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 ...
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.
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