Obama's tax falsehoods (Does the President not know that his quest to raise taxes will kill jobs?

Mr. President, what is the maximum rate of tax you think any American should be forced to pay? I asked those in the White House press office this question last week, and I have yet to receive an answer. I am willing to bet they will never give me or any other American the number. In last week's column, I showed how many Americans of all income levels are paying effective tax rates of approximately 400 percent on their savings income because the government is keeping short-term interest rates under 1 percent while generating inflation of 3.8 percent at an annual rate. The inflation tax also causes many capital gains recipients to have effective tax rates in excess of 100 percent. The administration has proposed major tax increases, based both on a false statement of the problem and false statements about the likely effects of the proposed solutions. The administration and its advisers must know that much of what they are saying is false because they have been corrected so many times. The first falsehood is that billionaires like Warren Buffett are paying a lower tax rate than their secretaries. Mr. Buffett appears to prefer to take much of his compensation in the form of capital gains rather than salary. His companies can deduct the cost of salaries from their revenue, but capital gains only accrue after a company has paid its corporate tax. To properly measure his tax rate, it would be necessary to look at all of the taxes he pays both directly and indirectly on his investment income, including the inflation tax and pro-rata share of the corporate income tax. You can bet it is far higher than his secretary's tax rate. (Excerpt) Read more at washingtontimes.com …