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!!!!