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Keyword: buffetttax

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  • Millionaire Tax is Still a Tax on Small Business

    10/07/2011 12:58:21 PM PDT · by Qbert · 9 replies
    Tax Foundation.org ^ | 10/5/2011 | William McBride
    Senate Democrats proposed today a 5.0 5.6 percent surtax on the "rich," where they define rich as someone who makes a $1M or more.   Senator Schumer was instrumental in moving the threshold from $250,000 to $1M, apparently because he recognizes the impact it would have on small business, since much of this income is taxed as personal income:  On Wednesday, Schumer said raising taxes on families earning more than $250,000 a year, as Obama has long supported, would affect small businesses, an argument that is more associated with Republicans than Democrats. "It also would affect too many small businesses if...
  • GBTV Exclusive: Buffett’s secretary (Video)

    09/23/2011 6:03:40 PM PDT · by RightGeek · 24 replies
    GBTV ^ | 9/23/2011 | Glenn Beck
    (Video of Buffett secretary at link - http://www.glennbeck.com/2011/09/23/gbtv-exclusive-buffetts-secretary/)A disturbing sight but great information to debunk Buffett’s ridiculous tax delusions. Get more information on the facts Stu lays out here.
  • The ‘Buffett Rule’ is bad news for tech start-ups

    09/22/2011 7:19:17 AM PDT · by SeekAndFind · 4 replies
    Washington Post ^ | 09/22/2011 | Eric M. Jackson
    NOTE: Jackson is the CEO of CapLinked, an online platform for private investing. He previously ran the marketing team at PayPal, and is the author of the award-winning book The PayPal Wars. President Obama announced a new tax proposal that sets a minimum tax rate for households with annual income above $1 million on Sept. 19. The proposal is called the “Buffett Rule” for billionaire investor Warren Buffet, who in an editorial in August bemoaned that he pays a lower federal tax rate than his middle-class employees. While time will tell if this new tax proposal makes for good politics,...
  • Credibility Deficit Widens with President’s Third “Budget” in Seven Months

    09/21/2011 12:22:15 PM PDT · by Hunton Peck · 3 replies
    Committee on the Budget: U.S. House of Representatives ^ | September 21, 2011 | Paul Ryan, Chairman
    In the span of seven months, President Obama has offered three different budget plans for the federal government. He offered an actual budget in February, a budget “framework” in April, and yet another tax-and-spend plan this past week (more spending in the “American Jobs Act”; more taxes in a new plan unveiled yesterday). Unfortunately, none of these approaches has provided the kind of leadership that America needs to lift the crushing burden of debt while promoting sustained economic growth. The following House Budget Committee analysis unpacks the President’s widening credibility deficit – on taxes, spending, debt, and gimmicks. Tax Hikes...
  • The "Buffett Rule" Is Obama's AMT

    09/20/2011 1:29:47 PM PDT · by 92nina · 6 replies
    ATR ^ | 2011-09-19 | Ryan Ellis
    President Obama today endorsed a “Buffett Rule” for tax policy: “Any reform should follow another simple principle: Middle-class families shouldn’t pay higher taxes than millionaires and billionaires. That’s pretty straightforward. It’s hard to argue against that. Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it.” Obama is arguing for another “alternative minimum tax (AMT).” In this case, the “Buffett Rule” seems to imply that high income households should pay taxes (even on capital gains) at about a 25 percent rate, no matter what. That is the marginal tax rate for most...
  • "Class Warfare"

    09/20/2011 7:38:20 AM PDT · by kristinn · 14 replies
    Obama for America via e-mail | Monday, September 19, 2011 | Jim Messina
    Friend -- This morning, the President proposed the "Buffett Rule," which would require those earning more than $1 million a year to pay the same share of their income in taxes as middle-class families do. This proposal makes sure millionaires and billionaires share the responsibility for reducing the deficit. It would correct, for example, the fact that Warren Buffett's secretary currently pays taxes at a higher rate than he does. The other side is already saying it's "class warfare" -- that's their rhetorical smokescreen for providing millionaires and billionaires special treatment. As the President said this morning, "This is not...
  • A Little Bit Of Math On The 'Buffett Tax' (It doesn't get us THAT far towards balancing the budget)

    09/20/2011 7:58:48 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 09/19/2011 | Joe Weisenthal
    In his nightly note, BTIG's Dan Greenhaus digs into the "Buffett Tax" and some math on the deficit. First he notes that over the next 10 years, deficits are estimated at around $6 trillion. Then he looks at what socking it to the rich actually gets us. Conclusions. It doesn't get us THAT far towards balancing the budget, but it's not nothing. The below table breaks down actual tax return data from the IRS from 2009, showing how many returns were filed at each income level, what their taxable income was, what tax they paid and what percentage of the...
  • Home Depot co-founder Marcus says Buffet's support to tax rich will slow hiring

    09/20/2011 8:18:34 AM PDT · by Qbert · 22 replies
    Bizjournals.com ^ | September 20, 2011 | New Mexico Business Weekly
    Bernie Marcus, a co-founder of The Home Depot    (NYSE: HD) and one of Atlanta's wealthiest businessmen, says President Barack Obama’s plan to increase taxes on the rich would only serve to slow hiring and slow America's economic recovery, reports Atlanta Business Chronicle    broadcast partner WXIA-TV. He also sharply criticized billionaire Warren Buffet’s support of the plan. President Obama on Monday introduced a plan combining trillion-dollar spending cuts and the closure of tax law loopholes for the rich. "For us to solve this problem everybody including the wealthiest Americans and biggest corporations have to pay their fair share" Obama...
  • Another Offensive Obama Speech: The Warren Buffett Tax Hike Plan

    09/19/2011 2:08:20 PM PDT · by Evil Slayer · 10 replies
    RushLimbaugh.com ^ | 9/19/11 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Well, folks, did you hear President Obama's... what was that? It was a teleprompter campaign speech in the Rose Garden. There was an audience there, but they didn't applaud until it was all over. I don't know what we're dealing with here. In terms of stability, this was bold, bald-face lying to the American people, compounded on top of lies I don't think I even saw during the Clinton years. This today was just very troublesome, worrisome. He raised more straw men in one stump speech -- and that's what this was, a campaign stump speech --...
  • Paul Ryan Accuses Obama of Waging 'Class Warfare' With Millionaire Tax Plan

    09/18/2011 7:54:29 AM PDT · by SeekAndFind · 12 replies
    Fox News ^ | 09/18/2011
    A top House Republican accused President Obama of appealing to Americans' "fear, envy and anxiety" by pushing a new tax rate on people making more than $1 million annually, saying the "class warfare path" will only hurt the economy. "Class warfare ... may make for really good politics, but it makes for rotten economics," Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, told "Fox News Sunday." The president is planning on proposing the new and higher rate as part of a broader long-term deficit-reduction plan he's unveiling Monday. It will likely include a mix of entitlement reform and...
  • Republicans accuse Obama of waging class warfare with millionaire tax plan

    09/18/2011 9:46:21 AM PDT · by americanophile · 13 replies
    Fox News ^ | September 18, 2011 | Fox News
    A top House Republican accused President Obama of appealing to Americans' "fear, envy and anxiety" by pushing a new tax rate on people making more than $1 million annually, saying the "class warfare path" will only hurt the economy. "Class warfare ... may make for really good politics, but it makes for rotten economics," Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, told "Fox News Sunday." The president is planning on proposing the new and higher rate as part of a broader long-term deficit-reduction plan he's unveiling Monday. It will likely include a mix of entitlement reform and...
  • Obama: Americans must pay fair share to cut deficit [ When will Obama or Buffet pay theirs ]

    09/17/2011 6:25:24 PM PDT · by NoLibZone · 61 replies
    reuters ^ | Sept 17 2011 | Reuters
    WASHINGTON, Sept 17 (Reuters) - President Barack Obama said on Saturday that Americans need to be ready to "pay their fair share" to narrow the U.S. deficit, previewing his proposals to Congress that are expected to include more taxes on the rich. In his weekly radio and video address, the Democrat said his $447 billion jobs plan that features tax breaks for workers and small businesses, plus funds for public works projects and schools, "will not add to the deficit. It will be paid for." "On Monday, I'll lay out my plan for how we'll do that -- how we'll...
  • Obama to propose "Buffett Tax" on millionaires (on Mon)

    09/17/2011 5:15:07 PM PDT · by Clairity · 79 replies
    Reuters ^ | Sept. 17, 2011 | Allister Bull, Reuters
    Populist gesture designed to appeal to his base President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday. Such a proposal, among suggestions to a congressional supercommittee expected to seek up to $3 trillion in deficit savings over 10 years, would appeal to his Democratic base ahead of the 2012 election but likely not raise much in revenues.
  • Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")

    09/17/2011 4:54:13 PM PDT · by kristinn · 76 replies
    The New York Times ^ | Saturday, September 17, 2011 | Jackie Calmes
    WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid. Mr....