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."

[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"

[ChiMark]

Very boring and uninspired campaign speech. More class war fare, circa 1933
Roosevelt.

This rhetoric won’t attract middle America. This speech waspitched to his base the languishing ghetto class from the hood and trust fund liberals.

[greeneyes]

New York Times LIES. Buffet's corporation paid around 30% tax rate for the shareholder's income tax. Buffet pays 15% on dividends. He also pays ordinary income tax on $100,000 salary and whatever director's fees which were around $75,000 dollars when I researched it all last summer.

To claim that he pays less in taxes than his secretary(makes about $60,000) he ignores the corporate income tax rate, and inflates his secretary's rate to include the employee and employer's portion of FICA taxes(15%).

Furthermore increasing the income tax rate on incomes over $200,000 or $250,000 doesn't impact Buffet because he doesn't take a salary that large. It is just one big scam.

Every time they raise the taxes on Millionaires, my taxes go up, and I have to borrow money to pay them. I HATE this crap. Wish they'd all be struck mute.

[EVO X]

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.

There tax breaks left and right for the working stiff. I am working stiff in the 25% bracket. I pay somewhere around 5% in federal income taxes.

[BOBWADE]

“Rich, Gingrich and crazy rich” CNN money article here:

http://money.cnn.com/pf/taxes/storysupplement/candidates-tax-returns/?iid=GM
Sorry for the cnn source but a I ran accross it participating in the SOTU poll.
It looks like Zero and Newt are the “Working rich” and Romney is the “Country-Club” Republicrat. A Liberal, a conservative, and a RINO.

[BOBWADE]

This class warfare crap has to stop.
Jimmy Carter tried to solve his recession by raising taxes and increased spending. Reagan said that revenues would go up if you cut taxes. History shows that Jimmy Carter was a fool and Reagan got it right. Obama has borrowed to the hilt, Hobbled every industry in the US (Except for the Federal workforce)and now wants to kill off the economy with more taxes. He sounds like he is doubling down on the Carter plan. I am sure Jimmy hit the like button on facebook for the SOTU speech.

[11th_VA]

If they do this, a lot of colleges would lose millions in donations.

[NCLaw441]

What is the net result if this were to be adopted? How many millionaires are there? And what do they pay now? How does an increase in their taxes put money in the pockets of those who earn less?

[pieceofthepuzzle]

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

Let's go further Obama and Buffett. Let's take 30% per year from the assets (not ‘income’) of anyone who is worth more than $500 million. It's only fair. Let's take 30% of Mr. Buffett’s total worth every year until he's worth less than $500 million. Then we can stop. That's fair, isn't it? After all, who needs more than $500 million?

[The Working Man]

So does this mean that inflation is going to go even higher now? To the point that the average wage is over $250K per year?

[CSM]

Private charities should be frightened, however I’d wager that most non-religious charities support him. Stage one thinking is astoundingly ignorant and astoundingly common....