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Barack the Selfish

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Wed, 2011-04-20 23:35 — The Conductor
Topic: 
Economics
Politics
Places: 
U.S.A.
People: 
ODS

Steven Landsberg comments on the current President’s tax return:

Now we learn that on an income of $1.7 million, the Obamas paid $450,773 in taxes, taking full advantage of the Bush tax cuts. I think it is fair to ask: If the President believes that people like him ought to be paying more, then why didn’t he pay more? There is absolutely no rule against sending in more money than you owe.

Some voice on lefty radio said that such voluntary payments wouldn’t work because the IRS isn’t set up to take in a mess of checks. Non-stop comedy on that end of the dial, I tell you.

Anyone who has read through the tax instructions would have seen that the IRS is, in fact, set up to receive what they call “voluntary contributions to reduce the public debt”. They rake in between one and two million bucks per year.

Back to the Obamas’ failure to voluntarily contribute:

If the Obamas are one of, say, a million families in their financial position, and if the Obamas, and only the Obamas, send in some extra money, that’s only (by Mr Obama’s reckoning) one one-millionth as good as repealing the Bush tax cuts — but at the same time it’s costly to only one one-millionth as many taxpayers.

Now the analysis goes from smartass to truly brilliant:

n fact, since you’d expect the first hundred thousand to go to the most urgent use, the president’s contribution should be worth more than one one-millionth of a million contributions, while still imposing costs on only one one-millionth as many people. If repealing the Bush tax cuts is a good deal, the Obamas’ extra voluntary contribution would be an even better one.

If Barry’s government can spend money more wisely than ordinary “millionaires and billionaires”, the first extra dollar it spends will be the wisest. I imagine it would pay for a life-saving pap smear by Planned Parenthood. Or something equally wondrous.

The current President missed an opportunity to show integrity, leadership, and to do maximum good with his wealth.

It’s almost enough to make you begin to doubt his sincerity.