In a signature swipe at the nation’s growing income gap, Obama called for a new minimum tax rate of at least 30 percent on anyone making over $1 million. Many millionaires – including one of his chief rivals, Republican Mitt Romney – pay a rate less than that because they get most of their income from investments, which are taxed at a lower rate.

“Now you can call this class warfare all you want,” Obama said, responding to a frequent criticism from the GOP presidential field. “But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

Obama calls this the “Buffett rule,” named for billionaire Warren Buffett, who has said it’s unfair that his secretary pays a higher tax rate than he does. Emphasizing the point, Buffett’s secretary, Debbie Bosanek, attended the address in first lady Michelle Obama’s box.

Even with current tax rates, the top 10% pay a much higher percentage of the total tax burden. Warren Buffet pays many times more in taxes than his secretary does.

Obama’s proposal seeks to make the top 10% pay even more of the total tax burden. Obama thinks “soak the rich” is “fair”. Obama’s proposal, however, would only lead to DECREASED investment, which in turn would lead to an even WEAKER economy. Job creators who have to send more money to the IRS and pay a higher tax rate on investments will INVEST LESS, meaning FEWER JOBS, HIGHER UNEMPLOYMENT, and DECREASED REVENUE to the IRS because fewer people will be paying payroll taxes.

The truth is that the Bush Tax Cuts lead to an increase in employment and an increase in tax revenues.

In the “Parable of 10 Men in a Bar” example:

1) Before the discount, the “10th man” paid 59% of the bill,

2) After the discount, the “10th man” paid 62.50% of the bill, and

3) Now the “progressives” want to end the “tax cuts for the rich” and make the “10th man” pay 66.29% of the bill!

From the actual IRS data shown and linked above:

1) The percentage paid by “Tenth Man” in 1993 was 59.24%

2) After the “Bush Tax Cuts”, the percentage paid by “Tenth Man” in 2005 was 70.30%.

3) Now the “progressives” want to end the “tax cuts for the rich” and make the “10th man” pay close to 75% of the bill!

If the “Bush Tax Cuts” are allowed to expire for only the “10th man”, but are kept in place for everyone else, then the percentage of the total tax burden paid by “Tenth Man” will be as high as 75% or higher.

How exactly is that “fair”, that 50% of the population pays no taxes at all (and some are even paid money from the taxpayers in the form of deceitfully-named “Earned Income Credit”)?

And how exactly is that “fair”, that 10% of the population should pay 75% of the taxes?

It’s time for a truly Fair Tax.

Thank you for your comment.

And here’s a reminder from HotAir.com and the Wall Street Journal:

Let’s not forget Obama’s already-imposed new taxes