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.