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No Senate Budget But It Ponders Buffett Rule Law
IBD Editorials ^ | February 6, 2012

Posted on 02/06/2012 5:26:55 PM PST by Kaslin

Taxes: The Senate hasn't passed a budget in over a thousand days, yet it has time to consider one member's bill to make the no-growth logic of the administration's favorite billionaire the law of the land.

Senate Majority Leader Harry Reid, Democrat from the state ranking among the highest in foreclosures and unemployment, would prefer leaving the ship of state to drift rudderlessly. "We do not need to bring a budget to the floor this year — it's done, we don't need to do it," Reid told reporters Friday.

Reid's idea of getting things done is punting to a supercommittee that itself punts on entitlement reform and continuing resolutions that keep us on the path paved by Greece. "They're attacking us because they have nothing better to do," Reid said. "They need something else to talk about."

Well, then, let's talk about Sen. Sheldon Whitehouse, D-R.I., who has introduced the Pay Their Fair Share Act. In this year's State of the Union address, President Obama said: "Tax reform should follow the Buffett Rule." Whitehouse's legislation would make that demagogic goal a reality.

The act, endorsed by the likes of the purple shirts at the Service Employees International Union and co-sponsored by Sens. Daniel Akaka, D-Hawaii; Mark Begich, D-Alaska; Richard Blumenthal, D-Conn.; Tom Harkin, D-Iowa; Patrick Leahy, D-Vt.; Bernie Sanders, I-Vt.; and Chuck Schumer, D-N.Y., would ensure that multimillion-dollar earners pay at least a 30% effective tax rate on income, including capital gains and dividends, just as Obama proposed.

Rep. Paul Ryan, commenting on the Buffett Rule millionaire tax, says that "capital gains and dividends are taxes on money that has already been taxed once before," and the record shows more investment taxes will stifle investment. This, Ryan argues, "will attack job creators, divide people, and it doesn't grow the economy."

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Editorial
KEYWORDS: buffettrule; capitalgains; dingyharry; harryreid; ibd; millionairetax; taxes

1 posted on 02/06/2012 5:26:57 PM PST by Kaslin
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To: Kaslin
What about a "fair share" of WORK being performed by those who feed at the Public Trough for generations, and do NOTHING to earn their EBT's, Housing, Education, Medicaid, etc.? How about Public Works for Public Dole?

You live off others, you can provide infrastructure/public service work.

If it weren't for the Unionization of the Public Employees, we'd have less-extravagant wages, pensions, benefits, etc., and reduce THE NEED FOR MORE TAXES.

2 posted on 02/06/2012 5:39:21 PM PST by traditional1 (Stay thirsty, my friends.)
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To: Kaslin

Not that it matters anymore, in our post-constitutional world, but:


The Constitution of the United States
Article I
Section 7
All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.


3 posted on 02/06/2012 5:44:36 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: Nachum; markomalley; Clairity; Carlucci; grey_whiskers; meyer; WL-law; Para-Ord.45; ...

Dingy Harry ping


4 posted on 02/07/2012 3:24:13 PM PST by raptor22 (Join me on Twitter @gerfingerpoken)
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