Skip to comments.Obama to propose "Buffett Tax" on millionaires (on Mon)
Posted on 09/17/2011 5:15:07 PM PDT by Clairity
Populist gesture designed to appeal to his base
President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.
Such a proposal, among suggestions to a congressional supercommittee expected to seek up to $3 trillion in deficit savings over 10 years, would appeal to his Democratic base ahead of the 2012 election but likely not raise much in revenues.
(Excerpt) Read more at reuters.com ...
And when you think it's fine, as long as he taxes "the rich", just remember that the income tax started out as a 1% tax on those making more than $1M/year, back when a million was a lot more money than it is today. And look who are paying income taxes now.
“He has separately urged the supercommittee to consider $467 billion in tax increases on top of that goal to pay for a jobs bill he unveiled earlier this month.”
I am so happy now
Sick. Sick. Sick.
Communist warfare against the rich
Too much time on FR. I read “Buffet” tax, and was thinking the title was inspired by Moosechelle..
Hey, no problem for Buffett!
he just doesn’t pay the taxes!!!ha.
yeah, Obozo, keep taxing the rich...they’re one step ahead of you, you moron!
tax on Margaritas?
They just passed a tax like this in Spain, a country that is about ready to go down the drain because of its overspending on “social welfare,” which mostly means funding lesbian collectives, subsidizing 35 year old “students,” and conducting a campaign to attack the Catholic Church.
Many people think the “millionaire’s tax” is what will drive the stake through the heart of Spain. Zapatero doesn’t care because he’s leaving office this fall and the Socialists probably won’t be reelected. This was just a parting gesture from the Socialists.
Maybe this is Bambi’s ultimate sgrew yew to Americans before he goes off to become head of the UN. Or maybe the Ford Foundation.
The rich are his biggest supporters.
1. There will be “exceptions” to all corrupt folks - e,g., actors and other liberal friends.
2. Any number of other folks will find ways to be included in the “exceptions”.
3. The number of folks earning > $1M/year will then “unexpectedly” decrease.
The class warfare is sickening and I wish the PUbs would respond to it!
Remember. Under Kenyan rules, you are now a “millionaire” and one of the evil “rich” if you make more than $200,000.
How about a 100% tax on useless taxpayer funded vacations for the whole First Family?
Well, the new administration in Spain can overturn what the socialists have done.
Why doesn’t the government just take over ever business in the country, confiscate all property and then assign everyone housing, assign all workers a job and send everybody a monthly check?
I mean that is what Obama and company really want to do? So just do it, come on, do it.
So the Kenyan idiot chile is going to propose eliminating all loopholes and tax shelters for what you earn after the first million you earn each year and tax that at 35%. This would get lots of liberal HolyWeird hypocrites howling over high taxes. They talk a good game but really tax them at 35% and the libs out there will scream bloody murder. This would get Warren Buffet howling too, phony that he is
Buffet puts practically all his earnings (and they are not taxed either) into the Bill Gates Foundation because he thinks Gates can do a better job with Warren’s money than the Federal Gov’t can
I misread this and thought Obama was going to ask for a buffet tax. That would really get him beat in 2012!!!
This is a tax on people who earn at least a million dollars a year. However, it is not a tax on "millionaires." A millionaire is someone who has net assets of a million dollars or more. There are many, many millionaires who do not earn a million a year, and who never have. Conversely, there are people who could possibly earn a million dollars in a calendar year who are not millionaires. If, After taxes, that million in income is just about cut in half, and, assuming expenses of a couple of hundred grand to those in this high bracket area, it could actually take several years to become a "millionaire."
The top two wealthiest individuals in the US are Gates and Buffett, notorious hard core Leftists. Let’s enact a special wealth tax for this select group of two. Maybe Soros would also qualify and we could add him and make it 3.
I wonder when the Obama administration will propose the Wealth Tax, why screw around with income tax when the real money would be in a wealth tax. Let say everyone gets to kept 5 million worth of wealth. Everything over that goes to the gov. I bet they are working on the details right now. They will call it the Fairness Tax since it is not fair that some have a lot more money then others.
Republicans should propose having Berkshire Hathaway pay their past due taxes.
“I wonder when the Obama administration will propose the Wealth Tax, why screw around with income tax when the real money would be in a wealth tax. Let say everyone gets to kept 5 million worth of wealth. Everything over that goes to the gov. I bet they are working on the details right now. They will call it the Fairness Tax since it is not fair that some have a lot more money then others.”
Year 1 is the program you’ve outlined above. Year 2 will be eliminating millionaires entirely. After all, it is only “fair”.
Agreed. Expect a wave of new waivers.
Look who just endorsed Obama for 4 more years
Accuses GOP of ‘racism, lies, economic sabotage’
Posted: August 03, 2011/ By Aaron Klein/ WND
“The Communist Party USA already has seen fit to endorse Barack Obama for the 2012 election....
“In an article last week at People’s Weekly World, the official newspaper of the Communist Party USA, Webb [wrote]:
“the election of Barack Obama was historic and gave space to struggle for a people’s agenda.”
HOWEVER, with the added Revenue, more Obama Money can be passed around da 'hood, and assure 2012 votes.
“you are now a millionaire and one of the evil rich if you make more than $200,000.”
Of course. Here is how: you make $200,000 for five years and you are a millionaire.
It is wrong for you rich people to keep all of that money when less well off citizens are suffering or out of work and need health care, food stamps, low cost college tuition, low cost mortgages, paid vacation time, over time and large retirement packages.
I wonder whether “a millionaire” will be 100K a year or 200K a year.
Jimmy's not going to be happy about this.
will Warren Buffet have to pay this tax?? or can he just put it on his tab?
The Wealth Tax would be a wet dream for the Marxists in government.
Those “millionaires” should come out loud and clear and tell obama they are immediately instituting or continuing a a hiring freeze unless he takes the taxes off the table.
a buffet tax that somehow exempt buffet
What we need is a tax on the tax accountants and tax attorneys the “wealthy” hire to HIDE their TAXABLE income....so they pay as little in taxes as possible....oh, and a tax on billionaires giving to each others Foundations.
Wall Street Journal
May 27, 2009
Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."
One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.
No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey.
3 trillion dollars over ten years is Bullsh1t.
We need one trillion this year and go from there.
Promises of 3 trillion dollars saved 8 years after he is gone is nothing but smoke and mirrors./
“Rich” people are the most mobile. They can move out of the state, out of the country and then they will pay NO taxes to the US. So much for Obama’s “brilliant” ideas.
This needs to be thrown right back in his face for the politically motivated, class warfare bullshit it is.
An entire country going down the crapper because the government is totally out of control and fearless leader comes up with useless garbage like this.
Then the liberal morons and the idiots that vote for them wonder why the economy isn’t recovering.
I’m sure his devotees in Hollywood, Wall St and Big Media will be delighted to “pay their fair share”...
“This is a tax on people who earn at least a million dollars a year. However, it is not a tax on “millionaires.” A millionaire is someone who has net assets of a million dollars or more. There are many, many millionaires who do not earn a million a year, and who never have. Conversely, there are people who could possibly earn a million dollars in a calendar year who are not millionaires. If, After taxes, that million in income is just about cut in half, and, assuming expenses of a couple of hundred grand to those in this high bracket area, it could actually take several years to become a “millionaire.”
Hear, hear, concise and to the point. This needs to be a pounded on talking point from the right.
The problem is that the Socialists have virtually destroyed Spain’s economy, have undermined its society and have built in booby traps that will go on for decades. The same thing will be found here when we get rid of Hussein.
Maybe what Obama plans to do is literally tax Buffett. Oh, wait ...
Golden Corral objects!!!
“One year later, nobody’s grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller’s office concedes is a “substantial decline.” On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year — even at higher rates.”
Pure and unadulterated "Little League" leadership.
( with apologies to those adept Little League players, of which Obozo is NOT on a par with )