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.
(Excerpt) Read more at old.news.yahoo.com ...
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.
Very similar to something I suggested here a while back. Stop basing expenditures on what you hope to get in, base it on the recent track record. Given the length of the budget cycle, skip last year and use a trend encompassing 3 years before that.
Oh stupid me... our government doesn't even do budgets anymore. They just wing it. /slapping head for being foolish
Why Obama has declared a jihad on anyone who makes in his belief too much money can only be explained by him being a Marxist.
An idiot voted by American idol idiots.
Jim check your mail when you get a chance please.
George Bernard Shaw once said “A government that robs Peter to pay Paul can always depend on the support of Paul”.
Everyone else was to be exempt.
Let's return to the fundamentals ~ and if we can't do that Admit that the federal income tax FAILED. Just pull the plug on the 16th amendment and come up with something else.
Now that's fair.
Your idea is not fair. It betrays the founding arguments for the 16th amendment. In fact, it's a total betrayal of all that's right and holy.
Do you believe that he REALLY fail to realize this?
I think he fully realizes it. He and his fellow travelers HATE small businesses. In their ideal world you can't earn a living if you aren't working for "the party".
I now suspect of him of being functionally illiterate as well,
What happens when big ole nasty RATS get backed into a corner?
Rush says that a prominent person (who shall remain nameless) said that Obama is planning the riots (foot soldiers) to help him get re-elected. His platform will be ‘anti-Wall Street’. It’s all coming out.
It’s a hallmark of Marxian philosophy that it attempts to foment class warfare by setting one bloc of society against another.
As Obama’s ratings continue to go through the basement, this Marxian slimeball seeks to boost his ratings by attacking one segment of society as being somehow “responsible” for the ills of another.
Thr consequences of the current vogue in social philosophy - according to which everyone goes after successful White males - will result in the downfall of America, inasmuch as White males remain responsible for the vast majority of society’s successes.
But, then, the downfall of America is precisely what Obama wants, and always has wanted.
Buffett Tax explained by Buffett isn't the same as Obama.
Yes indeed, this is ALL political posturing. NO TAXES whatsoever will pass the house between now and November. Any new taxes proposed out of zer0 or the Senate (by Harry “the” Redd) is just a setup to get the 50% that pay none to vote for ‘rats.
This is why the poor, even if you add all the pluses and minuses the Govt does to their incomes and its still a net payout to them, MUST pay some income tax. They must be made to understand they can have more income if they made more money, instead of the opposite.
They are not proposing a tax on millionaires. They are proposing a tax on people working to become millionaires. If they really wanted a millionaire tax, they would propose confiscating 5% of the total assets of anyone with a net worth in excess of $1 million. But you never hear them supporting that. Go figure.
Who is John Galt?
Why hasn’t Obama paid his fair share?
Why is question not being asked?
> Of course its not enough. If the marxist had his way, hed
> take every penny that every American earns, and then give
> us monthly stipends and government housing.
That’s pretty much what they did in Soviet Russia.
The people had a saying.
“They pretend to pay us, and we pretend to work.”
No, they care not for Scrooge, they just need something to steal tomorrow after they splurge everything today.
"Forgotten Man"'s name is John Galt. He's about to shrug.
I’m just spit-balling here, but, what if the size and scope of Government was seriously reduced to what the Government was suppose to be from the founding of this country? What if We The People demanded an end to the Fed trying to be everything to everyone, and We The People started doing for ourselves instead? Perhaps then the need for these increases in tax revenue wouldn’t be needed?
Eat the rich!
Ah, but whose the bigger idiot? Obozo, or those who voted that idiot into office in the first place???
“Buffett Tax explained by Buffett isn’t the same as Obama”
Yeah, it probably contains more direct financial benefits to Warren Buffet.
“they just need something to steal tomorrow after they splurge everything today”
You ascribe to them foresight not in evidence.