Skip to comments.The Billionaires Who Run Obama's America
Posted on 09/19/2011 4:40:38 AM PDT by Kaslin
So this is what its come to in America.
Earwitness News reports that our Taxer-in-Chief is going to try again to tax the rich.
As part of his deficit reduction plan, reports the LA Times, Obama on Monday will propose a new minimum tax rate for millionaires to ensure they pay an effective federal tax rate at least as high as that paid by middle-class earners, administration officials said.
"The president will call the new tax the Buffett rule after billionaire investor Warren Buffett, an Obama supporter who has publicly complained that tax breaks allow him to pay a lower rate than his secretary.
So our love of idolizing the yappy captains of industry has come to the point where George Kaiser controls investments, Warren Buffett controls tax-policy, George Soros controls media and organizing, T. Boone Pickens controls our energy policy and TV pundits treat the Donalds TV reality candidacy like its, um, reality.
And we wonder why Washington and Wall Street seem so in love with each other.
Listen up people: Billionaires represent the status quo. They made their money. There is a reason why so many rich liberal do-gooders dont want you to do so good.
For them, its a barrier to entry. When they call for tax on the rich, or more investment in solar, or more reading programs, or population control, you need to hear it for what it is: lobbying for their own narrow interest. And that interest has more to do with greenbacks than it does green energy.
Now that they got theirs under the old rules, they want to change the rules of the game to make it more difficult for others to get what they already have.
Does anyone really, honestly think that Warren Buffett is going to pay more in taxes when Obama starts penalizing capital gains at a higher rate?
Because if he wants to make things fairer he can: 1) give his secretary a raise and 2) pay more in taxes.
None of us are stopping him.
Did Buffett become Master of the Universe under the same system his lickspittle Obama now proposes?
This is the same government that claimed it cut spending this summer with a fake debt deal. This is the same government that claimed it saved the economy with a fake stimulus program. This is the same government that claimed it stopped the high cost of medical care with a fake healthcare reform bill. This is the same government that wanted to pass global warming legislation that never, ever in a million years would have affected the temperature of the earth by even .10 degrees.
So why do you think that a tax policy supported by the uber rich and rejected in the past by bi-partisan majorities will do anything other than serve the rich who are pitching it?
No, this tax policy is about keeping the status quo and helping Obama raise taxes on someone, anyone.
When all else fails for Democrats, you can be sure they will try to raise taxes. Its about the only way Obama can unify the Coalition of the Whacky hes put together and save his job.
Next up: The Moammar Gadhafi tax. Im sure as a notable world billionaire, Gadhafi will be surrendering to Obama any day now.
First, Obama tried to increase taxes on the four million tax returns that show income over $250,000 per year. Democrats said no to that and even extended the hated, dreaded Bush Tax Cuts. Remember? The tax cuts that weve been told by Michael Mooooore, Matt Damon and their friends is responsible for the economic mess were in?
So then Obama tried to tax private jets. Republicans said no to that.
So now, with his campaign on the ropes, Obama has figured out that he needs the four million votes of those who make $250,000 per year. But he certainly can afford to tax the 22,000 returns that show income over $1 million.
After all, Obama apparently just bailed every last one of the 22,000 millionaires out of their nose-diving, government-guaranteed solar investments.
They owe him.
Amen....they have ALREADY made their money and NONE of it will be taxed like Obama wants middle class AMericans to be taxed.
Grasping at straws.
However, why is Buffett complaining about NOT paying enough in taxes?? The system WE have (have had for a long time) gives tax breaks for charitable contributions.
If Buffett has SO much humanitarian concern over the fact that he can afford more taxes and is not made to pay them, why doesn't he pick one or two of the very many worthy and needy organizations in this country and hand them a donation? It will satisfy his guilt over having so much money, it will be that much less the gov’t will have to spend on the needy AND it will make him feel so much better!!! I really can't believe he is such an idiot and advises the President.
You really think he makes those donations out of his goodness of is heart? I don’t
I LOVE Herman Cain’s 9,9,9 plan
Let’s do that Obambi!!
Most people don’t. They want a tax dodge. Fine... if it serves the needy in the process.
There is nothing to stop him contributing MORE.
Well, yes! There is even a name for these misguided people. They're called "Democrats"!
(They also believe in the Tooth Fairy, Santa Claus, the Free Lunch, Renewable Energy and Man-Made Global Warming!)
Billionaire business mogul Penny Pritzker is a member of one of Americas richest families and was the Finance Chair for the presidential campaign of Barack Obama. It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obamas presidential campaign. She was the chair of Chicago-based Superior Banks board for five years.
Pritzker was into subprime lending before it became all the rage starting in around 2000. Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992.
Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings. This collapse came amid harsh criticism of how Superiors owners promoted sub-prime home mortgages.
...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty. She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicagos bid to win the 2016 Summer Games.
He publicly proclaims his call for higher taxes on the "rich" and yet his company has been in court with the IRS fighting over his underpayment on tax returns since 2002.
Why not just pay, in fact pay more than he owes.
Warren Buffet is like so many limo-libs, do as I say, not as I do.
His advise is for the little people, the owners of new small businesses, roofers, and lawn services, painters and small construction companies.
When you drive to The Home Depot or Lowes, you see these hard working small business guys every day, loading their trucks and driving off to their next job.
These are the people that Buffet and obama want to tax.
They have 6 to 60 employees, work 14 hours days, and are inundated with countless reams of government mandated regulations and forms.
This group of small business owners are the heart of America's jobs and it's easy to see why this communist President wants to penalize them.
Couldn’t Buffet just use the standard deduction? Then he could pay lots and lots more taxes and not lose any more sleep over it.
Paul Ryan very effectively rebutted the entire Obama philosophy, on FNS yesterday.
Taxing job makers to justify more spending is failed policy and will continue to fail.
Chris Wallace used every Obama talking point and Ryan blasted them one by one.
Such a plan would strike at the heart of mostly lib democrats like Buffet and Gates who use the dodge to avoid estate and capital gains taxes as they lobby for higher income taxes that they will never pay. Obie and the lib Senate would be forced to come to the protection of their financiers.
...and after Ryan had Wallace for lunch, Herman Cain lapped up all the left overs. If Wallace will watch a video of his show, he will see how lame his talking points are.
I knew someone who used to work for the Pritzker’s, it was not a happy place.
When Warren found out he was paying a lesser percentage than his secretary (because he arranged it that way of course), why didn’t he immediately send a huge check to the feds to make up for it? What a revoltin’ hypocrite.
“Republicans should counter with a proposal to tax accumulated wealth of over $1 billion...”
That would really hurt the economy. The money is not in someone’s back pocket, it is in companies that employ people. Bill Gate’s money is tied up in Microsoft, where real people work. Even Buffet has money invested in companies where real people work. Any taxes — any at all — take money from average people.
If you take away someone’s ability to be a billionaire, they will stop making money at 900 million and ride the rest of their lives. No more Apples, Microsofts... you name it.
To be a conservative means supporting lowering taxes no matter who would be paying.
Changing to the Standard Deduction will not appreciably affect Buffet because most of his “income” is reclassified as other than income to keep his taxable “income” at an extremely low level. Now, if he were proposing to raise taxes on everyone with $50 million or more in ASSETS at the end of each year he might not be seen as a worthless BJ artist for der Fuehrer.
No, the Republican counter-proposal should be to eliminate the Alternative Minimum Tax (which is a horror to complete even when you don’t have to pay it), and to replace it with a cap on the amount of income that can be excluded from taxation by any means: the form would be simple, you add up your deductions, your tax-exempt income, and the total of all of your tax credits divided by your top marginal rate, subtract the cut-off (entering 0 if the amount is less than 0) and add the result to your taxable income. (Something like six lines, less than the AMT worksheet.) I’d set the cap at $250,000 for individuals, $500,000 for those married and filing jointly, and $100,000 for those able to be claimed as dependents, though I could be persuaded to go for a different caps.
What’s the point? The point is that this is that limiting the ability to exclude income from taxation is the only income tax measure that will actually improve capital formation and thus job creation while being able to be sold to the folks across the aisle as a “soak the rich” measure: it makes tax avoidance less desirable than higher yields, and thus encourages the wealthy to put their capital to maximally productive use.
Tax all assets at 1.5%, and you can eliminate all other federal taxes (including payroll).
Let the billionaires pay.
This plan creates a new definition of NIMBY.
Remember- you will be taxing your Granny in her house which she long ago paid for & is living on the railroad pension Grandpa left her.
IF assets are going to be taxed, then you are back to ASSESSORS on everything.
Do I just have an old dresser set or do I now have an ANTIQUE that they can inflate the value of? Do I have a valuable ring or do I have a small seed pearl/opal ring that belonged to my grandmother?
Will local property tax values be used for such taxing or what?
My dad died in 1980. His Soc Sec was $252 a month. I paid for lots of his living expenses...including his property taxes. He obviously did not have any income taxes under the current tax codes.
Under this plan, he would have to pay $1500 a year for income taxes just on the assessed value of his house. His 11 year old car, his furniture, his watch & jewelry would add to that assessment. He had very little when he died. Bad enough I had to pay inheritance taxes.
This kind of a tax could put elderly people OUT of their homes, no matter how meager such homes might be.
There would have to be some sort of minimum asset value test.
Remember-—when your Granny dies—a tax on everything she & Grandpa accumulated in their lifetimes will be taxed & YOU will get to fork over the funds.
I make $12,468 on Soc Sec annually.
I have owned my own home since 1966, altho this is the third home I am in since then. I own all my vehicles, furniture, appliances, etc.
The newest car is a 1979 station wagon.
IF all my assets were declared to be $200,000 in value, that represents a lifetime of accumulation of books, clothes, furniture, kitchen goods, appliances, etc.
That tax would be $3000, which is almost 25% of my entire income. I cannot pay that. I do not think I am alone in this position.
You make good points, but keep in mind that Granny’s check is funded by unsustainable borrowing.
Maybe she owes it to future taxpayers to take our a reverse mortgage.
Clearly, you’re right about the assessor issue. Maybe I need to limit my plan to assets of the type that are already reported to the IRS, like investment accounts.
God bless you! I’m going through a rough time, too — really rough — but I’m not giving up. (I don’t have a church paying me a salary, I don’t believe in it.)
You are right about wealth taxes. If they start on the rich it won’t be long before they are targeted at everyone.
“The newest car is a 1979 station wagon.”
My car was a pale yellow 1979 Mercury Zephyr and I got it in 1993. Fond memories of that car.
Praying for you:
Father God, please help ridesthemiles and meet his/her needs (sorry, don’t know if you’re a man or woman by your freepname). Be with him/her and make a way for more income. Father, send ideas and open doors. Thank You, and praise You! In Jesus’ Name, Amen.
>>it was not a happy place.
The Utopia promised by their ilk never is.
He already has. He's agreed to give most of his fortune to the William & Melinda Gates Foundation.
A major supporter of abortion...
Planned Parenthood is going to get his money one way or the other...
Why doesn’t Buffett just pay his secretary MORE MONEY and pay her taxes for her if he is so concerned about it?! /s
Buffet could pay himself a 10 million dollar salary and get some skin in the tax game. Nah
That’s a WORTHY charity?