Skip to comments.White House: Millionaire tax isnít enough
Posted on 10/07/2011 12:25:45 PM PDT by Sub-Driver
White House: Millionaire tax isnt enough Neil Munro -- The Daily Caller 39 mins ago
President Obama wants tax increases on the wealthy, regardless of whether the Democrats proposed millionaire tax becomes law, White House spokesman Jay Carney said Friday.
The presidents position has not changed since he called for increased tax rates on individuals earning more than $250,000 per year, and for adoption of the Buffett Rule, Carney said during his midday press conference.
Under the still-vague Buffett Rule, named for multi-billionaire investor Warren Buffett, the government would ensure wealthy people could not use current features of the tax code such as the relatively low rate on capital gains income to pay a lower tax rate than ordinary wage earners.
The Senates newly proposed 5.6 percent levy on taxpayers earning more than $1 million annually is apples and oranges to the presidents tax proposals, Carney said.
Everyone [should] pay their fair share it is simply a matter of making sensible choices, he said.
Carneys comments came a day after Obama said he was comfortable with the Democrats millionaire tax.
Democratic Senators from wealthy states have discarded Obamas $250,000-cutoff proposal, instead pushing for a surtax on millionaires. This approach helpfully positions the White House to run a populist campaign against Wall Street while shielding most of president Obamas upper-income supporters and donors in the professional and business sectors.
On Thursday, for example, New York Democratic Sen. Chuck Schumer described families who earned $250,000 as firmly in the middle class. They are not rich, and in large parts of the country, that kind of income does not get you a big home or lots of vacations or anything else thats associated with wealth in America, he said, according to the New York Post.
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great then take Pelosi’s money zero’s money Soros money and the Dems money.
Oh and not forgetting Van Jones money, Yea lets take the rich peoples money but we’ll start with them first .
What Pelosi wants to keep her money , they all do wow that is strange I thought they hated rich people and they have too much money.
Let's start with the one's that pay nothing now.
I agree, the poor need to pay some income taxes as they currently don't pay any.
Of course it’s not enough. If the marxist had his way, he’d take every penny that every American earns, and then give us monthly stipends and government housing.
the top 1% of filers pay 40% of the bill
which means 1.4m people are paying 40% of the total tax burden of the 330m in the country.
or 0.4% of the population pays 40%
yes, they are not paying their fair share. not even close.
they are paying FAR BEYOND their fair share
You could confiscate their wealth and it wouldn’t cover next years budget.
But it WOULD ensure 20% unemployment and 50% less Federal revenue the following year.
What is the current top rate for taxes? 28% for earned income and 15% for capital gains? How many of the "rich" are paying that? John Kerry certainly isn't.
Disclaimer: I AM NOT ADVOCATING RAISING TAXES, but if I was going to raise taxes it would be by simplifying the tax code and eliminating deductions and loop holes. When they raise these rates those that can will have even more reason to seek out every possible loophole.
they’ve got you arguing the wrong thing... typical for the left
the real problem isn’t the amount being brought in... it’s the amount being sent out.
CUT GOVERNMENT SPENDING NOW!
it must not exceed 90% of the previous years tax revenues.
Obama is an idiot.
Just abide by the constitution and there would be no need for high taxes or big spending. An estimated ninety percent of our current government is unconstitutional.
I hate to have to point this out, but what do people think will happen if the government doesn’t take the millionaires’ money? Their have less to roll around in like Scrooge McDuck? No, it’s gonna take income away from the Forgotten Man and hand it out to union workers and loafers, that’s what. The less money government spends, above a certain point—no one knows where exactly, but millions of leagues bellow the current point—the richer are the people.
Obama, Buffet, and all Keynesians alike see the economy as a bunch of Scrooge McDucks, with their silos of idle cash, pondering whether or not to throw scraps to the “little guys.” Never does Scrooge have an incentive to withdraw on his own, and government exists to determine how much stays in the silo and how much pays for infrastructure, energy consumption, and Huey, Dewey, and Louie’s higher education, among other things.
The ideal balance is nothing in the silo and bridges with solid gusset plates as far as the eye can see. But they’ll settle for a couple of coins for Scrooge to rub together, so the old miser has something to enjoy.
Their have less = They’d have less
i wouldn’t doubt it for an instant
Does Obama understand that besides food and gas going up, there are government fees on everything and new ones are being created all the time. And the Fed is just one more leach.
The AMT should be clipping everyone who earns more than $200K per year anyway. So what’s the argument?
The Kenyan is dancing all around it but can't bring himself to say it. What Obama really wants is a 'white tax', plain and simple!!!
Forget the millionaires!!! Let’s start taxing politicians that vote for tax increases and give away OUR money!! 200% would be a good starting point!
OH! And lets eliminate all funding for presidential libraries and museums!! The GAO spending huge amounts of money keeping these monstrosities open!!!
Millionaires and Billionaires, you know, the ones flying around in their corporate jets and making over $250,000 per year. When that isn’t enough, they will expand the millionaire and billionaire and rich to anyone with a job making $50,000 per year. POTUS is one big pathetic POS.
BINGO! DING! DING! DING!
They want an "employed white guy" tax. Nothing could be plainer.