Sorry folks, one more post today. I know, I know it's almost two o'clock and I'm not drunk yet, but I just couldn't let this go without at least a brief comment. Obama had this to say to his supporters via video conference:
President Obama counseled supporters Wednesday evening "not to get too bogged down" in details when explaining his record to voters during the campaign.
"If somebody asks about taxes, nobody is really interested in hearing what precise marginal tax rate change would you like to see in the tax code," Obama said. "What they want to know is that our campaign stands for a fair, just approach to the tax code that says everybody has to chip in, and that it's not right if a hedge fund manager is being taxed at a lower rate than his or her secretary."
Okay class, let's all say together, the capital gains tax is a flat 15%. The payroll tax is graduated tax that penalizes success. As you make more the Feds get more of it at a higher rate. So that means if the hedge fund manager is drawing a paycheck then he is paying a higher payroll tax rate than his secretary.
Okay everybody back to your beers.