Skip to comments.Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")
Posted on 09/17/2011 4:54:13 PM PDT by kristinn
WASHINGTON President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obamas effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats support of future cuts from Medicare and Medicaid.
Mr. Obama, in a bit of political salesmanship, will call his proposal the Buffett Rule, in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.
(Excerpt) Read more at nytimes.com ...
Buffett and his Obama supporting ilk are free to give the federal government has much money over their minimum tax payment as they wish. Nothing is stopping the Orifice of Omaha from doing this but his own greed and hypocrisy.
Which is exactly what he had when he got elected in the first place.
More taxes means more incentive to bribe....er “lobby” in washington.
Why is it that whenever they raise taxes on the “rich”
the “poor” end up paying more.
Thought the “Buffett” whatever it was lost a little steam when it turned out he doesn’t even pay what he is actually supposed to, let alone the more he called for?
First, "higher revenues" is a mealy-mouthed way of saying "higher tax rates", and in return, you get NOTHING....just a non-binding "promise" of future cuts.
"If you give me a hamburger now, I will gladly pay you on Tuesday......"
What a way to endear yourself to your fellow millionares/billionares? I am sure many will be pissed, to say the least?
Their real goal is to simply take more from the few remaining non-government, non-union private sector earners. Those are the people they despise.
Just how many millionaires does he think are left after three years of his nonsense?
Right. The rich are generally business and the rich will never short themselves. They will pass the services or commodities price increase on everyone even the poor. The poor should be pis#ed.
It should be called the: Protecting Billionaires Tax
Apparently, Buffet wants to keep it an exclusive club.
It would “ask” more? Oh please, Mr. Millionaire, would you like to donate a little more to the treasury?
Obama’s plans always hammer non-millionaires.
“Rich” is defined by them as $200k (single) $250k (married). Sometimes less than $100k depending on what he’s talking about, and to whom.
These people will never change! It would never occur to them to stop spending money!
Buffet owes about $1 BILLION in back taxes since 2004, he and his team of lawyers have been in court fighting it for years now.
Buffet is nothing but an effin hypocrite.
My prediction is that the "first black President", (with a caucasion mother), will go down in history as the most reviled President ever. And even the ultra liberal media and revisionist historians coming to his aid will not be able to change that legacy. He'll be a one term President, then a detested ex President. But that won't bother him in the slightest bit, in fact he'll bask in the knowledge that he got some revenge against we whites whom he and Michelle blame for the enslaving of people of his race so many generations ago. May God bless and save America from his ilk, the "fifth column" within.
Seriously, ask Buffett. After his windbaggery he should be willing to voluntarily contribute thirty of forty billion.
If we want to talk fairness, how about requiring all welfare recipients in good health to work at least 10 hours a week. They could go to nursing homes and help out. They could clean parks, roads, etc. They could cut the grass of the disabled.
If Buffett and others are inclined, they may donate all of their personal wealth toward debt reduction. Instead, you see Buffett in court attempting to wiggle his way out of millions in tax liability.
I think it would be better if gov’t just confiscated all net worth over $1 million. That would fix it. Right? /s Nobody needs over a $ million and any body has it must be evil anyway.
BFD, it’s the LOOP HOLES Zero. Close those. Oh that’s right your donors wouldn’t like THAT.
So, Barry has named it the “Buffett Rule” in an effort to try to shame Warren Buffett into paying some taxes?
Let’s make the tax rate 13% across the board for everything over $25k (indexed for inflation). No deductions, not tax breaks for anyone.
Re-write the tax laws and take out the stupid lookholes that allows GE and millionaires to get away with paying no taxes.
How about a simple flat tax? Everyone pays their share???
Why should one level of income be free while a higher level gets hit hard?
Makes a person not want to climb the ladder of success.
Oh, yeah, I forgot....we have hop0e and change now and everyone is soon going to be in the same level....thanks obummer!
Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.
But it turns out that Buffetts own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, its been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.
A new week, a new tax, they both just keep coming
More waivers for donors?
It morphed into the "Alternative Minimum Tax" (AMT) for similar reasons.
Now we're back to the "Minimum Tax" name.
This is more of the same "solution" to the same "problem" expecting a different result.
Somebody making a million dollars a year is a long, long ways from being in Buffett’s league...
That’s not even enough to have your own private jet...
This tax will do nothing positive for the deficit, its just more Obama poison.
You are much too logical. Liberals would swear you are speaking Klingon.
It's the largely Democrats who fight like hell for the corrupt status quo and leviathan code offering favors.
We must ask ourselves: if this REFORM was so CRITICAL, the system so UNFAIR, WHY did Obama and Pelosi and Reid NOT push it through during 2009 & 2010.
And if you don't think it's ever going to apply to you, you must be completely oblivious to the Obama inflation that is about to compound his depression.
Make the tax rate 15% period. Not index, no deductions, no “earned tax credits” nothing. If people want to vote to increase the rate, it applies to everyone equally including themselves.
If you have a minimum threshold that is indexed to inflation then those who fall under it have no federal vote that year period.
Those are the ONLY ways to have an ethical vote. No more voting to tax someone else for what you want. That is the base source of our governmental problems. The founding father recognized that and only allowed those who paid taxes to vote and those were essentially the land owners.
Let’s be honest.
We have nearly 50% of people not paying federal income taxes. That lies at the feet of both Bush’s who while cutting taxes exempted larger and larger proportions of the public from paying federal income taxes. It is extremely dangerous - as in the country’s economic collapse - to exempt half the population from paying federal income taxes while they retain the right to vote for more goodies from the federal government and to vote to take more from the ones left who do pay the taxes.
“This is the alternative minimum tax all over again.”
Yes it is. Stupid all over again...
Obama, you dense, theiving moron . . . quit talking about more revenue and CUT SPENDING BIGTIME!!!!!!!!!!!!!!!
So is he going to raise the upper marginal rate, in which case calling it the “Buffet Rule” will be a complete misnomer, since it has nothing to do with capital gains, which how Buffet earns his income, or is he increasing the capital gains rate? Or is this an entirely new tax on investments? In any event, could it be more of an economy killer? Wow.
HOW MUCH IS BUFFETTS BERKSHIRE HATHAWAY BACK-TAX BILL EXACTLY? ABOUT $1 BILLION
According to Berkshires 2010 annual report, the company has been in a near decade-long struggle with the IRS over its own taxes. Using public documents, a certified public accountant detailed Berkshires tax problems to Americans for Limited Government researcher Richard McCarty, revealing the damage could be close to $1 billion. Netright Daily adds:
According to page 56 of the company report, At December 31, 2010 net unrecognized tax benefits were $1,005 million, or about $1 billion. McCarty explained, Unrecognized tax benefits represent the companys potential future obligation to the IRS and other taxing authorities. They have to be recorded in the companys financial statements.
He added, The notation means that Berkshire Hathaways own auditors have probably said that $1 billion is more likely than not owed to the government.
$1 billion is not an insignificant chunk of change, even for Buffett, representing about 0.2 percent of the companys $372 billion in total assets.
>>Why is it that whenever they raise taxes on the rich
the poor end up paying more.
Because the rich contribute a lot of money to Democrats and the poor are easily lied to.
And the middle class has no advocates in government.
I actually voted for Forbes on that issue.
One of the unintended consequence of this will be to make “tax free” bonds taxable, and thus will cause people to bid up their yield to compensate. This means higher costs for the state and local government entities such as school districts to pay more in interest costs.
How many billion in taxes does Buffett’s company owe the government? Let him pay up!
Yup. The WTF group at the white hut calls this effort: F*** Success!
By the way, do Obama and Biden still Itemize on their their 1040?
What was it Albert Einstein said about insanity?