They Shoot Rich Guys, Don't They?

Townhall.com ^ | April 17, 2012 | Debra J. Saunders

[Kaslin]

President Barack Obama calls his proposed tax on millionaires the "Buffett rule," based on financier Warren Buffett's claim that he pays a lower tax rate than his secretary. Obama claims that the "Buffett rule" asks millionaires to "do their fair share" by paying the same income tax rate that middle-class families pay.

Despite a sluggish recovery and depressing job creation numbers, the president isn't pushing for policies that would stimulate the economy and create jobs; he's focusing on keeping his own job. On Monday, the Senate voted 51-45 -- shy of the 60 votes needed -- on a version of the "Buffett rule."

FactCheck.org looked into the "Buffett rule" and took Obama and Vice President Joe Biden to task for leaving the "false impression that many, if not most, millionaires (people who earn $1 million or more a year) are paying a lower tax rate than the middle class. The fact is that even without the Buffett Rule, 'more than 99 percent of millionaires will pay' a higher tax rate than those in the very middle of the income range in fiscal year 2015, according to the nonpartisan Tax Policy Center."

Tax Policy Center budget guru Roberton Williams figured that middle-class families pay about 15 percent of their income on taxes, whereas the average $1 million earner pays 24 percent in taxes.

So why is Obama pushing to raise millionaires' tax rate to a minimum of 30 percent -- that is, double the middle-class tax rate -- in the name of fairness? A CNN poll shows that 72 percent of Americans think the "Buffett rule" is dandy. As Scott A. Hodge, president of the Washington-based Tax Foundation, observed Monday, if the president suggested Americans tax Canadians to balance the budget, that probably would poll well, too.

Americans love taxes that other people pay.

What's the matter with taxing millionaires? Hodge watches the White House and hears rhetoric that "has had a chilling effect on economic activity."

By pushing for a millionaires tax with no reforms attached, the White House has sent a message that whenever Washington overspends, the political class will squeeze the rich.

Hodge notes that while 237,000 millionaires paid 20 percent of income taxes in 2009, some 58 million filers paid payroll taxes but no federal income taxes at all. (Most earned less than $50,000.) That's 41 percent of income tax filers, "the largest share of nonpayers since World War II."

Personally, I could accept a deficit reduction package that increased revenue, flattened tax rates, shaved loopholes and reformed entitlement spending -- along the lines of a draft presented by the Simpson-Bowles commission, created by, and then ignored by, the president. Reforms should stimulate the economy.

But the "Buffett rule" represents the exact opposite of Simpson-Bowles. By talking as if America could balance its books by squeezing the rich, Obama is pushing the notion of what Hodge called "free government" -- unrestrained entitlement spending, fewer taxpayers and a bigger bite on working families. In the "Buffett rule" world, a large chunk of voters know that no matter how big government grows, they won't have to pay for it.

It's not fair. It's not in the best interests of the country. It's just good politics, in the worst sense.

[Sooth2222]

Obama's "Buffett rule" won't do much about the deficit. The main effect would be to prevent some who would like become as wealthy as Warren Buffett from becoming as wealthy as Warren Buffett. Warren Buffett (and Bill Gates, and Steve Jobs' widow) will remain as rich as ever.

Oh, and the poor will, relatively speaking, become poorer, because the money that rich entrepreneurs might have risked by investing in new jobs will not be invested, or will be squandered on stupid schemes like Solyndra.

[Coffee... Black... No Sugar]

< What’s the matter with taxing millionaires? Hodge watches the White House and hears rhetoric that “has had a chilling effect on economic activity. >

Eighteen miles from my house is a plant that builds sailboats. The area has the greatest level of unemployment in South Carolina. The people that work at the plant are skilled workers, but are fortunate to have a well-paying job with a hearty employer near their homes. Over time, I have seen the on-site inventory drop off from hundreds of yachts to under a dozen.

Who buys yachts? The wealthy people. The RICH people. But the items thay purchase are made, created, built by honest skilled people in small, sometimes desperate communities.

Go ahead... tax the rich, but don’t complain when the plants close all over the country because there is no human to purchase the goods that honest people produce.

The government will have all the money, but no use for the sailboat. (Unless, of course, they work for the GSA.)

[joe fonebone]

Last year we paid....

federal income tax

state income tax

property taxes

socialist security / medicare taxes

sales taxes

gasoline taxes

license plate “fees”

mandatory auto insurance

interest taxes

add all this up, and it comes to about 50% of my income. Now, these people are telling me that over 45% of americans pay no tax at all....

screw them, make everybody put something into the kitty and watch the uproar over taxes... flat tax, same for everybody with no deductions.

[the invisib1e hand]

"shoot rich guys"

justice. For Trayvon.

[the invisib1e hand]

"shoot rich guys"

justice. For Trayvon.

[ravenwolf]

“Buffett rule,”

---

Could it be; oh tell me its not so, could Warren Buffet be a dam liar and could those socialist pigs be taking advantage of those lies?

[the invisib1e hand]

"shoot rich guys"

justice. For Trayvon.

[LomanBill]

>>Who buys yachts?

 

Well, in an Oligarchic Kleptocracy, like America has become -- that would be folks like....

Follow the....

http://www.campaignmoney.com/finance.asp?type=in&cycle=08&criteria=pritzker&fname=penny

 

Billionaire business mogul Penny Pritzker is a member of one of America’s richest families and was the Finance Chair for the presidential campaign of Barack Obama.  It was Pritzker that led the prolific, and illegal, fundraising that helped power Barack Obama’s presidential campaign.  She was the chair of Chicago-based Superior Bank’s board for five years.  Pritzker was into subprime lending before it became all the rage starting in around 2000.  Prtizker's chairmanship was to concentrate on sub prime lending, principally on home mortgages, but for a while in subprime auto lending, too, after the Pritzkers' bank acquired its wholesale mortgage organization division, Alliance Funding, in December 1992. Back then they called it "predatory lending." Superior Bank went belly up in 2001 with over $1 billion in insured and uninsured deposits; 1,406 depositors lost much of their life savings.  This collapse came amid harsh criticism of how Superior’s owners promoted sub-prime home mortgages. On Nov. 1 [2002] the Federal Deposit Insurance Corp. pointed the finger at Ernst & Young, Superior’s auditor, in a fraud suit filed in federal court here.  But that action came two months after a group of Superior depositors accused the bank’s owners and directors, including two members of the Pritzker family, of racketeering....

[snip]

...Pritzker is chairman of Classic Residence by Hyatt, luxury senior living communities in 11 states; chairman of The Parking Spot, which owns and operates off-airport parking facilities in nine cities; chairman of the credit data company TransUnion and chairman of Pritzker Realty.  She also sits on the board of Global Hyatt and plays a role in numerous non-profit groups, including serving as chairman of the Olympic village portion of Chicago’s bid to win the 2016 Summer Games. 

 

http://www.theobamafile.com/_associates/PennyPritzker.htm

 

" Uhhhh, that's not ours either! "

---Weiner, Obama, Perry, Pelosi, Frank, Pritzker and Associates, LLLP.

 

Nudge nudge nudge...

 

[LomanBill]

>>Who buys yachts?

Or GeeOpie... maybe these guys --

Romney and the donors who funded the gay marriage fight

--  and the other queer termites infesting the occult woodwork within the Oligarchic Eyes Wide Shut closet.

 

[tophat9000]

It not about being rich...lottery winner are rich..then usual lose it..because they didn't know how to “make money”..
..the trick is being a person that knows how to create wealth...you need to have people with that ability creating as much as them can at all levels for all to prosper.....

Just transferring money from people the create more money to “lottery winner” types that just burn through it creating nothing new is a dean end for all

[tophat9000]

It not about being rich...lottery winner are rich..then usual lose it..because they didn't know how to “make money”..
..the trick is being a person that knows how to create wealth...you need to have people with that ability creating as much as them can at all levels for all to prosper.....

Just transferring money from people the create more money to “lottery winner” types that just burn through it creating nothing new is a dean end for all

[thirst4truth]

There are millions of people that have invested and saved to provide them a comfortable retirement, as a SS check is not enough to support you for 30 years of retirement.

Now these investments pay out dividends or interest on investments, the retired workers main source of income and Obama wants to double the tax on the retired folks? I know it went down to defeat, who the hell voted yes?

[tenger]

I'm sure I've missed a few dozen or so, but here goes again.

1. Accounts Receivable Tax
2. Accumulated Earnings Tax
3. Accumulation Distribution of Trusts
4. Activity Fee (Dumping Permit Fee)
5. Air Tax (PA coin-operated vacuums)
6. Aircraft Jet Fuel Tax
7. Aircraft Excise Tax
8. Alcohol Fuels Tax
9. Alcoholic Beverage Tax
10. Alternative Minimum Tax - Amt
11. Ambulance Services (Air Ambulance Services, SD)
12. Ammunition Tax
13. Amusement Tax (MA, VA, MD)
14. Annual Custodial Fees (Ira Accounts)
15. Ballast Water Management Fee (Marine Invasive Species)
16. Biodiesel Fuel Tax
17. Blueberry Tax (Maine)
18. Bribe Taxes (Pay If You Dare)
19. Brothel licensing fees (NV - $35,000.00 per year per brothel)
20. Building Permit Tax
21. Capital Gains Tax
22. California Interstate User Diesel Fuel Tax
23. California Redemption Value (Can and Bottle Tax)
24. CDL License Tax
25. Charter Boat Captain License
26. Childhood Lead Poisoning Prevention Fee
27. Cigarette Tax
28. Cigarette Tax Stamp (Acts) (Distributors)
29. Compressed Natural Gas Tax
30. Commercial Activity Tax (OH - for Service Providers)
31. Corporate Income Tax
32. Court Fines (Indirect Taxes)
33. Disposable Diapers Tax (Wisconsin)
34. Disposal Fee (Any Landfill Dumping)
35. Dog License Tax
36. Electronic Waste Recycling Fee (E-Waste)
37. Emergency Telephone User Surcharge
38. Environmental Fee (CA - HazMat Fees)
39. Estate Tax (Death Tax, to be reinstated)
40. Excise Taxes
41. Facility Fee (CA - HazMat Fees)
42. FDIC tax (insurance premium on bank deposits)
43. Federal Income Tax
44. Federal Unemployment Tax (FUTA)
45. Fiduciary Income Tax (Estates and Trusts)
46. Fishing License Tax
47. Flush Tax (MD Tax For Producing Wastewater)
48. Food License Tax
49. Fountain Soda Drink Tax (Chicago - 9%)
50. Franchise Tax
51. Fresh Fruit (CA, if Purchased From A Vending Machine)
52. Fuel Permit Tax
53. Fur Clothing Tax (MN)
54. Garbage Tax
55. Gasoline Tax (44.75 Cents Per Gallon)
56. Generation-Skipping Transfer Tax
57. Generator Fee (Recycled Waste Fee)
58. Gift Tax
59. Gross Receipts Tax
60. Hamburger Tax
61. Hazardous Substances Fees: Generator, Facility, Disposal
62. Household Employment Taxes
63. Hunting License Tax
64. Illegal Drug Possession (No. Carolina)
65. Inheritance Tax
66. Insect Control Hazardous Materials License
67. Insurance Premium Tax
68. Intangible Tax (Leases Of Govt. Owned Real Property)
69. Integrated Waste Management Fee
70. Interstate User Diesel Fuel Tax
71. Inventory Tax
72. IRA Rollover Tax (a transfer of IRA money)
73. IRA Early Withdrawal Tax
74. IRS Interest Charges
75. IRS Penalties (Tax On Top Of Tax)
76. Jock Tax (income earned by athletes in some states)
77. Kerosene, Distillate, & Stove Oil Taxes
78. Kiddie Tax (Child's Earned Interest Form 8615)
79. Lead Poisoning Prevention Fee (Occupational)
80. Lease Severance Tax
81. Liquid Natural Gas Tax
82. Liquid Petroleum Gas Tax
83. Liquor Tax
84. Litigation Tax (TN Imposes Varies With the Offense)
85. LLC/PLLC Registration Tax
86. Local Income Tax
87. Lodging Taxes
88. Lump-Sum Distributions
89. Make-Up Tax (Ohio, applying in a salon is taxable)
90. Marriage License Tax
91. Meal Tax
92. Medicare Tax
93. Mello-Roos Taxes (Special Taxes and Assessments)
94. Minnow Dealers License (Retail - For One Shop)
95. Minnow Dealers License (Distributor - For One+ Shops)
96. Mobile Home Ad Valorem Taxes
97. Motor Fuel Tax (For Suppliers)
98. Music and Dramatic Performing Rights Tax
99. Nudity Tax (Utah)
100. Occupation Tax (Various Professional Fees)
101. Oil and Gas Assessment Tax
102. Oil Spill Response, Prevention, And Administration Fee
103. Pass-Through Withholding
104. Pay-Phone Calls Tax (Indiana)
105. Personal Property Tax
106. Personal Holding Company (undistributed earnings)
107. Pest Control License
108. Petroleum Business Tax
109. Playing Card Tax (Al)
110. Pole Tax (TX - A $5 Cover Charge On Strip Clubs)
111. Profit from Illegal Drug Dealing
112. Property Tax
113. Prostitution Tax (NV - Prostitute Work Permits)
114. Rain Water Tax (Runoff after a Storm)
115. Real Estate Tax
116. Recreational Vehicle Tax
117. Road Usage Tax
118. Room Tax (Hotel Rooms)
119. Sales Tax (State)
120. Sales Tax (City)
121. Sales And Use Tax (Sellers Permit)
122. Sales And Use Surcharge (electric)
123. School Tax
124. Service Charge Tax
125. Self Employment Tax
126. Sex Sales Tax (UT, when nude people perform services)
127. Sewer & Water Tax
128. Social Security Tax
129. Sparkler and Novelties Tax (WV Sellers of Sparklers, etc.)
130. Special Assessment Tax (Not Ad Valorem)
131. State Documentary Stamp Tax on Notes (FL RE Tax)
132. State Franchise Tax
133. State Income Tax
134. State/Local Consumption Tax
135. State Park Fees
136. State Unemployment Tax (SUTA)
137. Straight Vegetable Oil (SVO) Fuel Tax
138. Stud Fees (Kentucky?s Thoroughbred Sex Tax)
139. Tangible Personal Property Tax
140. Tattoo Tax (AR Tax On Tattoos)
141. Telephone Federal Excise Tax
142. Telephone Federal Universal Service Fee Tax
143. Telephone Federal Surcharge Taxes
144. Telephone State Surcharge Taxes
145. Telephone Local Surcharge Taxes
146. Telephone Minimum Usage Surcharge Tax
147. Telephone Recurring Charges Tax
148. Telephone Non-Recurring Charges Tax
149. Telephone State Usage Charge Tax
150. Telephone Local Usage Charge Tax
151. Tire Recycling Fee
152. Tobacco Tax (Cigar, Pipe, Consumer Tax)
153. Tobacco Tax (Cigar, Pipe, Dealer Tax)
154. Toll Road Tax
155. Toll Bridge Tax
156. Toll Tunnel Tax
157. Tourism or Concession License Fee
158. Traffic Fines (Indirect Taxation)
159. Transportable Treatment Unit Fee (Small Facility)
160. Trailer Registration Tax
161. Trout Stamp (Addendum To Fish License)
162. Use Taxes (On Out-Of-State Purchases)
163. Utility Taxes
164. Unemployment Tax
165. Underground Storage Tank Maintenance Fee
166. Underpayment of Estimated Tax (Form 2210)
167. Unreported Tip Income (Social Security and Medicare Tax)
168. Vehicle License
169. Registration Tax
170. Vehicle Sales Tax
171. Wagering Tax (Tax on Gambling Winnings)
172. Waste Vegetable Oil (WVO) Fuel Tax
173. Water Rights Fee
174. Watercraft Registration Tax
175. Waterfowl Stamp Tax
176. Well Permit Tax
177. Workers Compensation Tax

[calex59]

The left doesn’t seem to figure out the difference between tax rate an the amount of taxes. Let’s say Buffet’s secretary makes 95,000 per year, at 30% she would pay about 28,000 in taxes(assuming she had no deductions what so ever)and if Buffet made 1,000,000 per year, at .20% he would pay 200,000(again assuming no deductions at all). I would say the millionaire paid the most in taxes but he left screams about it as unfair. What a bunch of idiots.

[calex59]

It not about being rich...lottery winner are rich..then usual lose it..because they didn't know how to “make money”..

Wrong. Most lottery winners, big winners, keep their money and some even make more money with it. Some(not all or even a majority)of big lottery winners burn through it in record time. This has nothing to do with their ability, or knowledge, of making money but with their IQ levels. Those that burn through it are stupid. Fortunately most big lotto winners aren't.

The myth that all lottery winners, or even a majority, waste their winnings is just that, a myth, started by people who hate gambling, many of them left wing.

By using the same tactics they use on everything they want to destroy or get rid of, they take a few people who waste their money and run with the story with the help of the MSM and then people like you fall for it.