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Buffett Tax On Rich Will Hurt Average Americans
Investor’s Business Daily ^ | 11/26/2012 06:47 PM ET | (IBD Editorials)

Posted on 12/02/2012 10:21:27 PM PST by Olog-hai

Billionaire Warren Buffett, always popular among Democratic redistributionists, says he wants a “minimum tax” on the very rich.

Never mind that we already have one, and that what he proposes would hurt both the economy and the middle class. …

Last year, according to the Treasury Department, the U.S. deficit was $1.1 trillion. According to a study by Congress’ Joint Committee on Taxation, a Buffett-style 30% tax on all millionaires would generate just $5 billion. That’s less than one-half of one percent of our budget. In short, Buffett’s proposal is a fiscal joke.

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


TOPICS: Business/Economy; Editorial; Government; US: District of Columbia
KEYWORDS: buffettplan; fiscaljoke; warrenbuffett

1 posted on 12/02/2012 10:21:38 PM PST by Olog-hai
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To: Olog-hai

Yes - it is a system designed to get rid of the middle class and keep people like Buffet in charge forever.

It’s also called “Socialism”.

Using Marx’s ideas to help the middle class is like using Hitler’s ideas to help the Jews.


2 posted on 12/03/2012 12:37:32 AM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: Olog-hai

I think we need to have a 95% Buffet tax, just on Warren Buffet himself! Maybe then he will shut up!


3 posted on 12/03/2012 12:54:27 AM PST by rawhide
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To: Olog-hai

Place a tax on all wealth above $1 billion, say just 5%/year.


4 posted on 12/03/2012 2:37:59 AM PST by 1010RD (First, Do No Harm)
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To: Olog-hai

GOP don’t get it. Tax on the rich is not to balance the budget, but to placate the angry Dems who want to get back at the rich whom they hold responsible for sending jobs overseas, teach the Chinese to do high paying American jobs so they can replace them in factories in China, get back at the rich who laid them off after the company made record profits, or worst laid them off because the company is losing money but gives themselves a pay raise and bonus. Some of this anger was brought on the rich by their behavior as managers and CEO’s of corporations and companies. Dems know how to take advantage of the stupidity of some rich people and use it to punish all rich people. If the economy does not recover, and abuses by some CEO’s over giving themselves bonuses and pay raises, while the company loses money and fires people, the anger and demands will get worst. As one fired worker said, if things are so tight why does the CEO’s office building look like a palace?


5 posted on 12/03/2012 2:42:27 AM PST by Fee
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To: Fee
if your CEO wanted to tax the rich, why did he throw a $40K a plate fundraiser for obama/biden’s reelection and hire an army of CPA’s to minimize his taxes?

if your CWO cared about jobs why did he lobby so hard for stimulus money from obama (”loans”), use the money to build “green job” corporate palaces, buy Chinese technology and then declare bankruptcy when the loan money ran dry?

I do believe examining who is “the rich” would show a hell of a lot of democrats, not GOP. Fired workers need to know when they are working for rich politically connected democrats who use them and toss them out

6 posted on 12/03/2012 3:55:06 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Olog-hai

Rightly or wrongly the GOP has successfully been branded by Obama and the media as the party dedicated to preserving big tax cuts for the wealthy. Continuing to defend marginal tax rates for the top bracket will only perpetuate the lie and allow the Democrats to avoid any accountability for the spending side. The only way to fix the problem is to turn the tables and change the conversation. Here’s a proposal:

1) Agree to raise the top marginal rate to the Clinton 39% level with the provision that small businessmen be able to pay a 15% rate on their actual business income retained in the business. The income the small businessman takes for his own pocket gets taxed at the marginal personal rate. This proposal will actually give a tax break to the small businessman reinvesting most of his cash flow in the business.

2) Raise tariffs. An increase in tariffs with the accompanying anti China PR effort will be extremely popular with workers, both union and nonunion. It will raise considerable revenue from a broad base with low visibility to the average voter. It will raise costs of imports thereby making it more attractive to manufacture in the US. It will hurt the Chinese economy, at a time when the Chinese economy is suffering from decreased demand and higher costs. If it starts a trade war, so be it, our nation has the natural resources, infrastructure, and human resources to be independent, while most of our trading partners do not. Plus access to the US market is far more valuable to most of our trading partners than us having access to their markets. If they want a trade war, we can hurt them far more than they can hurt us.

3) With taxes off the table relentlessly pound the Democrats on spending and the deficit. Go on a PR effort daily highlighting all of the waste in the Obama spending plan — Solyndra, billions in aid for Uganda, medicare cheating, welfare fraud, Obama phones. Do what the Democrats did to the Republicans on taxes for the wealthy. Label the Democrats as the party of waste, fraud and special interests. Refuse to play the continuing resolution game and vote a budget with real entitlement reforms and lower spending and force Reid and Obama to come to terms with it by refusing to appropriate any more money. Let them shut the government down.

4) Two years later, when the tax collections are down on the highest rate, point out the economic failure of the soak the rich tax plan.


7 posted on 12/03/2012 4:46:07 AM PST by Soul of the South
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