are taxed at  taxed at 15%. Buffet reportedly paid 17% tax. I don’t see Warren donating his fair share. One of Buffet’s companies, NetJets is  suing the IRS to avoid paying 643 million in taxes thee IRS says it owes. Mr. Buffet follows the law, I’m sure he is paying exactly what he owes and not a penny more. He is correctly lobbying Congress to change the laws to make him pay more.

Romney is nowhere near as rich as Microsoft founder Bill Gates at fifty-three billion. Mitt’s net worth of 231 million is even with that of Senator Herb Kohl of Wisconsin and below Congressman Daryl Issa. Mitt’s paltry family fortune pales in comparison to that of Oprah, Michael Jordan, Tiger Woods, Jay Z, Beyonce, Mark Zuckerberg, Donald Trump or Michael Bloomberg. I’d like to see their tax returns too.

So what’s the big deal about Mitt’s tax return? The press will over analyze it and try to use it against him by widening the gap between the rich and the poor. In other words, they are supporting Obama’s class warfare efforts.

If Congress passed a law today requiring Bill Gates and Warren Buffet to give everything they own (100 billion dollars) to Obama it will pay for fifteen minutes of his spending.

President Obama recently filed a tax return showing earnings of 1.5 million dollars. The presidential salary is $480,000.00/yr. Where did the difference come from? Is Obama moonlighting, or does Michelle have a job?

Mankind has always experienced differences in wealth between people. It is normal for some to become more wealthy by their efforts than others. To even out the wealth of everyone requires a system called communism, and even that doesn’t do the job perfectly nor does it come close.

Related articles

• Bill Gates: Rich People Should Pay More Taxes [Video] (inquisitr.com)
• Obama Raised Taxes on Buffet’s Secretary! (whitehouse12.com)
• Why is investment income taxed less than wages? (seattletimes.nwsource.com)

Filed under: Cartoons, Conservative, Election | Tagged: Barack Obama, Bill Gates, Donald Trump, Mitt Romney, NetJets, Obama, Warren Buffett |