What is there to say about Obama’s factually challenged “you didn’t build that” diatribe this weekend that I didn’t say when Elizabeth Warren spewed the same gibberish, only more eloquently? What I said then is still true now:
When you count all income, including capital gains, which are Warren Buffet is on about, you find that the richest quintile are paying about 25.5% of their income in taxes and the richest 0.1% about 30%. That includes the corporate tax that applies before capital gains and stock income. That can be contrasted against the lower three quintiles who, including the payroll tax that funds their Social Security and Medicare, pay effective tax rates of 1.6-14.1%. That’s not including state and local taxes, which tend to be progressive.
So no, the goods were moved on roads that the rich paid for. The factories used workers whose educations the rich paid for. The rich didn’t have to worry about marauding bands because of the police and military that the rich paid for. And the real problem is that all this happened with no one paying for it, so we had to borrow and borrow and borrow.
Earlier this year, I said Obama was in reruns. Now he’s in Elizabeth Warren re-enactments. Wake me at debate time.