‘Buffett Rule' is not a campaign ‘gimmick,' Obama says (Everything Obama does is a gimmick)

ABC ^ | 4/11/2012 | Olivier Knox

[tobyhill]

President Barack Obama defended his "Buffett Rule" proposal for higher taxes on the very rich Wednesday, denying it was a reelection campaign "gimmick" that will do little to close the deficit or spur job growth.

"This is not simply an issue of redistributing wealth," Obama said. "This is not just about fairness. This is also about growth. This is also about being able to make the investments we need to succeed and it's about we, as a country, being willing to pay for those investments and closing our deficits."

The president took aim at critics who say, in his words, "This is just a gimmick, just taxing millionaires and billionaires, just imposing the Buffett Rule won't do enough to close the deficit. "

He went on: "I agree, that's not all we have to do to close the deficit.

[lacrew]

Isn’t the Buffet Rule just another way of saying:

“We’re going to tax gains, at a higher rate, using a progressive bracket system”.

Why is Buffet’s risk different than his secretary’s risk?

It will discourage investment...in this country, at least.

[JayAr36]

Here's an idea. Instead of raising taxes millionaires and billionaires INCOME lets tax them on total wealth including the various charities where they hide their money. Typically those people do not have large incomes but a great wealth. I think about ten percent per year would be fine. It would certainly be more than the pittance we would tax on income.

[goodnesswins]

the “Buffet tax”...just another way to chase business (and jobs) out of this country.....Obomba is getting VERY transparent....to some of us.

[combat_boots]

[Waco]

In the 70’s Paul Harvey said that if income over 50,000 were taxed at 100 percent it would fund the gov’t for just a few days. He was NOT challenged on this.

[RushIsMyTeddyBear]

Glenn Beck said this morning that he has some dirt on Buffett and Obama. Will reveal it next week, I think.

[Lazlo in PA]

Someone on Glenn Becks program make a great point this morning. If we are going to set national tax rules on what Warren Buffets secretary pays in taxes, we should demand to see her tax filings. It is about time we call this BS out.

[ClearCase_guy]

“This is not a gimmick. And what I mean by that is: This is a gimmick.”

[griswold3]

how will Barack Obama explain the sudden fall in tax revenue?
If it’s class warfare he wants, he shall have it! My money’s on the Class that knows how to create value.

[Lazlo in PA]

That was the 70’s. How many minutes do you think that tax scenario would run the govt’ today?

[JPG]

When Charles Gibson pointed out to Obama that, in the past, lowering taxes increased revenue to the government while raising them resulted in less revenue, Obama replied:

"Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness."

[sickoflibs]

RE :”President Barack Obama defended his “Buffett Rule” proposal for higher taxes on the very rich Wednesday, denying it was a reelection campaign “gimmick” that will do little to close the deficit or spur job growth.
“This is not simply an issue of redistributing wealth,” Obama said. “This is not just about fairness. This is also about growth. This is also about being able to make the investments we need to succeed and it's about we, as a country, being willing to pay for those investments and closing our deficits.”

It's a political election year gimmick and a pretty effective one so far. Republicans seem unable to come up with their own to counter this.

But living in Maryland with Obama’s left hand man Dem Governor Martin O’Malley I can always tell you what the real plan is.

First MO'M raised taxes on millionaires, but he said that wasn't enough.

So MO'M raised BOTH OUR sales and cigarette taxes , but he said that wasn't enough.

So MO'M raised OUR alcohol taxes , but he said that wasn't enough.

So finally MO'M asked the Democrat Maryland Assembly to raise OUR gasoline taxes, but that proved too unpopular for even them to get the votes for.

So in response MO'M asked the Democrat Maryland Assembly to raise income taxes of those earning over 100K, but the Dems couldn't get their Senate to pass it.

Special session will be next to raise our taxes again, as the sales tax was raised.

[BitWielder1]

How will Barack Obama explain the sudden fall in tax revenue?

This way: "We did not tax the rich enough."

[noiseman]

The statement that Buffet is taxed at a lower rate than his secretary is is not necessarily BS; it's just incredibly deceptive. If Buffet's secretary is taxed only on her salary, then she does pay a higher rate than Buffet because income is taxed differently than capital gains are, but so what? It's apples and oranges.

Unfortunately, too many people in this country today probably don't even know the difference between income and capital gains, much less the differences in how they are taxed. All too easy prey for Obama's and Buffet's incredibly transparent attempt to deceive them. Anyone with a brain should be asking themselves, what's in this for Buffet? The answer is that while he doesn't pay income tax many small business owners, whose businesses Buffet would like to demolish then buy for pennies on the dollar, do. He knows that the "Buffet rule" won't hurt him one bit, but it will create a new pool of potential acquisition targets for Berkshire Hathaway.

I think the Republicans should counter this by recommending, as others have pointed out, that total net worth be taxed. Then you would see old Warren sing a very different tune. This won't happen, of course (and for good reason) but it would be fun to watch them backpedal if it were to be proposed.

[Lazlo in PA]

Then you would see old Warren sing a very different tune.

Probably not. Warren doesn't pay his taxes anyway.

"How Much is Buffett’s Berkshire Hathaway Back-Tax Bill Exactly? About $1 Billion"

http://www.theblaze.com/stories/how-much-is-buffetts-berkshire-hathaway-back-tax-bill-exactly-about-1-billion/

[Cowman]

I wonder what would happen with this argument if it were successfully spun into a flat tax proposition?

[loveliberty2]

This President has twisted so many concepts and words to his own meaning for the purpose of fooling the people into voting for him that it is no wonder he now describes another "taking" scheme by the name of a wealthy man.

In the meantime, his tactics fit the description of every would-be tyrant who attempts to divide and conquer the minds of citizens by promises of "goodies" for all, in order to accumulate power to himself and those who control with him.

For too long in America, we have called Democrats "liberals," when, in fact, they are and have stood for ideas which are the antithesis of "classical liberalism."

Now, and for the past several decades they have morphed into and now identify themselves as "progressives," a term which, in itself is misleading. The so-called "progressive" philosophy is, in fact, most regressive, for it advocates failed ideas which lead to tyranny and oppression, not to freedom, opportunity, productivity, and plenty. "Progressive" ideas are more aptly described by the word "socialist."

In the following quotations from Churchill, we can see thoughts of his on the subject dating from 1908 to the 1950's. Much of what is happening in America today is described within these words:

"When I see the present Socialist Government denouncing capitalism in all its forms, mocking with derision and contempt the tremendous free enterprise capitalist system on which the mighty production of the United States is founded, I cannot help feeling that as a nation we are not acting honorably or even honestly." - Winston Churchill, Woodford Green, July 10, 1948.

"We shall not allow the advance of society and economic well-being of the nation to be regulated and curtailed by the pace of the weakest bretheren among us. Proper incentives must be offered and full freedom given to the strong to use their strength in the commonweal. Initiative, enterprise, thrift, domestic foresight, contrivance, good housekeeping and natural ability must reap their just reward. On any other plan the population of this island will sink by disastrous and agonizing stages to a far lower standard of life and two-thirds of its present numbers." - Winston Churchill, speech, Blenheim Palace, August 4, 1947.

"The difference between what is seen and what is not seen was often noticed by the old economists. What is not seen is the infinite variety of individual transactions and decisions which, in a civilized society, within the framework of just and well-known laws, insure the advantage not only of the individual concerned, but of the community, and provide that general body of well-being constituting the wealth of nations. All this is blotted out by an over-riding State control, however imposing some of its manifestations may be. It is the vital creative impulse that that I deeply fear the doctrines and policy of the socialist Government have destroyed, or are rapidly destroying, in our national life. Nothing that they can plan and order and rush around enforcing will take its place. They have broken the mainspring, and until we get a new one the watch will not go." - Winston Churchill, speech, House of Commons, October 28, 1947.

"It is in the interest of the wage-earner to have many other alternatives open to him than service under one all-powerful employer called the State. He will be in a better position to bargain collectively and production will be more abundant; there will be more for all and more freedom for all when the wage earner is able, in the large majority of cases, to choose and change his work, and deal with a private employer who, like himself, is subject to the ordinary pressures of life and, like himself, is dependent upon his personal thrift, ingenuity and good-housekeeping." - Winston Churchill, speech, Blackpool, October 5, 1946

"Liberalism (classical liberalism) has its own history and its own tradition. Socialism has its own formulas and aims. Socialism seeks to pull down wealth; Liberalism seeks to raise up poverty. Socialism would destroy private interests; Liberalism would preserve private interests in the only way in which they can be safely and justly preserved, namely, by reconciling them with public right. Socialism would kill enterprise; Liberalism would rescue enterprise from the trammels of privilege and preference. Socialism assails the pre-eminence of the individual; Liberalism seeks, and shall seek more in the future, to build up a minimum standard for the mass. Socialism exalts the rule; Liberalism exalts the man. Socialism attacks capital; Liberalism attacks monopoly." - Winston Churchill, Kinnaird Hall, Dundee, May 14, 1908.

"The British nation now has to make one of the most momentous choices in its history. That choice is between two ways of life: between individual liberty and State domination: between concentration of ownership in the hands of the State and the extension of a property-owning democracy; between a policy of increasing restraint and a policy of liberating energy and ingenuity: between a policy of levelling down and a policy of finding opportunities for all to rise upwards from a basic standard." - Winston Churchill, speech in Woodford, England, January 28, 1950.

"It is curious that, while in the days of my youth I was much reproached with inconsistency and being changeable, I am now scolded for adhering to the same views I had early in life and even of repeating passages from speeches which I made long before most of you were born. Of course the world moves on and we dwell in a constantly changing climate of opinion. But the broad principles and truths of wise and sane political actions do not necessarily alter with the changing moods of a democratic electorate. Not everything changes. Two and two still make four, and I could give you many other instances which go to prove that all wisdom is not new wisdom." - Winston Churchill, speech, Bele vue, Manchester, December 6, 1947.

"It is not Parliament that should rule; it is the people who should rule through Parliament." - Winston Churchill, speech, House of Commons. November 11, 1947.

"We have to combat the wolf of socialism, and we shall be able to do it far more effectively as a pack of hounds than as a flock of sheep." - Winston Churchill, speech, 1937.

:Athough it is now put forward in the main by people who have a good grounding in the Liberalism and Radicalism of the early part of this century, there can be no doubt that Socialism is inseparably interwoven with Totalitarianism and the abject worship of the State. It is not alone that property, in all its forms, is struck at, but that liberty, in all its forms, is challenged by the fundamental conceptions of Socialism." - Winston Churchill, B.B.C radio address, June 4, 1945.

"The inherent vice of capitalism is the unequal sharing of blessings; the inherent vice of socialism is the equal sharing of miseries." - Winston Churchill, House of Commons, October 22, 1945.

"Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy." - Winston Churchill, Perth, May 28, 1948.

"I do not wonder that British youth is in revolt against the morbid doctrine that nothing matters but the equal sharing of miseries: that what used to be called the submerged tenth can only be rescued by bringing the other nine-tenths down to their level; against the folly that it is better that everyone should have half rations rather than that any by their exertions, or ability, should earn a second helping." - Winston Churchill, London, June 22, 1948.

"Socialism is based on the idea of an all-powerful State which owns everything, which plans everything, which distributes everything, and thus through its politicians and officials decides the daily life of the individual citizen." - Winston Churchill, London, January 21, 1950.

"The British and Americans do not war with races or governments as such. Tyranny, external or internal, is our foe whatever trappings and disguises it wears, whatever language it speaks, or perverts." - Winston Churchill, Speech, Dorchester Hotel, London, July 4, 1953.

"You may try to destroy wealth, and find that all you have done is to increase poverty." - Winston Churchill, speech, House of Commons. March 12, 1947.

"Nor should it be supposed as you would imagine, to read some of the Left-wing newspaper, that all Americans are multi-millionaires of Wall Street. If they were all multi-millionaires that would be no reason for condemning a system which has produced such material results.: - Winston Churchill, speech, Royal Albert Hall, London. April 21, 1948.

"Rich men, although valuable to the revenue, are not vital to a healthy state of society, but a society in which rich men are got rid of, from motives of jealousy, is not a healthy state." - Winston Churchill, speech, House of Commons, April 24, 1950.

[Cowman]

I wonder what would happen with this argument if it were successfully spun into a flat tax proposition?

[TurboZamboni]

no wonder the White Hut occupants sent the Churchill bust back to England.