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State of the Union to highlight Buffett rule as secretary sits in First Lady's box
cbsnews.com ^

Posted on 01/24/2012 8:36:19 AM PST by Sub-Driver

State of the Union to highlight Buffett rule as secretary sits in First Lady's box

By Stephanie Condon Topics Economy , Campaign 2012 , Obama Administration

Just hours after his potential Republican rival Mitt Romney revealed he paid a 14.5 percent tax rate on his $42 million in earnings in the past two years, President Obama on Tuesday night plans to use the ultimate platform -- his State of the Union address -- to charge that it's wrong to let millionaires pay so little into the system.

In his speech before a joint session of Congress tonight, Mr. Obama will offer more details of the so-called "Buffett Rule," according to White House Communications Director Dan Pfeiffer.

Last year, Mr. Obama proposed a measure he dubbed the "Buffett Rule" -- named for billionaire investor Warren Buffett -- to compel those making $1 million or more a year to pay a rate no lower than what middle income Americans pay. Taxpayers making $1 million or more often make their money through investment, or unearned, income, which is taxed at a lower rate than wage, or earned, income. Most Americans make their income through wages, which are taxed on a sliding scale that tops out at 35 percent.

(Excerpt) Read more at cbsnews.com ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: buffetrule; obama; stateofunion
Pathetic........

You'd think he'd invite a soldier returning from Iraq instead.....

1 posted on 01/24/2012 8:36:20 AM PST by Sub-Driver
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To: Sub-Driver

So paying 6 million in taxes is paying so little?


2 posted on 01/24/2012 8:44:01 AM PST by Drill Thrawl (The damage is too extensive. Burn it down and start over.)
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To: Sub-Driver

Just turn the TV off during the speech. Make the stats fall and you will have impact.


3 posted on 01/24/2012 8:45:02 AM PST by colonialhk (Put them in green jails doing green jobs)
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To: Sub-Driver
Let's see her tax returns just to make sure she received all her allowable deductions or didn't take more than she was allowed.
4 posted on 01/24/2012 8:45:06 AM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: Sub-Driver

SOTU is going to be an absolutely sickening display of .... well, you know what ..... from Obummer. Not watching. Instead of the “drink” game, it might have to be the “barf” game.


5 posted on 01/24/2012 8:45:19 AM PST by MissMagnolia (Being powerful is like being a lady. If you have to tell people you are, you aren't. (M.Thatcher))
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To: Drill Thrawl

Warren Buffet is against what Obama proposes under use of his name. Can the governmnet use your name against your will?


6 posted on 01/24/2012 8:45:55 AM PST by massgopguy (I owe everything to George Bailey)
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To: Sub-Driver
Class warfare goes into 5th gear. Why Mitt's virtue as the most electable is bogus. So are the Republicans hosting Joe the Plumber, Gianna Jessen (saline abortion survivor), and a random unemployed pipeline or oil rig worker? How about some Chevy Volt owners, although, those are hard to find.
7 posted on 01/24/2012 8:47:29 AM PST by throwback ( The object of opening the mind, as of opening the mouth, is to shut it again on something solid)
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To: colonialhk

Going to sit outside in the hot-tub with a bottle of wine and listen to some good music.


8 posted on 01/24/2012 8:48:11 AM PST by sanjuanbob (Festina Lente)
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To: Sub-Driver
Taxpayers making $1 million or more often make their money through investment, or unearned, income, which is taxed at a lower rate than wage, or earned, income.

Keep in mind that this investments are made up of money that has already been taxed once when it was earned (probably at high rate) and now is being taxed again as invested savings.

Also keep in mind that forty percent of adults pay "zero" taxes.

To paraphrase someone:
There is no 99% taxpayers and there is no 1% taxpayers, there is only United States of America taxpayers.

9 posted on 01/24/2012 8:48:29 AM PST by oldbrowser (They are Marxists, don't call them democrats)
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To: massgopguy
Can the governmnet use your name against your will?

The is ObamaWorld. The gubment can do whatever it damn well pleases. The Stupid Party will do nothing about it.

10 posted on 01/24/2012 8:48:50 AM PST by Drill Thrawl (The damage is too extensive. Burn it down and start over.)
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To: Sub-Driver

Back in the 60’s, the Ayres types demanded that no CEO be allowed to make more than ten times the wages of the lowest paid employee. Are we back to that from O and crew?


11 posted on 01/24/2012 8:49:03 AM PST by JimSEA
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To: Sub-Driver

I see on Druge now that Buffett is going to make even more millions with his crony Obama rejecting the Keystone pipeline. Tens of thousands of workers won’t have jobs because of this... but, hey, who cares about them? We have the wonderful “Buffett Rule” to solve all of our problems...


12 posted on 01/24/2012 8:53:29 AM PST by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: Qbert

How long before the president wears ads on his lapels and commercials are flashed on the back side of his tele-prompters ?


13 posted on 01/24/2012 9:00:09 AM PST by maine yankee (I got my Governor at 'Marden's')
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To: All
Not a Romney supporter, but if you counted in his charitable contributions wouldn't his tax rate be around 30%? - more than Obummer's 26%

The question is “Can the govt. distribute money to charity cases better than private charities?”

Of course, if you are a socialist (D), the answer would be “yes”.

14 posted on 01/24/2012 9:04:17 AM PST by az_gila
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To: tobyhill

At ‘The Blaze’, they had an accountant run it several ways...assuming she made $60k a year. The highest rate they came up with, as a single woman with no children, was a little over 14%. I suppose one could add SS and Medicare taxes to it, to bump her rate over Buffet’s. Of course, Buffet’s investment money had to have been taxed at least once before, when somebody earned it as income.

Its all a cloudy argument - which most sheeple are too dense to follow. But it does bring into focus just how much freaking money we are donating to the ruling class each year....so let her sit there.

BTW, I predict the ratings for this SOTU will be lower than last year - most people are just tired of hearing him.


15 posted on 01/24/2012 9:10:56 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: Sub-Driver

I have no desire to read any article about the “First Lady’s box.”

Ugh. Gross.


16 posted on 01/24/2012 9:14:54 AM PST by Tigerized (Occupy Wall Street? Go find the real culprits in the Capitol Building...)
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To: Sub-Driver

Seated next to the former $315,000/year Chicago hospital “outreach” coordinator...


17 posted on 01/24/2012 9:24:35 AM PST by Eric in the Ozarks (Eh ?)
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To: Sub-Driver
obama sotu12, obama state of the union 2012
18 posted on 01/24/2012 9:30:41 AM PST by FrankR (You are only enslaved to the extent of the entitlements you receive.)
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To: colonialhk

Best post on this site!!! All Freepers should be posting enmasse that no American and, I mean, no American should watch this political farce, SOTU address to be given by evil, failure POTUS Obama this evening!!! No viewers of the Obama, SOTU chat.... and the Democrat Party will show Obama the door!!! I can only speak for my wife and self.....and I can assure you, we will not give that “dirt bag”. america destroyer, POTUS Obama the right time, nor...will we watch or listen to any more of his flim/flam jive!!!

We can only suggest that the rest of the American people, and...certainly, all Freepers, Conservatives, Republicans, Democrats, Independents, Minorities and all other Americans do the same!!!


19 posted on 01/24/2012 9:33:00 AM PST by JLAGRAYFOX (My only objective is defeat and destroy POTUS Obama & his Democrat Party, politically!!!)
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To: colonialhk

Indeed people have seen enough of his blurprint for America.


20 posted on 01/24/2012 9:43:17 AM PST by Vaduz
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To: Tigerized

That was my first thought when I read the headline.The first lady’s box must be dark and smelly.


21 posted on 01/24/2012 9:50:13 AM PST by pawpawrick (I had a life once but my job ate it)
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To: Sub-Driver

TV off tonight in protest


22 posted on 01/24/2012 10:03:04 AM PST by ronnie raygun (V)
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To: ronnie raygun

If this lady wants to enter the political arena,,then let her release her tax returns. I bet she is many times a millionaire. Buffet’s head office team is very small and handles big secrets. She probably has been getting stock options and much more.


23 posted on 01/24/2012 10:41:13 AM PST by Oldexpat
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To: Sub-Driver

Warren Buffett’s ‘Secretary’ Is Not Amused

http://www.freerepublic.com/focus/f-news/2781156/posts

I guess she IS amused now.


24 posted on 01/24/2012 12:32:51 PM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: Sub-Driver

The “Buffett Secretary” meme is such a fraud.

If one only includes income taxes (and not Social Security and Medicare payroll taxes), a typical family of four with a typical mortgage has to earn about $110,000 to go from an incremental tax rate of 15% to the 25% bracket.

When you have a tax system based on high marginal rates and exemptions and deductions which often exceed 50% of total income of a middle class household, the marginal tax brackets are not representative of actual tax rates paid.

That said, if you include the payroll tax then the point at which a typical household federal tax burden exceeds 15% happens much sooner.

Regardless, Buffett does not have to choose to compensate himself in stock grants, stock options, and dividends from stock granted to him. He could pay himself a cash salary and cash bonuses which would be taxed at the income tax rate.


25 posted on 01/24/2012 12:42:13 PM PST by magellan
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