Obama paid a lower tax rate than many Americans last year, a fact that underscores his call for wealthy Americans to pay their “fair share” is little more than flimsy rhetoric designed to appeal to his zombie-like Democrat base and other clueless supporters who actually believe he will sock it to the Man.
“President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday,” the Wall Street Journal reports.
The release of [Obama##Q##s] 2012 tax returns comes as the debate over what level of taxes the wealthy should pay shows signs of heating up again as the president makes another push for a “grand bargain” on deficit reduction. Democrats believe any deficit-reduction package would have to include significant new federal revenues from increased taxes on wealthy people.
Confiscatory taxation is routinely at a lower rate for faithful servants of the global elite. In addition to a lowered tax rate for Obama and his wife, Mitt Romney, Timothy Geithner, Obama’s executive office staff, and choice others get sweetheart deals with the IRS as a matter of course.
Mega-corporations and bankster institutions usually pay little or no taxes because – as Leona Helmsley infamously declared – only the little people pay taxes. General Electric, Citigroup and other large corporations simply move money offshore to avoid paying taxes. Congress naturally assists in this serial effort to avoid paying what the rest of us are forced to cough up at gunpoint.
It should be obvious by now the little people are sheared to make up for what the banksters and mega-corporations don’t pay in taxes. A prime example of this was the so-called Fiscal Cliff scam the political class careerists ran on us a few weeks ago.
Tim Carney wrote back in January:
The “fiscal cliff” legislation passed this week included $76 billion in special-interest tax credits for the likes of General Electric, Hollywood and even Captain Morgan. But these subsidies weren’t the fruit of eleventh-hour lobbying conducted on the cliff’s edge — they were crafted back in August in a Senate committee, and they sat dormant until the White House reportedly insisted on them this week.
Thanks to former Clinton administration hustlers on K Street and other so-called lobbyists, financial clients like Citi, Goldman Sachs and Morgan Stanley and others enjoy slick tax avoidance schemes every year.
Obama’s sweetheart tax rate is window on a larger and more rapacious scam – the mega-rich, the banksters and transnational corporations not only believe taxes are for little people but when they fail due to bad bets, malfeasance and outright criminality they insist it is our duty to bail them out.