Posted on 01/25/2012 3:23:15 AM PST by tobyhill
People earning over $1 million per year should pay an effective tax rate of no less than 30 percent, President Obama said in his State of the Union address Tuesday night.
The president laid down one of his most political markers of the annual policy speech by crafting what he called the "Buffett Rule," named after the famous billionaire investor.
"Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes," Obama said.
(Excerpt) Read more at firstread.msnbc.msn.com ...
Corrolary:
Why are people who vote for zero so stupid?
FUBO!
How about taxing munis and Treasury bonds? Talk about the law of unintended consequences.
What a freakin joke. And if millionaires paid 30% in tax, we’d still have an annual deficit of $1 trillion dollars. The issue is S-P-E-N-D-I-N-G. SPENDING. SPENDING. SPENDING. We can’t afford Obama’s insane level of spending even if millionaires paid 50% in taxes. We couldn’t even afford Bush’s spending binge. We have to get back to the spending levels of 2000. We have to reform entitlements. If we don’t, we need a huge MIDDLE CLASS tax hike to pay for it all. Period. The days of the middle class getting a free ride on the rich are over.
The tax on taxable income of $100,000 for a married couple is $17,244.
Now Obama didn't produce any jobs or tax money with his income but Buffet did and his money produces additional tax elsewhere.
Capital gains shouldn’t be taxed at all. ‘Course I’m a radical.
The bonanza of untapped revenue is the poor who pay no taxes.
Fairness requires all to pay. Being poor is no excuse
The “Buffett Rule” might have more credibility if Buffett actually followed it. And WTF is Warren Buffett anyway to speak for his fellow millionaires/billionaires?
The bonanza of untapped revenue is the poor who pay no taxes.
He's not stupid. In the absence of a broad-based societal morality, envy is popular.
In Obama-speak “rich” is the codeword for privileged, imperiialistic whites, and 30% will erase their sins in his church of “fairness”. FUBO!!!
Why is it when they want to discourage behavior, they tax it? Except for income taxes. Let’s discourage being poor and encourage climbing out of one income category to the next.
We don’t beat children for learning to walk.
My now deceased b-i-l was a small business owner, in that he owned 3 semi trucks and employed 2 drivers other than himself, my wife helped him with his books and taxes for years, even though b-i-l was a C.P.A. himself, he just didn't have time to do it all.
He grossed enormous amounts of money and you can probably guess the rest of the story, he paid out enormous amounts in taxes and complying with 49 different sets of state laws plus federal laws and regulations, plus salaries and benefits for his 2 employees, who in many years netted more income than he did. These are the pockets the liberals like Obama want to get in even deeper yet.
WHERE in the U.S. Constitution does it say that some have to support all the parasites who pay nothing, but vote for those who will get them handouts?
You don't pay any income taxes or property taxes, you have no dog in the fight, and you don't vote.
Those who earn income, all pay the same rate, period. You want more "net income", work harder, and you'll have it. Success cannot be penalized to benefit the lackluster parasites who procreate and are NOT required to support their offspring (except via taxpayer handouts).
They don’t get it. They just don’t get it.
Funny, doesn't God ask for our first fruits?
Barry: we micturate on your fuzzy pate.
The tax rates show how dumb your pols are.
Like everything any leftists say, this is intended to sound good, with no idea how to implement it, enforce it, or what the other consequences will be.
30% of WHAT, exactly, 0bama, you assclown?
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