Skip to comments.Obama Takes Class Warfare To The Next Level With The "Buffet Rule" And A New "Millionaire Tax"
Posted on 09/17/2011 10:20:35 PM PDT by Nachum
In his increasingly desperate attempts to pander to a population that has by now entirely given up on the hope, and barely has any change left, Obama is going for broke (or technically the reverse) by setting the class warfare bar just that little bit higher. This time around, his targets are millionaires, who according to the NYT are about to see their taxes soar. Or not: nobody really knows if the proposed "Buffett Rule", affectionately known for crony communist #1, will impact just millionaires income tax, which incidentally is the same as what everyone else is paying, or, far more importantly, their Investment Income, which is where the bulk of America's wealthy income comes from. Which incidentally makes all the sense in the world: two and a half years after Bernanke has been desperately doing everything in his power to raise the "wealth effect" if only for the richest 1% of the US population, it is, from the government's perspective, time for the taxman to come knocking and demand his share of the capital gains. Yet what is lost in this ridiculous proposal are the unintended consequences, which always follow idiotic decisions arising out of central planning, number one of which would be a market crash as those who have paper gains since the market lows of 2009, scramble to lock in the old capital gains tax rate of 15% instead of holding on to paper profits that could end up being as high as 35% (or more): an event that would cut actual income by over 25% should one wait to cash out! And since 25% is substantially more than anything that Twist and QE3 and 4 could hope to achieve, it is all too conceivable that those holding on to profitable positions will have had enough, and
(Excerpt) Read more at zerohedge.com ...
In my entire life I have never hated someone, I have loathed a few but I can tell you barry is about to drive me to hate.
He’s a red communist trying to start a class war.
One that the marxists will lose.
In fact, whats going to end up happening is that all of the stupid sons of bitches that vote for him and pay 0% income tax are going to get slapped with a national sales tax.
He wants a class war, the GOP should give him one.
Removing any remaining doubt that his jobs bill is really a raise taxes bill.
I’m not an economist by a long shot but I am reminded of the board game “Risk”.
Obama had just enough armies to make a devastating attack on America, but fell short of conquering us.
That was his undoing, as will be shortly evidenced.
This is all because he has nothing to run on.
This bill is a joke that won’t be passed, his tax hikes won’t be passed, and he will run based on this and nothing else against “Congress protecting millionaires.”
It’s strange - almost surreal, like an episode of Twilight Zone - that the President of the United States is attempting to steal a page from Lenin’s playbook long after the communist party is over, and both China and Russia have embraced capitalism as the only viable economic path into the future.
It’s like Obama didn’t get the word, and he’s decided to enlist America in the Trashed Nations Club, joining his buddies from Cuba and Venezuela.
The only people applauding, of course, are those who are utterly ignorant of history (or who simply don’t give a rat’s *ss about the US), and those busy sucking away at the government teat. Most frequently, members of one group are members of both.
Hmm, a “Millionaire Tax”. Sounds familiar - where have I heard that before? Oh yeah - the Alternative Minimum Tax, which now hits middle-class families who will never see a million unless they hit the lottery.
A recession is not the right time to fix this, but it *is* unfair that someone who makes a living buying and selling stocks pays a much lower rate on their income than someone who makes a living — well, just about any other way.
Where on earth did you get the idea that those who "make a living buying and selling stocks" pay a much lower rate on their income? I assure you they don't.
Populism, the tool of tyrants.
Investors and traders pay a much lower rate on capital gains than I pay on income. My comment wasn’t meant for brokers who earn transaction commissions or for salaried fund managers, but for the traders whose main income is investment income.
Yep, people who make money from money, used to be a place for legal taxation before the progressive income tax. They should be taxed, just at a fair rate that is better or equal to foreign corporations, or investors have to pay in their country. Otherwise, investment goes away. We do NOT want that.
Has anyone debating one of these Taxocrats ever asked them, on camera,
“When was the last time anyone looking for a job got one from a poor person, and since you can’t answer That question, Why do you want to ruin the rich?”
That's the plan.
This idiot has jumped the shark and he’s to stupid to realize it.
This article is dumb too. There is absolutely no friggin way Congress or the Senate is going to pick up his plan and run with it. Obviously no republican, almost certainly no democrat, unless some crazy, nothing to lose imbecile wants to go down swinging too.
But it will never get out of any committee.
He is a lame duck #%$@%#$ and he’d better get used to it.
Go back to the golf course barry....
Rule 375 in the bill turns the Constitution upside down. States become subjects of a federal behemoth gone mad. There will be no need for state governments or politicians. Will ANYONE have the cojones to fight it?
HA!!! Obama is such a jerk and hasn’t a clue as to what’s he’s doing. How many people does he think are going to attend those $38,500 a plate dinner now?
But folks, its the Buffet Rule! That means you don’t have to pay the tax, just get a good lawyer!
The “BUFFET RULE” means his company doesn’t have to pay the BILLION DOLLARS it owes to the IRS!!!!
I guess the good news is that he will finally cause a stake to be driven into the heart of socialism and intrusive central planning for at least a generation.
Until our society turns itself around and abandons the concept of college degrees make intelligence we will periodically be devastated by the idiocy of our “best and brightest”. The only question will be the duration of the respite between the periods of suicidal idiocy displayed by the American electorate.
Warren is pretty shrewd. $5 billion into BAC and now waiting for the Marxist to bail BAC and he doubles his investment. But he is for paying the fair share though, yeah, right.
Why? If it’s such an easy lifestyle, why don’t you give it a shot? It easy money, right?
I make my living taking pictures. Now just about everyone has a camera, right? How hard can that be?
Everyone thinks they arecthe hardest worker in show biz.
And hardly anyone is.
-——but fell short of conquering us.-——
I like the Risk thought. The reams and reams of regulations might be considered the armies of occupied territory. That is true if the regulating is followed. If the regulating is ignored and the enforcing lawyers are crippled and disabled, the effort will fail. If the sheeple follow the regulating, he has succeeded.
The people need to follow his precedent. If you don’t like the law, disregard it
We must become a nation of men rather than one of laws
“In my entire life I have never hated someone, I have loathed a few but I can tell you barry is about to drive me to hate.”
Forget hate, get to my despise level.
Hey Barry, here is a little question for you and Mr. Barf...I work for a large company...one with many shares of stock outstanding and therefore in theory a bunch of individual owners. I have contributed to my 401 for many years. Now, when one of the “owners” like Mr. Barf decides to sell their shares, they pay a 15% tax on their gains. Meanwhile, when I begin drawing down my 401, money that has been invested in my retirement for many years, I have to pay the wage rates on those withdrawals which far exceed the rate of 15% that Mr. Barf pays. Splain that to me Barry and also explain why you are not proposing to make us even on our rate of taxes for investments. Come on Barry, you can do it or have Mr. Barf blow an answer into your ear.
Despise doesn’t even do it! What word is next? I’m so far beyond hate and despise, I’m at a loss for words.
Revile maybe. Frankly my vocabulary ran out of words for how I feel about this malicious being.
Who defines “unfair”?
Buffett To Receive First Waiver From Buffett Rule
Not one more red cent for this bloated, unconstitutional socialist government!
Republicans will hold the line on taxes until they get back in power.
Warren is a ROBBER!
I like your analogy as well! I grew up thinking of the US as a free country; especially compared to the Soviet-dominated world, the Red Chinese dominated sphere of influence, and the 3rd world dictatorships.
Now, it seems we (red states USA) have perhaps more personal freedoms in common with lawless 3rd world countries. Most of Europe, and even Australia and Canada have considerably less desireable gun laws, etc.
We’re the last bastion that isn’t quite yet a lawless region. Weird, how fast it all happened!
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