Tuesday, April 21, 2015

Do you have any idea how much it costs to operate a yacht?

Bill O'Reilly feels really sorry for America's rich. They're just so oppressed.

Read all the details of this tragic story.
This year -- 2015 -- the feds will gather more tax money than ever before, about $3 trillion.

That's because since taking office President Obama has proposed 442 tax increases, not counting 20 others associated with Obamacare.

As you may know, Americans earning more than $400,000 must pay close to 40% of their income to the federal government.

The Social Security tax has increased from 4.2 to 6.2%; all workers pay that.

And itemized deductions, which you can use to bring down your tax bill, are now being phased out for high-wage earners and profitable businesses.

In fact, the USA has the highest tax rate on business in the world.

And if you invest in business, the short-term capital gain is now close to 40%.

Long-term cap-gains up from 15 to 20%.

There's also an additional 3.8% tax on investment income to pay for Obamacare.

So you can see that taxes are through the roof on affluent Americans and business profits.

But for the rest of Americans, things are not so bad.

The bottom 60% of wage-earners pay just 2.7% of federal income taxes.

The bottom 40% actually get money from the feds; they receive payments called earned-income tax credits.
Yes, those poor, poor rich people. They have to actually pay taxes! And since they have most of the money, they end up paying most of the taxes! Waaah!!

I mean how awesome would it be to make so little money that you don't pay taxes and actually get money from the government (other than property, usage, state, local, and sales taxes, of course)! That would be awesome. The poors have it SO easy, amiright?

Later O'Reilly said, "I believe that I've cut back investing because of the heavy capital gains hit."

That is so funny! Because every poor person I know has also cut back on investing because of the high tax on capital gains. I mean, if you're investing to make millions of dollars, why even bother if the government is going to take another 5%? It's like common sense.  Geez, Obama.

The standard disclaimer: most of those stats are dead wrong. President Obama did not propose 442 tax increases and even if he had, 442 were not enacted, no rich American pays 40% of their income to the government, the Social Security tax is capped at $116,000, and the U.S. has the highest tax rate on business in the world ONLY if you ignore all their massive deductions.

How entitled and out of touch do you have to be to say any of the above?

Bill O'Reilly (actual photo)

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