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Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")
The New York Times ^ | Saturday, September 17, 2011 | Jackie Calmes

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. Obama’s 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 ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: alternativemintax; alternativetax; altminimumtax; amttax; buffett; buffettfightingirs; buffettowesbillions; buffettrule; buffetttax; classwarfare; clinton; clinton2012; clintons; fairshare; hilaryclinton; hillaryclinton; itsatrap; minimumtax; obama; obamanomics; sliming4envymongers; socialism; taxes; taxfraudbuffett; warrenbuffett
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Obama playing class warfare politics again. He has no plan, no set tax rate, just a political card to play.

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.

1 posted on 09/17/2011 4:54:21 PM PDT by kristinn
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To: kristinn
I don't recall hearing a word from Barack about a plan or a tactic.
~Joe Biden




2 posted on 09/17/2011 4:57:05 PM PDT by trisham (Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
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To: kristinn
He has no plan, no set tax rate, just a political card to play.

Which is exactly what he had when he got elected in the first place.

3 posted on 09/17/2011 4:58:03 PM PDT by EGPWS (Trust in God, question everyone else)
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To: kristinn

More taxes means more incentive to bribe....er “lobby” in washington.


4 posted on 09/17/2011 4:58:03 PM PDT by cripplecreek (A vote for Amnesty is a vote for a permanent Democrat majority. ..Choose well.)
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To: kristinn

Why is it that whenever they raise taxes on the “rich”
the “poor” end up paying more.


5 posted on 09/17/2011 5:01:05 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: kristinn

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?


6 posted on 09/17/2011 5:01:16 PM PDT by John W (Natural-born US citizen since 1955)
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To: kristinn
"agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid"

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......"

7 posted on 09/17/2011 5:03:07 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: kristinn
Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett,

What a way to endear yourself to your fellow millionares/billionares? I am sure many will be pissed, to say the least?

8 posted on 09/17/2011 5:04:41 PM PDT by rawhide
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To: tet68
Why is it that whenever they raise taxes on the “rich” the “poor” end up paying more

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.

9 posted on 09/17/2011 5:04:41 PM PDT by Cementjungle
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To: trisham
I can't hear the tune this couple is dancing to but it looks like Joe has the lead.


10 posted on 09/17/2011 5:08:40 PM PDT by Iron Munro (Muslims who advocate, support, or carry out Jihad give the other 1% a bad name)
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To: kristinn

Just how many millionaires does he think are left after three years of his nonsense?


11 posted on 09/17/2011 5:09:14 PM PDT by lovesdogs
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To: tet68
Why is it that whenever they raise taxes on the “rich” the “poor” end up paying more.

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.

12 posted on 09/17/2011 5:09:37 PM PDT by Logical me
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To: kristinn

It should be called the: Protecting Billionaires Tax

Apparently, Buffet wants to keep it an exclusive club.


13 posted on 09/17/2011 5:10:00 PM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their VICTORY!)
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To: kristinn
I used to respect Buffet. Not anymore. His schtick about his secretary paying a higher rate then him is getting old. Give her a raise so she can hire a battalion of accountants like you do Warren. And don't tell me he only wants to tax the rich. When he was in California a few years ago advocating doing away with Prop 13 he was talking about all classes not just the rich.
14 posted on 09/17/2011 5:10:46 PM PDT by Lurkina.n.Learnin (The democratic party is the greatest cargo cult in history.)
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To: kristinn

It would “ask” more? Oh please, Mr. Millionaire, would you like to donate a little more to the treasury?


15 posted on 09/17/2011 5:10:46 PM PDT by Mr Ramsbotham (Laws against sodomy are honored in the breech.)
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To: kristinn

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.


16 posted on 09/17/2011 5:12:57 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: kristinn

These people will never change! It would never occur to them to stop spending money!


17 posted on 09/17/2011 5:13:57 PM PDT by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
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To: kristinn

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.


18 posted on 09/17/2011 5:15:43 PM PDT by PMAS
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To: kristinn
More jobs out the window, compliments America's "historical" first black President. You increase the taxation of millionaires, who are mostly small business owners, you force them to lay off employees, or put a hiring freeze into action, or cut everyone's pay. Obama does't have the slightest clue as to how a smooth, prosperous economy works. And if he does have a clue, and forces this kind of action anyway, then he also makes history in another way. America's first full fledged TYRANT, replete with the usual narcissism and sociopathology. Oh, did I fail to mention he's also a racist of the highest order, taking his "pound of flesh" from what his mentor and pastor refers to as "those rich white men".

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.

19 posted on 09/17/2011 5:17:03 PM PDT by jiminycricket000
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To: kristinn
Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")

Ask?

Seriously, ask Buffett. After his windbaggery he should be willing to voluntarily contribute thirty of forty billion.

20 posted on 09/17/2011 5:17:12 PM PDT by stevem
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To: kristinn

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.


21 posted on 09/17/2011 5:22:42 PM PDT by pieceofthepuzzle
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To: kristinn
There is currently line on all tax returns which allows every citizen to designate a donation to pay down the national debt.

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.

22 posted on 09/17/2011 5:26:12 PM PDT by RobertClark (Emancipate yourself from mental slavery, none but ourselves can free our mind.)
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To: kristinn

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.


23 posted on 09/17/2011 5:32:26 PM PDT by umgud
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To: kristinn

BFD, it’s the LOOP HOLES Zero. Close those. Oh that’s right your donors wouldn’t like THAT.


24 posted on 09/17/2011 5:34:55 PM PDT by Marty62 (Marty60)
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To: kristinn

So, Barry has named it the “Buffett Rule” in an effort to try to shame Warren Buffett into paying some taxes?


25 posted on 09/17/2011 5:35:19 PM PDT by FlingWingFlyer (Hey Mexico! Your poverty isn't America's problem.)
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To: kristinn

Let’s make the tax rate 13% across the board for everything over $25k (indexed for inflation). No deductions, not tax breaks for anyone.


26 posted on 09/17/2011 5:39:20 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: Marty62

Agree!
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!


27 posted on 09/17/2011 5:41:58 PM PDT by IceAge
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To: kristinn
REPORT: BUFFETT'S BERKSHIRE OWES $1 BILLION IN BACK TAXES

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 Buffett’s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, it’s been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.

http://www.newsmax.com/Headline/buffett-irs-back-taxes/2011/09/01/id/409520

28 posted on 09/17/2011 5:42:52 PM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: kristinn

A new week, a new tax, they both just keep coming


29 posted on 09/17/2011 6:00:32 PM PDT by reefdiver ("Let His day's be few And another takes His office")
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To: kristinn

More waivers for donors?


30 posted on 09/17/2011 6:04:31 PM PDT by TribalPrincess2U (Rabid democRATS and 0bama the dictator own it all now.)
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To: All; kristinn
The "Tax Reform Act of 1969" gave use the "Minimum Tax" because some "high income" households weren't paying their fair share.

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.

31 posted on 09/17/2011 6:15:47 PM PDT by newzjunkey (Will racist demagogue Andre Carson be censured by the House?)
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To: kristinn

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.


32 posted on 09/17/2011 6:20:54 PM PDT by DB
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To: Logical me

You are much too logical. Liberals would swear you are speaking Klingon.


33 posted on 09/17/2011 6:26:26 PM PDT by pepperdog (Why are Democrats Afraid of a Voter ID Law?)
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To: All; IceAge
It's funny that, for decades, Republican candidates have been pushing for the kind of sweeping tax reforms that would eliminate the problem of loopholes, favoritism and capture revenues.

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.

34 posted on 09/17/2011 6:30:10 PM PDT by newzjunkey (Will racist demagogue Andre Carson be censured by the House?)
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To: kristinn
This is the alternative minimum tax all over again.

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.

35 posted on 09/17/2011 6:32:13 PM PDT by E. Pluribus Unum (Palin is coming, and the Tea Party is coming with her.)
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To: Blood of Tyrants

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.

Or...

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.


36 posted on 09/17/2011 6:33:23 PM PDT by DB
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To: newzjunkey

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.


37 posted on 09/17/2011 6:39:54 PM PDT by DB
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To: E. Pluribus Unum

“This is the alternative minimum tax all over again.”

Yes it is. Stupid all over again...


38 posted on 09/17/2011 6:41:23 PM PDT by DB
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To: kristinn

Obama, you dense, theiving moron . . . quit talking about more revenue and CUT SPENDING BIGTIME!!!!!!!!!!!!!!!


39 posted on 09/17/2011 6:56:14 PM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: kristinn

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.


40 posted on 09/17/2011 6:58:57 PM PDT by americanophile ("this absurd theology of an immoral Bedouin, is a rotting corpse which poisons our lives" - Ataturk)
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To: kristinn

HOW MUCH IS BUFFETT’S BERKSHIRE HATHAWAY BACK-TAX BILL EXACTLY? ABOUT $1 BILLION

According to Berkshire’s 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 Berkshire’s 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 company’s potential future obligation to the IRS and other taxing authorities.  They have to be recorded in the company’s financial statements.”

He added, “The notation means that Berkshire Hathaway’s 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 company’s $372 billion in total assets.

http://www.theblaze.com/stories/how-much-is-buffetts-berkshire-hathaway-back-tax-bill-exactly-about-1-billion/warrenbuffet/


41 posted on 09/17/2011 7:05:51 PM PDT by kcvl
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To: tet68

>>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.


42 posted on 09/17/2011 7:29:25 PM PDT by Bryanw92 (The solution to fix Congress: Nuke em from orbit. It's the only way to be sure!)
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To: IceAge

I actually voted for Forbes on that issue.


43 posted on 09/17/2011 7:31:36 PM PDT by Marty62 (Marty60)
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To: kristinn

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.


44 posted on 09/17/2011 8:28:54 PM PDT by theBuckwheat
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To: kristinn

How many billion in taxes does Buffett’s company owe the government? Let him pay up!


45 posted on 09/17/2011 8:30:27 PM PDT by Grey Eagle
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To: kristinn
I wonder if charges will be brought?

Yup. The WTF group at the white hut calls this effort: F*** Success!

46 posted on 09/17/2011 8:34:58 PM PDT by glock rocks ( I like Palin but < insert PDS here >. Wait, what?)
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To: kristinn
And, why doesn't this administration go after the Federal Employees and Federal Retirees for the 3.3 BILLION dollars owed in back taxes?

Federal Employees owe $3.3 Billion dollars in back taxes! (click here for link)

47 posted on 09/17/2011 9:08:30 PM PDT by yorkie
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To: kristinn

“Ask.”


48 posted on 09/17/2011 9:11:15 PM PDT by Arthur McGowan (In Edward Kennedy's America, federal funding of brothels is a right, not a privilege.)
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To: kristinn
Gee, I thought we already had an Alternate Minimum Tax.

By the way, do Obama and Biden still Itemize on their their 1040?

49 posted on 09/17/2011 9:36:14 PM PDT by Kickass Conservative (Liberals, Useful Idiots Voting for Useless Idiots...)
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To: kristinn

What was it Albert Einstein said about insanity?


50 posted on 09/17/2011 9:41:25 PM PDT by RWB Patriot ("My ability is a value that must be purchased and I don't recognize anyone's need as a claim on me.")
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