Skip to comments.Obama: Millionaires Should Pay At Least 30 Percent in Taxes [No Deductions: Households Over $250k]
Posted on 01/24/2012 9:27:43 PM PST by 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."
(Excerpt) Read more at firstread.msnbc.msn.com ...
And there goes the final nail in the coffin for the economy.
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!
hussein, you dumb-***, you just don’t get it. Americans shouldn’t pay more, the government should spend less. Far less.
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?
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.
This will make NY, Silicon Valley and Stinky Francisco libs very happy.
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.
It’s a guess until tomorrow when I can pull up the stats.
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.
The Congress shall have Power To lay and collect Taxes,
They are as oblivious to reality as Obama.
Unless that secretary is making over $178,000 a year and has zero deductions...she ain’t paying 30%.
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.
By the time Obama gets done that million will buy you a Snickers Bar (and we’ll all be “millionaires”).
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.
I’m confused. Isn’t a one million dollar a year income, adjusted tax income, already pay over 30% in federal income taxes?
Rush will shite tomorrow...I hope Newt hater Steyn ain't back again
Obama math - $250,000 = $1,000,000,000
Works for me...
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!