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Obama to propose 'Buffett Tax' on millionaires [ But Buffet only pays 17% .. er when he pays ]
ABC news AU ^ | Sept 18 2011 | ABC news

Posted on 09/18/2011 11:29:59 AM PDT by NoLibZone

US 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 super committee expected to seek up to $US3 trillion in deficit savings over 10 years, would appeal to his Democratic base ahead of the 2012 election, but may not raise much in revenues.

White House communications director Dan Pfeiffer said in a tweet on Saturday the tax would act as "a kind of [Alternative Minimum Tax]" aimed at ensuring millionaires pay a minimum rate of tax that at least matches that of middle-class families.

The Buffett Tax refers to billionaire US investor Warren Buffett, who wrote earlier this year that rich people like him often pay less in tax than those who work for them due to loopholes in the tax code, and can afford to pay more.

Mr Obama will lay out his recommendations in White House Rose Garden remarks at 10.30am Monday (local time) and is expected to urge steps to raise tax revenue as well as cuts in government spending.

Those could include reforms of the Medicare and Medicaid government healthcare programs for elderly and poorer Americans.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: buffet; buffett; classwarfare; millionaires; obamarx; obamataxes; obambi; soaktherich; socialism

1 posted on 09/18/2011 11:30:03 AM PDT by NoLibZone
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To: NoLibZone

I propose a tax on all millionaires who call for a tax on millionaires.

2 posted on 09/18/2011 11:35:02 AM PDT by Defiant (Calling all citizens from all over the world, this is Captain America calling.)
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To: NoLibZone

Obama and buffet don’t even pay the Bush rates!

He wants to use the un collectible income to buy more votes.

The middle class has to cover the un collectible “rich tax” gap in revenues.

Buffet owes taxes from each year beginning in 2002.

When he pays he only pays 17%.

The gap in revenue is made up by those of us that don’t have the ability to defer,delay hide , or have teams of tax lawyers.

3 posted on 09/18/2011 11:35:07 AM PDT by NoLibZone (Democrats are violent. Prisons are overflowing with democrats convicted of violent crimes.)
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To: NoLibZone
I guess this is stupid’s idea of “leveling the playing field”. Never mind that the top 10% of the income distribution already pays 66% of the tax receipts. Looks like Obozo will be eating goose and golden egg soup for dinner soon. Moron...
4 posted on 09/18/2011 11:36:09 AM PDT by econjack (Some people are dumber than soup.)
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To: Defiant
Better yet, let those millionaires like Buffet who feel they don't pay enough chip in whatever it takes to make them feel good, but don't make all millionaires do it. I'd rather take the tack some guy on CNBC had: Buffet should put up $100 million to fund new startup companies. I'd rather do that than see the gov’t squander another $100 million on some hair brained scheme those idiots dream up.
5 posted on 09/18/2011 11:39:06 AM PDT by econjack (Some people are dumber than soup.)
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To: NoLibZone

Not going to happen.

6 posted on 09/18/2011 11:46:56 AM PDT by fatnotlazy
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To: NoLibZone
Hypocrisy, say you want to pay more but don't.

Just like Jeff Immelt. General Electric. Don't pay taxes and moving jobs to China. Is anyone watching?

7 posted on 09/18/2011 11:47:11 AM PDT by cruise_missile
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To: NoLibZone





9:59 am, August 29th | by Hillary Reinsberg

Ironic, isn’t it? When Warren Buffett penned that op-ed demanding he be taxed more, we assumed that meant he had actually paid his taxes. Not quite the case. Buffett’s famed company, Berkshire Hathaway,....... owes taxes that are nearly a decade old.......!!

Oh, and they’re not denying it. Berkshire is freely owning up to the fact that it owes taxes from as far back as 2002. Right now, it looks like there are outstanding taxes from 2002-2004 as well as from 2005-2009.

They promise they’ll work it out with the IRS within the next year. Can’t Buffett just take a little out of his piggybank and pay up? For a man who so actively preaches honesty and integrity, we’re a little baffled as to why Berkshire won’t just fork over what it owes.
[via The New York Post

8 posted on 09/18/2011 11:57:24 AM PDT by ebysan (ebysan)
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To: NoLibZone

So, just ignore any hint of adhering to that quaint notion of “Equality under the law”, right?

“From each according to his ability......”, Stalin would be so proud!

9 posted on 09/18/2011 12:03:08 PM PDT by Loyal Sedition (Loyal Sedition, often described as "To the right of Attila The Hun"!)
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To: NoLibZone

10 posted on 09/18/2011 12:09:58 PM PDT by rfp1234 (Anybody but Baracchio in 2012)
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To: NoLibZone
Warren Buffett has really infuriated me. This is one of the biggest steaming piles I've ever heard. What a kroc.

Most economists agree that a 15-17% tax on Capital Gains is the most beneficial for the economy. We have a 15% rate. So all of us are taxed at this rate. This isn't rocket science. Buffet's Admin pays most (or a higher %) of her taxes as ordinary income and therefore pays a higher rate. We all do. And she probably has a very high income to declare on Ordinary Income. So she pays a higher RATE but far, far, far less money that what Buffet pays.

Now I'm wager, that Buffet's Admin is making one damn good salary, so she's probably in the upper 3-5% (or higher)of wager earners. So from this it's easy to see that it would be impossible for her to pay as low of a tax rate as what Buffet pays. Buffett would have to give her an enoromous amount of stock to have her rate come anywhere near as low as his. This is so damn simple it's ridiculous! Hell, this isn't even high school stuff, it's grammar school stuff, and yet it makes the headlines in the local news.
11 posted on 09/18/2011 12:25:33 PM PDT by truthguy (Good intentions are not enough.)
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To: NoLibZone

Herman Cain just had an AWESOME interview on Chris Wallace.

I hope it gets a separate thread today - I’m technologically challenged, but someone really needs to do it.

For those of you who are not number crunchers, I’m telling you that you can make money betting with your friends who don’t think Herman Cain is going to be the next president.

We put a businessman in Weiner’s seat, that that the democrats had held since the twenties, and we will put one in the white house this time around, in spite of the people saying, “It’s never been done.”

The people who are being dismissive or counting him out because they are looking at the current polls, should keep in mind that this time four years ago, most people were wondering whether it would be Fred Thompson or Rudy that would take on Hillary.

The mustard seed has been planted.

At first it grows slowly, but when it takes off, I think we’ll all be amazed.

I think God has heard our prayers as a nation, and has sent a Godly man to answer our prayers.

When people see Herman Cain, they love him, and know he is for real.

His positive intensity score has been the highest every week, until the week Rick Perry announced, and Perry got a little bump - then Herman was back on top the next.

There is plenty of time before the primaries start, for people to see that Herman is the only candidate who has the right positions on everything that is important, without some of the HUGE baggage that most of the politicians have.

As people start looking at the other way of looking at “the two man race,” and the Positive Intensivity scores on Gallup, Herman is the only one who really has it all.

I expect that he will be back on top of that one soon, as more people find out about about Perry’s Hispanic pandering.

Right now Perry is the shiny new penny, but people are going to start taking a closer look at him.

12 posted on 09/18/2011 12:27:44 PM PDT by redinIllinois (Pro-life, accountant, gun-totin' grandma - multi issue voter)
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To: NoLibZone

One-third of the millionaires in Maryland suddenly “disappeared” from the tax rolls right after the state passed a “millionaires tax” in 2009. Surprise, surprise, surprise...

13 posted on 09/18/2011 12:28:06 PM PDT by ProtectOurFreedom
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To: redinIllinois

I agree. I hate how people say “Herman Cain doesn’t have a chance” but if they’d support him as they say they want to do, he’d have the cash to get his money out. He’s terrific and if he has any weakness he has the ability to put the right Cabinet in place to make up for any deficiencies. That’s what good executives do, they find good people to help out.

14 posted on 09/18/2011 12:29:52 PM PDT by GatorGirl (Herman Cain 2012)
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To: truthguy

And there’s a very good reason for the low rate on capital gains. It’s called “capital formation.” Without it, the economy grinds to a halt. You keep the rates low so people will invest their capital in new enterprises which create jobs. Instead, democrats will push for the mythical “fairness” and kill all job creation as a consequence. Then nobody can find a job. What is “fair” about that ultimate outcome? I am in constant amazement at how effing stupid democrats are.

15 posted on 09/18/2011 12:31:46 PM PDT by ProtectOurFreedom
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To: NoLibZone

If I recall, correctly, when millionaires are forced to pay higher taxes than us, they move somewhere else. Sounds like nobama is trying to move our millionaires elsewhere???

16 posted on 09/18/2011 12:57:25 PM PDT by tillacum
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To: ProtectOurFreedom
I don't disagree with a word of your post. If anything, I'd like to see capital gains tax rates go down to 5-10% on long term investments. That would even be better for the economy.

Screw Warren Buffett.
17 posted on 09/18/2011 1:14:49 PM PDT by truthguy (Good intentions are not enough.)
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To: NoLibZone

I would hate to have a tax named after me. That is almost as bad as having a disease named after you.

If Buffet believes so much in the wisdom of government spending money properly then he should stop giving to various charities he believes in and give all of THAT money to the government to spend (spread around) instead. Because that is all we are discussing....who decides how your money is spent. He can’t have it both ways.

18 posted on 09/18/2011 1:20:44 PM PDT by Anima Mundi (I didn't say it was your fault. I said I am going to BLAME you.)
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To: NoLibZone

An intensive investigation has revealed the identity of the man whose Social Security number (SSN) is being used by President Obama: Jean Paul Ludwig, who was born in France in 1890, emigrated to the United States in 1924, and was assigned SSN 042-68-4425 (Obama's current SSN) in or about March 1977.

Ludwig lived most of his adult life in Connecticut. Because of that, his SSN begins with the digits 042, which are among only a select few reserved for Connecticut residents.

Obama never lived or worked in that state! Therefore, there is no reason on earth for his SSN to start with the digits 042. None whatsoever!

Now comes the best part! Ludwig spent the final months of his life in Hawaii, where he died.

Conveniently, Obama's grandmother, Madelyn Payne Dunham, worked part-time in the Probate Office in the Honolulu Hawaii Courthouse, and therefore had access to the SSNs of deceased individuals.

The Social Security Administration was never informed of Ludwig's death, and because he never received Social Security benefits there were no benefits to stop and therefore, no questions were ever raised.

The suspicion, of course, is that Dunham, knowing her grandson was not a U.S. citizen, either because he was born in Kenya or became a citizen of Indonesia upon his adoption by Lolo Soetoro simply scoured the probate records until she found someone who died who was not receiving Social Security benefits, and selected Mr. Ludwigs Connecticut SSN for Obama.

Just wait until Trump gets past the birth certificate and onto the issue of Barry O's use of a stolen SSN. You will see leftist heads exploding, because they will have no way of defending Obama.

Although many Americans do not understand the meaning of the term "natural born" there are few who do not understand that if you are using someone else's SSN it is a clear indication of fraud.

19 posted on 09/18/2011 1:26:00 PM PDT by IbJensen (Welfare: putting a cake under the sink expecting that it wonÂ’t attract cockroaches.)
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