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Obama to propose "Buffett Tax" on millionaires (on Mon)
Reuters ^ | Sept. 17, 2011 | Allister Bull, Reuters

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 ...


TOPICS: Front Page News; Government; Politics/Elections
KEYWORDS: buffettax; buffetttax; economy; elections; obama; taxes
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That's all Obama knows: spend and tax, tax and spend.

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.

1 posted on 09/17/2011 5:15:09 PM PDT by Clairity
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To: Clairity

More:

“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.”


2 posted on 09/17/2011 5:16:13 PM PDT by Clairity ("The United States needs to be not so much loved as it needs to be respected." -- VP Dick Cheney)
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To: Clairity

I am so happy now


3 posted on 09/17/2011 5:16:39 PM PDT by woofie
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To: Clairity

Sick. Sick. Sick.

Communist warfare against the rich


4 posted on 09/17/2011 5:17:16 PM PDT by Revolting cat! (Let us prey!)
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To: Clairity

Too much time on FR. I read “Buffet” tax, and was thinking the title was inspired by Moosechelle..


5 posted on 09/17/2011 5:18:08 PM PDT by sockmonkey (Freepers, please turn yourself in at attackwatch.com)
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To: Revolting cat!

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!


6 posted on 09/17/2011 5:19:10 PM PDT by Recovering Ex-hippie (Perry/Rubio 2012)
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To: Clairity

tax on Margaritas?


7 posted on 09/17/2011 5:19:37 PM PDT by RitchieAprile
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To: Clairity

8 posted on 09/17/2011 5:19:37 PM PDT by garjog
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To: Clairity

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.


9 posted on 09/17/2011 5:20:07 PM PDT by livius
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To: Revolting cat!

The rich are his biggest supporters.


10 posted on 09/17/2011 5:20:11 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: Clairity

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.

Wanna bet?


11 posted on 09/17/2011 5:22:05 PM PDT by Da Coyote
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To: GeronL

The class warfare is sickening and I wish the PUbs would respond to it!


12 posted on 09/17/2011 5:22:48 PM PDT by Revolting cat! (Let us prey!)
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To: Clairity

Remember. Under Kenyan rules, you are now a “millionaire” and one of the evil “rich” if you make more than $200,000.


13 posted on 09/17/2011 5:23:49 PM PDT by FlingWingFlyer (Hey Mexico! Your poverty isn't America's problem.)
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To: Clairity

How about a 100% tax on useless taxpayer funded vacations for the whole First Family?


14 posted on 09/17/2011 5:25:34 PM PDT by rfp1234 (Anybody but Baracchio in 2012)
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To: livius

Well, the new administration in Spain can overturn what the socialists have done.


15 posted on 09/17/2011 5:26:41 PM PDT by rawhide
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To: Clairity

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.


16 posted on 09/17/2011 5:29:22 PM PDT by jpsb
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To: Clairity

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


17 posted on 09/17/2011 5:29:53 PM PDT by dennisw (nzt - works better if you're already smart)
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To: Clairity

I misread this and thought Obama was going to ask for a buffet tax. That would really get him beat in 2012!!!


18 posted on 09/17/2011 5:31:02 PM PDT by ontap
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To: Clairity
Obama to propose "Buffett Tax" on millionaires

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."

19 posted on 09/17/2011 5:33:13 PM PDT by TruthShallSetYouFree ("Nanny Care State" is not a Division 3 football powerhouse.)
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To: Clairity

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.


20 posted on 09/17/2011 5:33:37 PM PDT by grumpygresh (Democrats delenda est)
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To: Clairity

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.


21 posted on 09/17/2011 5:35:51 PM PDT by jpsb
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To: garjog

ping


22 posted on 09/17/2011 5:37:34 PM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: Clairity

Republicans should propose having Berkshire Hathaway pay their past due taxes.


23 posted on 09/17/2011 5:42:35 PM PDT by BookmanTheJanitor
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To: jpsb

“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”.


24 posted on 09/17/2011 5:43:12 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: Da Coyote

Agreed. Expect a wave of new waivers.


25 posted on 09/17/2011 5:43:17 PM PDT by Cowgirl of Justice
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To: Clairity


26 posted on 09/17/2011 5:46:25 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: Clairity

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.”


27 posted on 09/17/2011 5:46:25 PM PDT by garjog
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To: Clairity
Right; then the "Tax on those rich white bastards" will be passed on in their bottom-line-saving cost increases to goods and services, which (as always) winds up paid for by the little guy.....

HOWEVER, with the added Revenue, more Obama Money can be passed around da 'hood, and assure 2012 votes.

28 posted on 09/17/2011 5:47:42 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: FlingWingFlyer
you are a multimillionaire if you make $350k. The revenue possibilities are endless when a government becomes desperate
29 posted on 09/17/2011 5:48:59 PM PDT by griswold3 (Character is Destiny)
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To: FlingWingFlyer

“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.


30 posted on 09/17/2011 5:51:25 PM PDT by garjog
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To: Clairity

I wonder whether “a millionaire” will be 100K a year or 200K a year.


31 posted on 09/17/2011 5:51:41 PM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: Clairity

32 posted on 09/17/2011 5:52:09 PM PDT by JoeProBono (A closed mouth gathers no feet)
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To: Clairity
Obama to propose "Buffett Tax" on millionaires

Jimmy's not going to be happy about this.

33 posted on 09/17/2011 5:52:16 PM PDT by ROCKLOBSTER ( Celebrate Republicans Freed the Slaves Month.)
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To: Clairity
The filthy rich fat millionaires will just stop dining at buffets.


34 posted on 09/17/2011 5:55:07 PM PDT by Revolting cat! (Let us prey!)
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To: Clairity

will Warren Buffet have to pay this tax?? or can he just put it on his tab?


35 posted on 09/17/2011 5:57:27 PM PDT by God luvs America (63.5million pay no federal income tax then vote demoKrat)
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To: Soul of the South
"Year 1 is the program

The Wealth Tax would be a wet dream for the Marxists in government.

36 posted on 09/17/2011 6:01:19 PM PDT by jpsb
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To: Clairity

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.


37 posted on 09/17/2011 6:02:50 PM PDT by jersey117
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To: Clairity

a buffet tax that somehow exempt buffet


38 posted on 09/17/2011 6:15:37 PM PDT by 4rcane
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To: grumpygresh; All

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.


39 posted on 09/17/2011 6:15:37 PM PDT by goodnesswins (My Kid/Grandkids are NOT your ATM, liberals! (Sarah Palin))
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To: Clairity; All

Millionaires Go Missing

Maryland's fleeced taxpayers fight back.

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.

40 posted on 09/17/2011 6:18:01 PM PDT by ProtectOurFreedom
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To: Clairity

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./


41 posted on 09/17/2011 6:19:25 PM PDT by Venturer
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To: ProtectOurFreedom

Exactly.

“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.


42 posted on 09/17/2011 6:20:41 PM PDT by Clairity ("The United States needs to be not so much loved as it needs to be respected." -- VP Dick Cheney)
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To: Clairity

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.


43 posted on 09/17/2011 6:23:17 PM PDT by headstamp 2 (Time to move forward not to the center.)
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To: Clairity

I’m sure his devotees in Hollywood, Wall St and Big Media will be delighted to “pay their fair share”...


44 posted on 09/17/2011 6:23:44 PM PDT by tips up (Living is easy with eyes closed, misunderstanding all you see.)
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To: TruthShallSetYouFree

“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.


45 posted on 09/17/2011 6:25:43 PM PDT by headstamp 2 (Time to move forward not to the center.)
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To: rawhide

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.


46 posted on 09/17/2011 6:26:11 PM PDT by livius
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To: Recovering Ex-hippie

Maybe what Obama plans to do is literally tax Buffett. Oh, wait ...


47 posted on 09/17/2011 6:31:55 PM PDT by Cboldt
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To: sockmonkey

Golden Corral objects!!!


48 posted on 09/17/2011 6:35:24 PM PDT by Yankee (Welcome to Obama's Fourth Reich.)
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To: ProtectOurFreedom

“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.”

GONE GALT!


49 posted on 09/17/2011 6:38:41 PM PDT by WOSG
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To: Clairity
Obama to propose "Buffett Tax" on millionaires

Pure and unadulterated "Little League" leadership.

( with apologies to those adept Little League players, of which Obozo is NOT on a par with )

50 posted on 09/17/2011 6:41:47 PM PDT by VideoDoctor
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