On Tuesday, President Obama went to Florida to pitch what he calls tax fairness. That’s the idea that wealthy Americans have a responsibility to pay more in federal taxes. And since some rich people make most of their money through investments that are taxed at a lower rate than traditional income, Obama wants to mandate they pay at least 30 percent in taxes. It’s called the Buffett Rule, since Obama often repeats the contention that billionaire Warren Buffett has a lower tax rate than his secretary. Illinois Rep. Joe Walsh says this is exactly the wrong approach, since the higher taxes will stifle investment and saddle small business owners with additional burdens. He also says wealthy Americans already pay far more than their “fair share” in taxes. Rep. Walsh also slams the administration for allocating $500 million to the IRS as part of the implementation of the health care laws. He discusses the projections of greater and greater debt incurred by the health care laws and predicts the Supreme Court will strike down the individual mandate and probably the entire law. And Walsh updates us on his tough re-election effort in an increasingly left-leaning district.
