In Obama's State of the Union speech, on Tuesday night, he propose a 30% tax on the rich. What does that mean? Are the rich being taxed at a 36% rate, as it is?
The reason for the confusion is this: he was not talking about the "rich," per se. Rather, he was talking about the 15% folks make off dividends paid on their investment capital. Folks like Romney and Warren Buffet, live off their dividend checks, but the vast majority of investors, do not. However, "living off dividend income" is the ultimate goal of nearly all investors.
Understand, then, that Obama is talking about increasing taxes on investment capital at the dividend level. But that is not the end of his attack on investment capital. Add to this increase (from 15 to 30 percent) he wants to increase the taxes on corporate [investment] profits to 40%.
In the end, he wants to increase taxes on corporate profits at two levels, to a total of 70% !! And, yet, he pretends to be a friend of "venture" or investment funding.