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Obama Takes Class Warfare To The Next Level With The "Buffet Rule" And A New "Millionaire Tax"
Zero Hedge ^ | 9/17/11 | Tyler Durden

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: buffett; class; classwarfare; obama; takes; taxes; warfare
Full title: Obama Takes Class Warfare To The Next Level With The "Buffet Rule" And A New "Millionaire Tax": Is A Market Selloff Imminent?
1 posted on 09/17/2011 10:20:40 PM PDT by Nachum
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To: Nachum

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.


2 posted on 09/17/2011 10:22:18 PM PDT by svcw ( http://www.internetlastpage.com)
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To: Nachum

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.


3 posted on 09/17/2011 10:22:39 PM PDT by Rome2000 (OBAMA IS A COMMUNIST CRYPTO-MUSLIM)
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To: Nachum

Removing any remaining doubt that his jobs bill is really a raise taxes bill.


4 posted on 09/17/2011 10:29:27 PM PDT by Dahoser (Separation of church and state? No, we need separation of media and state.)
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To: Rome2000

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.


5 posted on 09/17/2011 10:33:25 PM PDT by One Name
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To: Nachum

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.”


6 posted on 09/17/2011 10:43:37 PM PDT by Darkwolf377
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To: Nachum

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.


7 posted on 09/17/2011 11:09:56 PM PDT by Jack Hammer
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To: Nachum

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.


8 posted on 09/17/2011 11:15:51 PM PDT by AnotherUnixGeek
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To: Nachum

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.


9 posted on 09/17/2011 11:16:23 PM PDT by TennesseeProfessor
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To: TennesseeProfessor
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.

10 posted on 09/17/2011 11:20:16 PM PDT by Shethink13
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Populism, the tool of tyrants.


11 posted on 09/17/2011 11:21:18 PM PDT by Gene Eric (Your Hope has been Redistributed. Here's your damn Change!)
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To: Shethink13

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.


12 posted on 09/17/2011 11:33:52 PM PDT by TennesseeProfessor
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To: TennesseeProfessor

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.


13 posted on 09/17/2011 11:56:11 PM PDT by runninglips (Republicans = 99 lb weaklings of politics.)
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To: Nachum

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?”


14 posted on 09/18/2011 12:00:39 AM PDT by To-Whose-Benefit? (It is Error alone which needs the support of Government. The Truth can stand by itself.)
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To: Darkwolf377
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.”

That's the plan.

15 posted on 09/18/2011 12:02:36 AM PDT by Cementjungle
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To: Nachum

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....


16 posted on 09/18/2011 12:13:00 AM PDT by onona (You might like Steve Earle's song "Galway Girl"....oh alright, it's for a look at Sharon Shannon !!)
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To: Nachum

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?


17 posted on 09/18/2011 1:02:31 AM PDT by NTHockey (Rules of engagement #1: Take no prisoners)
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To: Nachum

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?


18 posted on 09/18/2011 4:09:36 AM PDT by HarleyD
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To: Nachum

But folks, its the Buffet Rule! That means you don’t have to pay the tax, just get a good lawyer!


19 posted on 09/18/2011 4:11:53 AM PDT by Erik Latranyi
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To: Nachum

The “BUFFET RULE” means his company doesn’t have to pay the BILLION DOLLARS it owes to the IRS!!!!


20 posted on 09/18/2011 4:18:14 AM PDT by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: Rome2000

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.


21 posted on 09/18/2011 5:05:00 AM PDT by Vermont Lt (I just don't like anything about the President. And I don't think he's a nice guy.)
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To: svcw
Just remember where Obama, the bulk of the established media (print, visual, and audio) came from. They are the product of our best colleges taught by the best teachers. Just ask them.

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.

22 posted on 09/18/2011 5:06:32 AM PDT by Nip (TANSTAAFL and BOHICA)
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To: Ann Archy

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.


23 posted on 09/18/2011 5:08:33 AM PDT by doosee
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To: TennesseeProfessor

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.


24 posted on 09/18/2011 5:09:29 AM PDT by Vermont Lt (I just don't like anything about the President. And I don't think he's a nice guy.)
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To: One Name

-——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


25 posted on 09/18/2011 5:18:21 AM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
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To: svcw

“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.


26 posted on 09/18/2011 5:49:17 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Nachum

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.


27 posted on 09/18/2011 5:59:37 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: Mouton

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.


28 posted on 09/18/2011 6:05:58 AM PDT by battletank
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To: battletank

Revile maybe. Frankly my vocabulary ran out of words for how I feel about this malicious being.


29 posted on 09/18/2011 6:16:25 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: TennesseeProfessor

Who defines “unfair”?


30 posted on 09/18/2011 6:16:38 AM PDT by Crawdad
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To: Nachum
Obama Takes Class Warfare To The Next Level With The "Buffet Rule" And A New "Millionaire Tax"

Buffett To Receive First Waiver From Buffett Rule

31 posted on 09/18/2011 6:18:13 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Nachum

Not one more red cent for this bloated, unconstitutional socialist government!

Republicans will hold the line on taxes until they get back in power.


32 posted on 09/18/2011 7:22:44 AM PDT by Iron Munro (Muslims who advocate, support, or carry out Jihad give the other 1% a bad name)
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To: Nachum
The House Republicans should counter by passing a flat income tax bill.
33 posted on 09/18/2011 8:02:11 AM PDT by Red Dog #1
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To: doosee

Warren is a ROBBER!


34 posted on 09/18/2011 10:23:36 AM PDT by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: bert

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!


35 posted on 09/19/2011 6:43:38 PM PDT by One Name
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