Obama: Millionaires Should Pay At Least 30 Percent in Taxes [No Deductions: Households Over $250k]

MSNBC ^ | January 24, 2012 | Michael O'Brien

[Steelfish]

Obama: Millionaires Should Pay At Least 30 Percent in Taxes By Michael O'Brien

People earning over $1 million per year should pay an effective tax rate of no less than 30 percent, President Obama said in his State of the Union address Tuesday night.

The president laid down one of his most political markers of the annual policy speech by crafting what he called the "Buffett Rule," named after the famous billionaire investor.

The president calls for lower taxes on lower-income wage earners but asks for wealthier taxpayers to pay more.

"Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes," Obama said.

The president also said that Americans earning over $250,000 per year should also no longer be able to claim special tax breaks or deductions; he said households earning under $250,000 shouldn't face a tax increase.

"You can call this class warfare all you want," Obama said. "But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense."

[comebacknewt]

And there goes the final nail in the coffin for the economy.

[basil]

Man oh man, I’m so glad I didn’t watch this.

Of course the only way I would have watched is if somebody hog-tied me and put me in front of a tv with my eyes taped open—LOL!

[ThunderSleeps]

hussein, you dumb-***, you just don’t get it. Americans shouldn’t pay more, the government should spend less. Far less.

[mckenzie7]

Shouldn't the patriotic billionaire just donate that much to the government?

Could they perhaps believe that they could better help others than the government?

Do they think that government just squanders money?

If Buffett is making policy, shouldn't we see his tax records?

[isthisnickcool]

Nobody that makes a million dollars this year has any guarantee they will make that much next year. I reject the premise that we have to base what we pay the government on a12 month cycle. Too arbitrary.

[jennychase]

This will make NY, Silicon Valley and Stinky Francisco libs very happy.

[JerseyHighlander]

So if this became law, over the next ten years tax revenues from this tax would pay for less than two months of Social Security.

I think.
It’s a guess until tomorrow when I can pull up the stats.

[P-Marlowe]

"You can call this class warfare all you want," Obama said. "But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense."

The better route would be to give the secretary a tax cut so that her effective tax rate would be no higher than that of her boss. Let's not punish the rich, but instead we should reward people by allowing them to keep more of the fruits of their labor.

Of course this would require a dramatic cut in Federal Spending.

[bunkerhill7]

The Congress shall have Power To lay and collect Taxes,

[hopespringseternal]

The kind of idiots that will vote for him eat this crap up.

They are as oblivious to reality as Obama.

[BookmanTheJanitor]

Unless that secretary is making over $178,000 a year and has zero deductions...she ain’t paying 30%.

[GBA]

I thought he said everybody should play by the same rules.

If so, then everyone pays the same tax rate.

No discrimination allowed. Everyone gets treated the same as everyone else. No special privilege.

One group doesn't get singled out to pay more so another group pays nothing. Everyone pays the same rate.

If you make more, you pay more. If you make less, you pay less. One rate fits all.

[The Duke]

By the time Obama gets done that million will buy you a Snickers Bar (and we’ll all be “millionaires”).

[Mad_as_heck]

I think every millionaire in this country would be very, very wise to invest 30% of their income this year in defeating Obama. They will never get a better return on an investment.

[Fledermaus]

I’m confused. Isn’t a one million dollar a year income, adjusted tax income, already pay over 30% in federal income taxes?

[wardaddy]

that is effing crazy!

Rush will shite tomorrow...I hope Newt hater Steyn ain't back again

[Lmo56]

Obama doesn't seem to realize that people will find ways to avoid the 30%, and if they don't, they will have less money for discretionary spending on luxuries like investments in companies and charitable giving ...

[Kickass Conservative]

Obama math - $250,000 = $1,000,000,000

Works for me...

[goodnesswins]

OK...let’s do a little math....say, some millionaire pays 15% tax...that’s $150,000....soooo...the other 15% (that Obomba wants them to pay) equals TWO $75,000 per year salaries....what an idiot!

[Lmo56]

Obama failed to ention the fact that most of the type on income that is being talked about is FIRST taxed at a corporate rate of 25%, THEN at a personal rate of 15% ...

So, the effective tax rate is REALLY about 40% ...

Obama wants to RAISE the cumulative effective rate to about 55% ...

[Mike Darancette]

"But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense."

$250K/Year is a billionaire? I wonder if small businesses earning over 250K will lose depreciation?

[Kickass Conservative]

The headline should read, Obama wants to lower the highest Income Tax Bracket by 15%, from 35% to 30%.

Liberal heads would explode.

[rawhide]

Start with Warren Buffet!!

[TigersEye]

How many more millionaires just decided to make the move out of America with their money even though it might have to be a permanent move?

[alancarp]

...not even counting State income taxes, sales taxes, and more.

[Vendome]

I’d call it common sense if everyone paid the same.

Fix that you fake!

Can’t wait for you to move back to Kenya.

[PA Engineer]

The president also said that Americans earning over $250,000 per year should also no longer be able to claim special tax breaks or deductions; he said households earning under $250,000 shouldn't face a tax increase.

A meaningless idiot. We already do. It is called AMT (AKA Alternative Maximum Taking).

[desertfreedom765]

That’s just the Feds.. The State and Locals also want their cut.

[kcvl]

So the asshole thinks he gets to dictate what someone “SHOULD” pay without having our Representatives REPRESENT us in writing the damn laws?!

Keep it up BOZO and we will all revolt and refuse to pay ANYTHING, period. Let’s see you and fatass try to make us continue to fund your partying and redistributing OUR wealth. I will close every business we own and refuse to do ANYTHING before I am ruled by someone who thinks he is our KING.

[kcvl]

The Billionaire should shut the F up and pay his secretary’s taxes. End of problem.

[Zeppelin]

I just calculated it. A person who earns exactly $1,000,000 in salary in a year, without any deductions, pays $324,000 in taxes.

That’s an effective tax rate of 32.4%

Of course, that’s salary-based, and not capital gains-based.

[Deo volente]

According to Time magazine, Warren Buffett paid a tax rate of only 11% last year on a gross income of $62 million.

I wonder if Obama’s going to go after Buffett for the rest of his “fair share”.

[verklaring]

The income tax is a graduated tax, where the percentage paid in taxes increases with the amount earned.

People do not earn 1 million per year. They earn $83,333.33 per month. As each month passes the tax goes up and income (after taxes) goes down as one jumps tax brackets.

The result is, at some point mid way to three quarters through the year, that before tax $83,333.00 becomes less than minimum wage after taxes.

The result is that the individual says, forget it. I already have millions or billions, I am going fishing, play golf, or spend the rest to the year on vacation. Why work more? I will only earn the same as someone flipping burgers. Who needs the trouble?

Companies do the same, they say: I'll send this part of my business to China, where it cannot be taxed to death by the USA.

This is not complicated it is basic math + human nature. Liberals, especially Marxists, understand neither.

[Kickass Conservative]

If someone makes a Million a Year and they don't have any deductions, they are too stupid to make a Million a Year.

And speaking of Joe Biden, it looks like he generously gave a grand total of $326 to Charity last year, which he wrote off on his Taxes of course.

[<1/1,000,000th%]

Obama’s not going to tax Democrats at a higher rate.

He had his chance and passed on it.

[albionin]

I wonder if they realize that the top 2% of earners pay so large a share of the total income tax burden that if they ever decided to stop working and live off their accumulated wealth the government would be screwed.

[GOPJ]

And IF after massive inflation with everyone and their brother making over $300,000 a year - will we all pay the ‘millionaire tax’ rate?

[dfwgator]

FUBO

[Myrddin]

I had to turn Steyn off. He often spews stuff that isn't "office friendly". It made my morning more productive.

Dumbo just can't wait to further crater the economy. The small business people know there is a target painted on their backs.

[2ndDivisionVet]

Most millionaires are self-made. Does he truly think they'll sit still for him doubling their taxes? We have jet aircraft and ocean liners now, Barry. They'll pull up stakes and move to Singapore, Costa Rica, The Caribbean or the Philippines, idiot!

[funfan]

It is currently 35% for incomes of $379,150.00 and above
so I guess the millionaires will get a tax cut.

http://www.moneychimp.com/features/tax_brackets.htm

[b9]

I hope Newt hater Steyn ain't back again

Me too! Heard his voice this morning and YUCK.

He turns me off so I turn HIM and his Newt-H8 OFF.

[Question Liberal Authority]

Warren Buffett paid a tax rate of only 11% last year on a gross income of $62 million.

Warren Buffett has accumulated a net worth of about $39 billion over a period of about 60 years. On average, he's gained $650 million per year in wealth, more than 10 times his "gross income".

He's been able to accumulate so much in part because he's structured his entire life to pay as little in taxes as possible. Income tax doesn't hurt "the wealthy". It hurts those who are trying to become wealthy, and those who hope to sell goods and services to the wealthy.

The most astonishing thing to me about Mitt's tax return is that it was 500 pages long. That's a Tolstoy novel. An American citizen shouldn't have to file 500 pages of paperwork to the Federal government over the course of their entire life.

[greeneyes]

The 1% as a group, already pay tax rates at about 32%, according to IRS tables and (Heritage Foundation also tracks some of this stuff). One of Obama’s lies is that they are not paying their fair share.

Another Obama lie is that rich people only pay 15% on their income, due to low rate of taxes on dividends. People receiving dividends(including middle class people) are not just paying 15%.

That is a misunderstanding that people who do not have a tax background have and lack of understanding about how the different forms of business pay taxes. 2 examples:

A sole proprietor(owner) pays the taxes on his company's income and what ever is left over he gets to spend.

A corporation pays the taxes on the owner's(shareholder's) income and whatever is left over (if distributed as dividends) gets hit with an additional 15%.

That's why people say dividend taxes are double taxation. .

BUFFET LIEs EXPOSED.

Warren Buffet's company pays around 30% tax rate(most recent info availabale) he pays 15% on the dividends(That's 45% on that portion). He also pays ordinary income on his salary of $100,000 and whatever he makes as director fees.(less than 45% on the wages portion)

In his claim that he pays a higher rate than his secretary he ignores the 30% paid by the company for his share, and he inflates the secretary's rate by also assigning her the employer's share of FICA taxes for a total of 15% FICA TAXES plus whatever she pays on her $60,000 salary.

Furthermore, the income tax hikes that Obama originally talked about would have done nothing to make Buffet pay more, because he doesn't take more than $100,000 in wages/salary per year anyway. Don't fall for Obama B.S. and lies.

[fish hawk]

To me, it makes no difference if the rich are taxed more or not, that is not the answer. Obama and the liberals will just spend more money if more money is brought in. More government hand outs and bail outs and for me, I'd just as soon see the rich people keep that money as they will spend it more wisely. The debt will not paid down no matter how much Obama robs people. Get rid of the robber is the thing to do.

[Yaelle]

I saw a couple of minutes of this speech and when he was asking the rich to pay more, his reason was so that it could help pay others who were “hurting.”. He said that this necessary steal was going to “have to come from somewhere.”. He is playing the zero sum economics BS.

He wants every last child to go to college. That means college will be 13th through 16th grades, taxpayer paid, and dumbed appropriately down. College used to be for the wealthy to learn about the world (history, literature, etc), or the very bright, to become scientists, lawyers, business leaders. Not everyone should be studying at that level. There are a lot of great jobs that people can do, great lives they can have.

He is ghastly.

[bd476]

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[silverleaf]

bravo

[Rome2000]

How about this for common sense.

Round up every red communist son of a bitch in the Federal government and set them adrift on an iceberg.

The communist in Chief can steer.

"You are seeing today an all out attempt to marshal the forces of the opposition, using not merely the communists, or their fellow travelers-the deluded liberals, the eggheads, and some of my good friends in both the Democratic and Republican Parties who can become heroes over night in the eyes of the left-wing press if they will just join with the jackal pack"

"Today we are engaged in a final, all-out battle between communistic atheism and Christianity. The modern champions of communism have selected this as the time, and ladies and gentlemen, the chips are down — they are truly down".

"I have here in my hand a list of 205 that were made known to the Secretary of State as being members of the Communist Party and who nevertheless are still working and shaping policy in the State Department".

The POTUS went to Cairo to encourage the overthrow a US ally,were encouraged by Barry Soetero the Indonesian, just like he fomented the overthrow of the Kenyan Government in 2006.

Its painfully obvious to any objective observer that the communist in the White House is hardly an American.

This is a guy who said the US is comprised of 57 states, who's father, stepfather, and brothers are all muhammadans, and is in league with fellow marxists, sex perverts, domestic terrorists, and thieves.

IT IS AN INDICTMENT ON THE USA THAT THIS MUSLIM COMMUNIST SERVES AS POTUS.

In more civilized times, like in 1787, this shifty son of a whore and his comrades would be run out of town on a rail.

An electorate that puts Clinton in the WH twice, gives the insane al gore the popular vote, elects a not natural born muslim communist POTUS at least once, and then elects bushes three times and Reagan twice is an electorate that is mentally retarded.

The Republic is in great jeopardy AND IS IN DECLINE.

DRASTIC MEASURES ARE IN ORDER.

If he thinks people hate him now, wait until he and his comrades try to steal the WH in 2012.

This is going to be a SERIOUS fight.

The GOP may not survive if MYTH ROMNEY or some other crook gets the nomination, and for sure the unions will be going for broke to put more marxists in office, especially Hussein.

The next GOP POTUS needs to declare a Zero tolerance policy for marxists in US government.

Investigate and arrest members of the “Congressional Progressive Caucus”and Declare all States "Right to Work" states, no more forced compulsory union dues in order to keep your job.

Defund the marxist trade and government worker unions.

No one will pay union dues voluntarily.

Let the union workers give themselves a raise by not having to pay any more dues.

The next POTUS must cripple the corrupt and degenerate marxist public and private sector unions by declaring all States of this union to be "Right to Work States"