Posted on 09/18/2011 4:22:34 AM PDT by Cincinatus' Wife
Reporting from Washington— President Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit, according to administration officials.
Obama will call the plan the "Buffett rule" after billionaire investor Warren E. Buffett, a supporter of his who recently called the tax system unfair, noting that it lets him pay a lower rate than his secretary does.
The plan would replace the complicated alternative minimum tax, which was enacted decades ago to ensure that the wealthy paid at least some income taxes, according to the officials, who requested anonymity because they were not authorized to discuss the matter publicly.
Obama's proposal, to be unveiled Monday, is likely to face strong opposition from congressional Republicans and could resonate throughout the 2012 presidential election.
Republicans have vowed not to raise taxes even on the wealthy, arguing that the struggling economy cannot recover if Washington takes more money from people they have dubbed "job creators."
Republican leaders already have balked at the president's suggestion to help pay for his proposed $447-billion jobs package by closing some loopholes and eliminating deductions for some industries as well as for families earning more than $250,000 a year.
But the White House appears to be calculating that the GOP will have a more difficult time standing up for millionaires as the nation struggles with a huge budget deficit.
Obama has cited Buffett's example as an illustration of what's wrong with the tax code and the need for the wealthy to do more to help close the deficit.
(Excerpt) Read more at latimes.com ...
Republicans may be able to handle this with pointing out explicitly that (1) the amount will not be enough to cover debt, but will force rich people to do business somewhere else, and (2) the problem is in spending: the Govt spends too much.
Obama to propose millionaire’s tax to cut the deficit.
Stupid is as stupid does.
Millionaire’s are millionaires because they have learned to keep their money to invest. Not finance the government. This is a big shot in the foot again.
It is a ploy to get the Stupid party to commit hari-kari. If the Repubs sign on for a tax hike, the MSM will sing the favorite liberal defenses, "Everybody does it" and "Repubs lied".
More taxes.
More spending.
More taxes.
More spending.
More massive debt.
Call this “change”?
Looks a lot like more the same to me.
Good idea. He will be like the dog who catches the car he is chasing. Maybe add a sunset date.
Do politicians pay an income tax on all those campaign contributions? Or do they pay a gift tax? Maybe the President should pay taxes on the Presidential perks if he is so worried about fairness. For instance he gets free transportation and housing and food I think. Seems like that is “income”.
They could confiscate every cent of assets of the “Forbes 400” richest Americans (billionaires all) and it wouldn’t cover one year of the Federal deficit.
Harvesting the assets of next-year’s Forbes 400 would not be nearly as lucrative.
I may get flamed but, there is a good point here.First this is NOT a Flame, okay :-)
Millionaires and Billionaires have way too may loopholes.
It is something - anything - that is not taxed, regulated, or controlled by the Feds. Two examples:
'We're Americans. That's what we do, tax everything.'That may not be exact but it's 98% at least. And she said it with a straight face as she was not joking or being funny.
So please don't fall into the leftist trap of saying 'Loophole'. Or worse believing 'it' exists as that 'loophole' the leftists cry about means we have some freedom left on that subject.
If it's about the Tax Code it just means that people are following the Tax Laws and get to keep more of their own money (what a concept). And if that means 'Millionaires and Billionaires' pay a lower overall percentage so be it. Don't like it? Change the Tax Code, but don't say you're 'closing a loophole'.
If we stopped spending any more money today... ZERO DOLLARS SPENT BY GOVENMENT... and starting paying off our debt at 100 Million dollars a day... it would take 389 years to pay off the debt (governmentgonewild.org)... not spending another dime ever! obama is a lying MF’ing kenyan fagot.
LLS
I have a better idea. How bout EVERYBODY paying their "fair share"
EVERYBODY pays the same percentage no matter how much you make. PERIOD.
But then again that would be too simple for these Wizards of Smart in Washington. Nothing but a bunch of numb skulled idiots.
President Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit... Obama will call the plan the "Buffett rule" ... would replace the complicated alternative minimum tax, which was enacted decades ago to ensure that the wealthy paid at least some income taxes... Republicans have vowed not to raise taxes even on the wealthy, arguing that the struggling economy cannot recover if Washington takes more money from people they have dubbed "job creators." Republican leaders already have balked at the president's suggestion to help pay for his proposed $447-billion jobs package by closing some loopholes and eliminating deductions for some industries as well as for families earning more than $250,000 a year.
“I have a better idea. How bout EVERYBODY paying their “fair share” “
Missing from all the “Fair Tax” talk is any talk of limiting the size and expense of government. Local, state and federal government only increase as a share of their respective economies and never decrease.
Until we say “enough is enough” and commit to reversing the government growth trend, changing the system of revenue gathering is meaningless.
The way that you collect taxes is NOT the problem, the size and growth of the government IS.
I classify it in this way. Total abandonment = Democrat
Intermingling of diverse principles = RINO = moderate = mainstream = Republican light = soft on core principles, etc.
Not sure I fully understand your definition of RINO creep.
Obama’s “Buffett Tax” – Seizing 100% of Millionaire Income Would Pay Only Half of Deficit
http://confoundedinterest.wordpress.com/
The response will be same as Europe: tax exiles.
“...and tax the heck out of any company sending jobs overseas, especially in manufacturing.”
Taxing the “heck” out of any company will cause that company to move to another part of the globe where they are not getting the “heck” taxed out of them, or cause that company to dramatically reduce their operations (layoffs anyone?), or go out of business, or some other “unintended consequence”.
On the other hand, reducing the taxes of that company, removing burdensome regulations, etc. will make it much more likely that the company will want to continue to do business in this country.
I know this is a pretty simplistic overview, but there it is in a nutshell, so to speak. The rule of thumb is that if you want less of something, just tax the heck out of it.
0bama!
And this idiot in chief will just try to tax them for leaving the country and half the population is stupid enough to stand up next to him and support him as long as their trough stays full.
He (0bie) sure gets a glee in his eye when he mentions Buffett. It is weird to say the least.
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