In a rational world a President would honor these people as economic heroes who do far more than their “fair share.”
This week the Obama campaign transitions from gay marriage to placing blame for the looming government debt crisis on the only people who are doing anything to alleviate it. He continues to insist that the problem is everyone is not “doing their fair share.” He never discloses the details of his notion of “fair,” except to emphasize that high income tax payers, those earning over $200,000, should pay more.
The Treasury Department just released it’s monthly statement and it shows what you’ll not hear from any of the political-media establishment: without the increase in tax rates the President demands, income tax revenue for 2012 is on track to set a new record.
Even though the economic recovery is very weak with both GDP and job growth at lower rates than any previous recovery since the 1930s, a few Americans have begun to produce more income than they did in the depths of the recession. As always the government will share in their success. The income tax is steeply progressive, with fewer than 2.8% of taxpayers, those who earn over $200,000, providing half of all the tax revenue the government receives. Of those over-$200,000 folks two-thirds are small business owners.
There are approximately 310 million people in America. This tiny minority, these 2.6 million taxpayers, are the economic engine that drives the American economy, providing the goods and services, most of the jobs and most of the income tax revenue. Their personal assets are at risk every day. They never get a bailout and they struggle to comply with ever more complex regulations. Yet these are the people Barack Obama insists are “not doing their fair share.”
In a rational world these folks would be honored as economic heroes, not targeted for punitive tax increases. Mitt Romney should ask: “Mr. President, how much more would be fair?”