Early Take On Obama's Speech
From Peter Tchir of TF Market Advisors
The only surprise in the speech so far is that he hasn't told Transatlantic Holding Inc., that they should accept Buffett's offer.
Now we can get back to trying to figure out what new plan Greece and the Troika come up with to justify repeating the process again a few weeks from now. And just how much QE is going to be announced Wednesday.
His "fairness" speech leaves something to be desired. His math is even more interesting. I wonder what the effective tax rate of a single person making 50k is? Without any deductions or rebates, the effective tax rate is 17.25%. I bet that very few single people making 50k pay an effective rate of more than 15%. I suspect that many people making over a million pay an effective tax rate greater than 15%. So much for math.
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