Thursday night (4/12/12) on Special Report, the Buffett Rule was the topic for the "All-Star" panel. Who better for Fox to talk about taxes than Judge Andrew Napolitano? Yes, a judge talking about taxes! Not only that, but Napolitano is also a political expert, He declared that the President Obama's main purpose in proposing the Rule is to demonize the rich and, especially, Mitt Romney.
Judge Napolitano called it, "class warfare at its worst. Rather than a President who's trying to unite the country behind him he is trying to divide the country. It doesn't make sense from the point of view of economics 101. ...The imposition of the tax will actually result in fewer tax dollars going into the treasury because of the effect it will have by removing that money from rich people to invest, which produces more jobs. He must know that but he wants to demonize the rich because Mitt Romney is one of them."
In fact, a report by American Progress shows The Buffett Rule will make a sizable contribution to reducing deficits,.That finding should at least have been presented on what is supposed to be an objective news report.
Instead, host Bret Baier joined the pile on by saying, "It's not playing on Wall Street, obviously, with folks up there, right?"
Fox Business Network's Liz Claman did provide some real balance. She agreed the Rule is not popular with Wall Street, then added, “But does the rest of America really care about Wall Street right now?"
"But where does it play well?" Baier asked.
Claman answered, "I would think that it plays well with middle class who perhaps look at their tax percentages and what they are paying - anywhere from 20 to perhaps 39%, middle and upper class. And they look at hedge fund managers, and this is a specific point of the tax law that's totally legal. But hedge fund managers and money managers because of the way their income is calculated, they get taxed at 15% rate because their income comes from things like capital gains, selling, and buying stocks. How is that fair... is what the President is saying. And when Bret - you and I and the Judge and Steve (Hayes, the other panelist) - I guarantee you we're all above 25%. So why isn't it that we wouldn't at least want to close that loophole and figure out how to get everybody at the same level but then close other loopholes, figure out some fairness?"
Napolitan replied, "It's reprehensible for him to assault something as basic as who pays what in taxes when he knows his assault is intellectually disingenuous and he's doing it to stir the pot among his base."
Claman stood her ground. "Why is it disingenuous if the fact is that somebody like a fund manager who makes $200 million a year is taxed at 15% rate, yet regular folks out there are paying 25 to 30?"
“Economist” Napolitano responded, "Because if you impose the so called Buffett Rule,the effect on the economy would be such that the return to the Treasury would not increase, it would decrease. That's how many people would lose their jobs. Every dollar that the government takes away is a dollar less that Warren Buffett and the rich people have to invest and create more jobs."
Fox News: Where no subject is too important to politicize.
Not only is no subject too important to politicize at Fox, no rightwing pundit – no matter how far removed from the subject matter – is considered to uninformed to comment . . .