The President talks about how the wealthy, the millionaires and billionaires, don't pay enough and that the wealthy should pay more. Hold on a minute. Most federal revenue is raised from individual income taxes that are based on annual earnings, not wealth. So just exactly what is he saying? That there should be a tax on wealth? No, I believe he is confusing accumulated wealth with taxable income. I also believe this reveals that he truly doesn't understand that the federal government's revenue problem is not because rates are too low on millionaires and billionaires, but that they, along with nearly everyone else aren't earning enough.
So the question I'd ask the President is, How much does a millionaire make in a year? If allowed a follow-up the next question would be, What should be the tax rate on a millionaire?
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