Posted on 09/19/2011 4:40:38 AM PDT by Kaslin
So this is what it’s 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 Donald’s TV reality candidacy like it’s, 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 don’t want you to do so good.
For them, it’s 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. It’s about the only way Obama can unify the Coalition of the Whacky he’s put together and save his job.
Next up: The Moammar Gadhafi tax. I’m 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 we’ve been told by Michael Mooooore, Matt Damon and their friends is responsible for the economic mess we’re 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.
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
Exactly!
That’s a WORTHY charity?
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