It's day two of the president's push for the so-called "Buffett Rule," the proposal to compel any taxpayer making north of $1 million per year to pay at least a 30 percent tax rate (currently, many do not because a majority of these people's income tends to derive from gains on investments, which are generally taxed at 15 percent).
In an event today at the White House, Obama will meet with millionaires who are bringing their secretaries in tow. These secretaries, like Buffett's, pay a higher tax rate than the millionaires themselves because of the structure of the current tax code.
Senate Democrats are putting the proposal up for a vote in the coming days but it is not expected to go anywhere, a political reality of which the White House is surely aware. This has led to expected charges from Republicans that the president is using "official speeches" (read: paid for by taxpayers) to play election year politics.
Later Wednesday, the president will meet with another group of millionaires, this time for an intimate 20-person fundraiser at the W Hotel. Each participant is shelling out $40 thousand to attend.
Full schedule after the jump:
9:00AM Pool Call Time
10:15AM THE PRESIDENT delivers a statement on the Buffett Rule
Eisenhower Executive Office Building 430
10:35AM THE PRESIDENT receives the Presidential Daily Briefing
4:00PM THE PRESIDENT meets with Secretary of Defense Panetta
5:15PM THE PRESIDENT attends a campaign event
The W Hotel
12:30PM Press Briefing by Press Secretary Jay Carney
9:00AM Pool Call Time
10:15AM THE PRESIDENT delivers a statement on the Buffett Rule
Eisenhower Executive Office Building 430
10:35AM THE PRESIDENT receives the Presidential Daily Briefing
4:00PM THE PRESIDENT meets with Secretary of Defense Panetta
5:15PM THE PRESIDENT attends a campaign event
The W Hotel
12:30PM Press Briefing by Press Secretary Jay Carney
Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.
Republicans should have this on the airways every day....can't figure why they are making more political hay out of this issue?
The Republicans can't air anything because the Socialist Democrates own and control the three major networks. Oh and Henry, are you as dumb as your post emplies? You are obviously ignorant of corporate tax laws and the real corporate America. Go get a job in a tax accounting department in a "major" corporation. Gezz, it is people like you that will take this great nation to its knees, then you will whine because you did not kill it.
BECAUSE IT IS A LOSER AND THEY KNOW IT!!!!!!!!!
GREAT POLITICAL MOVE, PRESIDENT OBAMA! THE STOMPING OF ALL REPUBLICANS, ALL THE WAY TO NOV HAS JUST BEGUN!
CNN continues to throw out this Buffet rule crap, while the real news is Buffet himself owes a quarter BILLION unpaid back taxes.
Libs.... they're all the same.
Republicans don't really care about anything but winning. Notice how they completely stopped talking about jobs and the economy once things started to improve because they can't win on it. Romney is becoming a legendary flip-flopper which is a sure sign that a person's positions are "for sale".
You seem to forget it is a Dem in charge of the Senate and a Dem in charge of the White House! Come to think of it We havn't heard from Harry Reid in a while! I wonder why the silence?
Can you look at this and tell me what is actually wrong with any of what is being said?????
Just a couple of minutes of your time!
Let it all hang out! Don't hold back!
Jean2009,,,, what are you're thoughts (grin)....
so what does that have to do with anything? HA H AH AHA H AH AH AH AHA. WHAT NONSESE!
Source: Rush Limbough
Obama wants more Tax payer dollars so he can throw them away on deals like Solendra. He believes it's his right to steal your dollars for his personal fopaas. The gov't's money is Tax Payer dollars and he's spent $5 Trillion. Did you enjoy his spending spree?
This whole thing is such a joke. 25% of taxpayers earning $1M+ pay an effective gross tax rate less than 10% of taxpayers earning less than $250k per year. So, in other words, 1/4 of millionaires pay a lower rate than 1/10 of 'normal people'. In the grand scheme of things WHO CARES??????
This country borrows $4B PER DAY to fund our government. The 'Buffet Rule' would raise $5B PER YEAR!!!! It's enactment would allow the government to not borrow for roughly 30 hours. In other words, in the amount of time Obama has talked about the Buffet Rule, we've borrowed more money than the proposal would actually raise. Is that a good use of time? Of course not.
Millionaires that what to pay more taxes, or more cronies looking for tax payers dollars??
Hard to tell in this corrupt administration..
The government would use to pay debt down but will start more social programs
GOD helps those who help themselves ... not those who help themselves to other people's hard earned money ... like Barack Obama. America needs a commander and chief ... not a liar and thief, like Obama. Obama's m.o. has always been to blame, smear, humiliate, demonize, and discredit his opponents ... because he can't run on his own failed record. In November. SAVE AMERICA ... DUMP OBAMA !!!
ONLY THE REAL ONE PERCENTERS CAN AFFORD WARREN BUFFET'S STOCK !!! MORE OBAMA HYPOCRISY !!!
Berkshire Hathaway class A stock (NYSE symbol BRK.A) is the highest-priced stock in the world. As of January 25, 2008 one share of that stock will only set you back a cool $139,100. On the other hand, shares of Berkshire Hathaway class B stock (NYSE symbol BRK.B), or "Berkshire Babies" as they are often called, currently cost a paltry $4,630!
Buffett and his company is reported to owe the US Government over $1 billion in taxes. Why doesn’t he just pay the taxes he owes, maybe he won't feel so bad that he didn’t pay enough taxes if actually paid the taxes he owed. Obama is holding a delinquent taxpayer up as an example. Oh my ... Oh my ... Oh my.
The Buffet Rule is good way to end the unfairness that the Bush Tax Cuts has cost the American people. We have given trillions of dollars in tax cuts and don't mention the trillions spent on a war that we did not need. Is it any wonder that the deficit is $trillions of dollars.
I can't wait to hear from the haters "Jerry", "Howard". Where are you guys, ready, set go...
not a hater.....you are just poorly informed or uneducated about actual economics
I'm not misinformed, Lionel is correct!
PLEASE ENLIGHTEN US ON TEH BRILLIANCE OF VOODDOO ECONOMIC AGAIN!
Crazyvermont, You live in a delusional fantasy world. Let me tell you about the real world: Trillions of dollars in Bush tax cuts for the top 1% millionaire billionaires and 2 un-needed Republican oil baron wars unpaid for. You cannot Engage in wars of choice for natural resources(oil and gas) and then cut the Taxes on the wealthy. It turned a Record Clinton surplus into a complete deficit in the trillions. The Wealthy bankers were bailed out and had their taxes lowered like Romney and we the working american people got the shaft. To top it all off you and your right wing people want to worship this exploitative imperial oligarchy as your heroes. Yuck!
You and your ilk keep saying that but I keep experiencing (in real life) and hearing from the horses' mouths that this trickle-down concept doesnt usually work out at all. It was always an excuse. When people make more money, they horde it and invest it and dont pay taxes on it. They horde it, in fact, in Mitt Romneys' offshore accounts actually. If you tax people on making money, it doesnt stop em from making it..... a lesser cut of a million bucks doesnt seem to deter people from taking that cut – not at all in fact. As I say, this is from real-life experience with quite a few entrepreneurial millionairres
Talking about fantasy world... you epitomize it.
There are no significant oil resources in Afghanistan. Bush tax cuts impacted all people in all tax brackets, not just the wealthy. The stimulus was pushed for and implemented by democrats. Suddenly it's bad when republicans do it but it somehow miraculously saved the economy when the stimulus is applied to Obama.
Give me a break... fantasy land.
You do understand you give them nothing. It is there money THAT THE GOVERNMNET IS TAKING.
It seems the new lib party line is if you disagree with their take on something you are a hater. Typical from the left. LOL!!!
lefty avenger... another economic lefty idiot. When you start taxing the rich more the rich will find a way to shield their income or will not invest in the future of our country. You won't get the tax revenue that the government thinks it will . Instead of focusing on the real problems we have the messiah hero does the typical class warfare thing and talks higher taxes instead of focusing on the economy. He is clueless, along with the rest of you.(that said, if there was a true deficit reduction plan and economic plan, I would support some higher taxes, but Obama does none of that)
Our children will suffer and look back at his presidency with disdain. He better learn how to be fiscally smart for the next 6 months before we kick him out!
Wondering if the Buffett rule is going to help the additional 16 million added to food stamp roles since Obama took office.....suppose that is Bush and Kock Brothers fault???
Agreed with Tom. Bless America for giving such uneducated people such as yourself an equal vote. The super rich, as indicated by this article, gain a majority or all of their income by CAPITAL GAINS.. which is NOT AFFECTED by the Bush tax cuts. So yea, keep thinking that the Bush tax cuts apply in any way to Buffet et al. and that they are the ills of the world. There's a nice place called China to which you can go where 'everybody is equal' under communism. LOL
Look up the Forbes 400, the 400 wealthiest. Now add up all their billions. It adds up to approx 1.6 trillion. The US govt is borrowing how much a year? 1.2 trillion? Even if you took every single cent they have, you could run the US govt for only 15 months. Obama's plan would only cut the borrowing in half over 10 years, but we're still borrowing.
It's not even close to enough.
Go actually listen to Buffet not just what "news" organizations want you to hear. He says that hes fine with higher taxation BUT it means nothing without drastic spending cuts.
Oh, Lionel...don't forget, your president doubled our deficit in three years of office-adding trillions.
Oh, Lionel...These "Bush Tax Cuts" have nothing to do with the tax rate...I'm fairly confident...you don't pay taxes and know nothing about the tax system.
Oh, Lionel...we wouldn't need to talk a lot about taxes if we didn't have to spend "trillions" on people in the welfare system that the democrats keep in the system. Lets not talk about that. If we were a smart nation, we'd say you have five years of welfare help over the course of your life. Not from birth to death. After that, your family can support you on the money they are making, not off the tax system.
Considering the Buffett Rule will bring in $4.7 billion/year when the deficit for this year alone was $1.2 Trillion, I'd say that you don't have to worry about this Rule actually bringing down the deficit. So why do you support it again? Simply out of spite aka "fairness" as the liberals like to call it.
Those who don't believe in fairness, simply aren't Americans.
Fairness means equal opportunity. Equal opportunity does not mean equal result. That's what makes this country great.
Oh yeah, Trickle Me Down Reaganomics? Oh please, we have seen nothing but Trickling up more than anything. Get a clue! Yeah, that's right, the standard Economics Capitalism also got us into this mess.
so basically you are saying that the deficit is so high that no amount of revenue will be a QUICK fix.
and you are saying we should stop sicking revenues because none will be a quick fix??? LOL
So we let it grow.....4.7 billion is a lot. And over years will help. If you cant pay your full monthly cable bill do you let it continue to grow? Or do you pay what you can? Horrible logic....
@bczu: If you have a cable bill you cannot pay, you stop getting cable. You cut that cost. That is what this government needs to do now – cut costs.
So we let it grow.....4.7 billion is a lot.
Not if the government spends it like a drunken sailor! Sorry drunken sailors!
Perfectly stated. Clear example of didiversion being used to take everyone's eye off the ball and to buy votes...nothing more. If everyone is supposed to pay their fair share why aren;t those who make less than a million asking for their taxes to be raised to pre Bush levels?
No, you cancel your cable. If you cant afford it, you cancel it. Thats what our government needs to do with all these entitlements. We cant afford them...cancel them.
by the way, you also need to get over the whole fairness issue as it becomes a personal cancer. I was born to parents, poor in financial resources, but rich in spirit. Today, my three companies employ over 1500 employees due to that spirit of determination and hard work. In your world, I'm sure you don't feel my success is fair; however, there are several hundred families that are able to make a decent living due to my success. To me, that is what capitalism is all about and the so called Buffett rule is a farce.
IT IT BECAUSE OF YOUR "3 COMPANIES AND 1500 EMPLOYEES" THAT YOU HAVE TIME TO POST NONSESE ON CNN? I DON'T THINK YOU EVEN BELIEVE YOUR OWN LIES. WE SURE DON'T.
YOU CAN GO BACK TO YOUR TRAILER NOW. IT MIGHT HAVE A FLAT.
Way to go Crazy V! The main problem with taxing milliares is it just dosen't tax single people, but small companies, and these companies will be hurt, which will cause layoffs, etc, etc
Evangelical Christian spirit I hope!
Name two of your three companies and the state they are in. The secretary of state in those state will tell me whether you're lying or not.
Obama is hell bent on dividing this country.
This president does not know the law.
When are you going to call him on it.
There is no "rule".
Non-judges cannot make rules in law.
Since you want to point blame at GW Bush for everything then why don't you fess up and say that your Pres. BO has the power to end the war. He hasn't ended the war if its so bad and wrong as you state then why doesn't the Pres agree with you? GW is not a war monger if you think he is then you will have to say that about every Pres in US history. Pres. Position comes with tough choices.
Silly boy, this has nothing to do with the deficit (which has been tripled by Mr. Obama's spending). This has to do with winning a re-election, mostly because the sad little president has absolutely NO RECORD of success to run on. Even if enacted, this rule would bring in a paltry $4 billion-plus per year. That wouldn't even make a dent in the Barry-initiated deficit.
Fairness or Freedom, you choose at the election booth !
I'm going to assume you don't understand that the "Bush tax cuts" reduced the federal income tax rate for every tax payer, not just the wealthy – so much so that president Obama did everything he could to keep them from expiring at the end of 2010 as was intended and written into the original legislation. The "Bush" tax cuts doubled the child tax credit from $500 to $1000, expanded the eligibility for Earned Income Credit and reduced the federal income tax rate for the lowest earners by 33%.
You're wrong about Obama "doing everything he could to not let the tax cuts expire." It was a COMPROMISE he made with Republicans to extends unemployment benefits for another 13 months. And, guess what? Extending the tax cuts cost more than the stimulus package.
The Buffett Rule is a good way for the president to grandstand for re-election, without talking about his pitiful record of accomplishments since 2008.
the Buffett Rule is a good way for the president to grandstand for re-election without discussing his pitiful record since 2008.
Fairness – 10% pay 70% of total tax. So there are a few that pay less in % compared to employee but they still pay most of the total tax. Yes taxes need to be raised but so do all the itemized deductions that avg joe takes. Expensing mortgage, sales tax, prop tax, etc means they are not paying any tax. Self employed pay 2x the tax amount because of matching tax (employee & employer). Employer share of matching taxes are passed through in products that companies sell, so when self employed people buy, they pay the passed through employer matching. There is a whole lot of unfairness in the tax code and both parties need to fix it, but that will never happen.
Socialists always run out of other people's money.
Interesting Lionel since the Bush tax cuts, cut everyones taxes not just those making over a million. If everyones taxes were reduced by Bush woulnd;t it seem fair to raise everyones back to pre Bush levels? Since the liberals like to state how great things were under Clinton shouldn't we cgo back to those rates with everybody paid something. The hyprocrisy I can't stomach is when everyone thinks we should all pay our "fair share" until they realize that they themselves are included in the all.
CNN: Treasury estimates the costs of making the tax cuts permanent for everyone is $3.7 trillion over 10 years.
Of that, $3 trillion accounts for the cost of extending them for the vast majority of Americans, as the president has proposed. The remaining $700 billion is the cost of extending them permanently for the high-income earners.
Lionel – to make this easy for you to understand. 3 Trillion in savings to those making under 250k – compared to 700 Billion for those over 250K. Doesn't sound like the Bush tax cuts favor the "rich."
Isn't fairness everyone paying the same rate??
Only the wealthy ONE PER CENTERS can afford to own stock in Buffet's Berkshire Hathaway investments.
I truly just don't understand all of the commotion over this buffet rule. Sure wealthy individuals have ways to get around the tax codes to pa ytaxes at a lesser rate than average working class citizens. But really, how much extra money are we talking about here? Is this Buffet rule really going to help out with our current economic crisis?
Well, in short, the answer is hell NO! The proposed Buffet Rule is anticipated to and I will quote from another article, "The new rate would increase U.S. tax revenue by $47 billion over the next decade, assuming that income tax cuts enacted in 2001 and 2003 are allowed to expire at the end of the year as scheduled."
So we are talking about $47 Billion over the next decade. Sounds like a lot of money doesn't it? Well, in comparison to our governments spending, it's pretty insignificant.
Our current federal budget for 2012 is around $3.7 TRILLION dollars. This amounts to just over 10 BILLION DOLLARS IN SPENDING A DAY! In addition, the $47 Billion in new revenues doesn't even take into consideration spending increases and inflation, which we know is going to be playing a more critical role in the near future as Bernake continues to monetize all of our debts at an alarming rate.
In short, the new "Buffet Rule" would be able to pay for less than 5 days of total spending over the next decade (3,652.5 days) or 0.137%. Lets focus on the real issue here. Unrestricted and irresponsible government spending at the expense of me and you, the taxpayers.
In other news Spanish company SKYTL CEO Pere Valles is a socialist donated heavily to the 2008 Obama campaign is going to be responsible for America's election in 2012, this company is going to be tabulating votes for the 2012 election voting results will be routed and counted overseas by Barcelona-based SKYTL,
but before going anywhere else, these election returns are routed to individual, company servers where the people who run them get first look at the results and the ability to immediately privately examine vote details throughout the US,
SOE, The Tampa-based Corporation purchased by SKYTL in January 2012, supplies the electronic software which records, accounts, and reports the Votes of America in 26 states – 900 total jurisdictions across the nation
Good for you Mr. President.
How can they each contribute $40000 to campaign? Is campaign reimbusring for use of limo and all the extra people to it tonight? Might they needto let go of some of their money and pay the secretaries better?
I picked up my income taxes from my CPA a couple of weeks ago. I was informed I owed money for 2011. I had $5,000 in medical bills on my daughter who was treated for cancer in 2011, that I could not claim, because they weren't more than 7.5% of my gross income. My CPA informed me that I needed to have more held of my check because I was in the 15% tax bracket and was not paying in enough. Oh, and to make me feel better he informed me that I was in a higher tax bracket than Mitt Romney. My husband and I jointly make only $80,000 a year, we are not rich by any stretch of the imagination. You don't have to be a economist to know the tax system in this country is broke. You can claim 100% mortgage interest, but not 100% of medical bills out of pocket?
This lie needs to stop. If you look at the data, Obama cites the CRS report about the Buffett Rule, Obama is making a HUGE case about something very statistically small:
25% of millionaires (378,000 in number) pay lower tax rates than 10% of 104,000,000 middle class taxpayers.
That's a statistical occurrence of 0.0096% of middle class taxpayers who pay tax rates that exceed those of millionaires. By the way Obama is talking about it, you would think this is the way it is across the country. It's not. It's very rare. Don't fall for this junk.
More like the "buffet" rule, as in people pay more taxes so the fat cat cronies can eat it up
Expect the GOP/T party to fight against this with all sorts of lies and false data. They want the middle class to pay all the taxes while the republican millionaires and billionaires get away with paying 15% tax rate or ZERO taxes each year.
Cue the republican sheeple to come here and post what their Koch masters have told them to post
Why fight it with false data when the real data tells the story?
The Buffet Rule would bring in $4 billion more a year in revenue. This is enough to pay our debt interest for one day.
Don't believe the propaganda that it's about debt reduction... it's all about taxing the rich more.
TOM, YOU ARE VERY SIMPLE-MINDED. THE TAX REVENUES INCREASES BROUGHT BY THIS RULE WILL ALLOW US TO KEEP LOWERING TAXES FOR THE MIDDLE CLASS – WHICH CREATES ECONOMIC ACTIVTY AND GROWTH THUS RESULTING IN A MULTIPLIER EFFECT WHICH WILL INCREASE TAX REVENUES BY SIGNIFICANTLY MORE.
THINK, MY MAN, THINK!
It certainly would help wouldn't it? And while we're at it, cut the loop holes on Corporate Income Tax. Why a company like Apple, which rakes in profits to the Billions, pay no income tax while the average earners are paying at least 30%!
Tell me what's wrong w/ this picture! CLUELESS!
The point that many of you are missing, is that this claim of bringing in $4 Billion to help the deficit is great. $4 Billion to help fund the spending that we refuse to cut, but what we don't see, and what Obama will fail to tell us is what will happen by taxing $1millionaires at a rate 15% higher than they are used to, less return of spending in our economy, and less likely to grow their small businesses or create businesses, when their life savings/investments are being taxed at a higher rate than ever in the history of the U.S.....not a smart move....
It is important that The Buffet Rule passes, in order for us to help grow the economy. The Bush Tax Cuts help to cripple the economy in so many ways and is one of the main reason why the deficit is so big. America needs to stop protecting the wealth with all of these loop holes and tax breaks. The Buffet Rule is a great starting point. Millionares should be tax more in order to help with economic growth and decrease this deficit.
It is the way of the Dark Koch Sith lord masters to fight with lies and deceit. Evil is as evil does.
We have great examples from your current divisive and racist President.
How about we ALL pay the same rate with no deductions?
Stop believing that garbage. A very few pay 15% or nothing. The vast majority pay nearly 50% when Federal, State, local, real estate and other taxes are tallied. I speak from experience not theory as I sit here writing my check to Uncle Sam. It makes me want to vomit when I here people, our President especially that half my income isn't considered my fair share.
(currently, many do not because a majority of these people's income tends to derive from gains on investments, which are generally taxed at 15 percent)??? If Dear Leader Chairman MaObama wants 'Fair" then lets have the 50% who PAY NOTHING!!! start paying their "Fair Share"!!!!
* The top 1% pay more in taxes then the bottom 95%
* 50% of Americans pay no income taxes
* The top 1% pay 37.6% of all income taxes
* People who pay capital gains tax of 14% had already paid income tax on that money and will have a triple hit when they die on inheritence tax
So whats fair??? Why should some people pay more for the roads, schools and military then others???
They should pay more because they have more to lose, put greater strain on resources, and have more power and influence in the system.
Stop confusing me with facts! Obama sounds sooo nice! I don;t have to think!
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Fact: You are an idiot
Fact: The Bush tax cuts will have added over 8 trillion to the deficit by the end of Obama's term.
Fact: You are an idiot
raising the tax burden on joe millionaire is not going to put a single dime in the pocket of joe sixpack nor will it have any real impact on debt/deficit reduction. apparently the idea of "feel good" politics is more important to the WH than real solutions – you know, like those suggested by the president's own debt/deficit commission and then summarily dismissed by the president?
Love it when dems are presented with facts. They turn to the "idiot" card. I guess the only thing left is to play the race card.
What happened to work hard will bring you success. I don't ever recall my father saying "If you wait around long enough, people will take care of you." We are losing our work ethic because more people would rather have Mother Government pay for them than actually get out and do it for themselves.
That 8 trillion includes the tax breaks for everyone not just the wealthy. Are you volunteerting to go bacl to your pre-Bush tax rate? I didn't think so. Perhaps the idiot name calling hits closer to home than you think.
Um........bc.you facts are wrong. Sorry......
More hate from the left because has a different opinion. The all inclusive left, LOL!!!!
You forget to leave out that the top 1% own more than the bottom 99% combined in total wealth! How convienent. CLUELESS!
You are correct that he left out what they earn but you are incorrect on what you say the top 1% of income earners actually earn.
Top 1% earn 20% of all income earned while paying 37% to 40% of all taxes collected.
The bottome 50% of income earners pay NOTHING, thats 0% of taxes collected. Thats one out of every two working Americans paying absolutly nothing in taxes.
Of course the top 1% pay more. They profit that much more off of the backs of the lower and middle class. Example: Oil companies post RECORD PROFITS. So why is gas so high? Not because oil is in short supply or the supply is unstable – but because the oil tycoons want golden toilets, seat warmers in their vehicles and nannies to raise their kids. THe rest of us go out and work for minimum wage, or even $10.75 an hour, and a family with two working adults can't make ends meet. Paanut butter has gone up to $6 a jar, for goodness sake. That means it takes a minimum wage worker close to an hour to earn a jar of peanut butter! But no, let's feel sorry for the rich. You are right.
Exactly, people are so uninformed....I absolutely despise the language Barry uses to convey these messages to people; he describes the republicans tax cuts initiatives as spending, ITS NOT SPENDING IF ITS MONEY YOU DONT ALREADY HAVE!!!. He is so out of control it is not even funny, wants to spend and spend and spend for government programs that people are forced to rely on until it comes to a point that we either completely default or have to raise taxes, when that happens, the U.S. will be worth less than Greece...
Why? I would suggest that some people should pay more for schools, roads, etc. (i.e. pay for the upkeep and betterment of civilization) because they would not have earned that money had they not had a) less-well-off people working for them; and b) less-well-off people consuming the products/services that have made them rich. They would not have that wealth outside of society, thus they owe their power/money to society and have a responsibility to contribute to the well-being of those who already contributed to their (the millionaires') well being.
You're right about higher income workers paying into income tax at a much higher percentage.
Consider though, payroll tax is the other major federal revenue. (income tax something like 40% of fed revenue, payroll tax is about 35%).
Earned income credit is given to individuals who pay into payroll. People who receive paychecks, oppose to salary, pay into payroll every paycheck. In addition, since payroll dramatically effects employer scheduling and employee wages, many people on payroll has their hourly wage directly affected by payroll tax. Not to mention their options for benefits.
Hourly workers get hit a lot harder by payroll taxes than larger income individuals do. They shoulder the majority of payroll taxes. Just as larger income workers shoulder the majority of income taxes.
It's not an 'this group' vs 'that group' debate. That type of conversation leads nowhere, and left and right both need to arrive at that conclusion.
"it's not a this group, that group" tell it to BO.....
Our whole system has been based on this naive notion that what people make at the top will trickle down to their employees, which means more money to spend in the economy and into our infrastructure, and every one will live happily ever after... That may have worked in the 1950s and '60s, when businesses and the economy flourished, when the heads of the companies knew what it was to actually work for what they earned, when they didn't try to weasel their way out of paying taxes by exploiting loopholes in the law and shipping jobs over seas for cheap labor, when integrity wasn't something easily tossed aside for the sake of profit margins, and when they saw taking care of one's employees as standard business practice, instead of a corporate burden... Most of today's big businesses are run by 2nd or 3rd generation leaders who were either handed leadership by heredity or scholarly status; most never really worked for what they earn, and do not fully appreciate the needs of their employees or appreciate what it means to be able to work your way up in this country and fulfill "the American dream".
There would be no need for politicians like Obama to have to push for such measures if these corporations followed the example of 1940s business practices. I would rather the government not have to step in to "make things fair", but this is the reality we are stuck with. Corporate America has failed the country and the American people. Companies like Enron are prime example; they have only hurt our economy and made things more difficult for their employees (who make up middle and lower class mind you).
This is what our President is spending his time on????? Under best case scenario this will affect the budget by 1/3 of 1%. If the President were anything other than a populist, he would work on really solving the economic problems and get people back to work. He is no better than Chavez who gives people bags of rice right before an election.
Nevermind that I can't tell you where the stimuluas Trillion went – just give me more money.
This is not the first time that President Obama has pushed for this bill. There is no political agenda. It's logical.
Barry's Presidency has done absolutely nothing to teach, inspire & motivate Black People to do their fair share and move away from being Needy and Live Prosperous Life RATHER Barry is taking them back to Not So Good Old Slave Days.
Imagine you have a family that is on track to spend $50,000 more than they take in this year. One spouse realizes the direness of this situation and starts to suggest cutting back on housing, cars, shopping, going out to eat, etc. The other spouse says they found a way to save $15/month on the cable bill, that other spouse is President Obama, and the saving $15/month on a deficit of $50,000 is the equivalent effect the Buffett rule would actually have on the $1.3 trillion deficit we're currently running. Stop pandering to people who won't stop and do the math and start coming up with real solutions to this mounting crisis. It makes for a great speech Mr. President, which you're great at, but in reality it's a meaningless drop in the bucket.
Sorry, just a little confused. Some millionaires want the government to force them to pay more in taxes, but they have no problem forking over $40K for a dinner. If they want to part with their money so badly, why don't they just write a check directly to the Treasury?
Obama is pushing the 'Buffett Rule' under the guise of fairness. Everything needs to be fair...blah, blah, blah. Everyone deserves to have the same things, whether they work for them or not...blah, blah, blah.
Why, then, does Obama charge $40,000 per plate for access to his little party? That's certainly not fair. How many individuals can afford that? How about $40? Better yet, $4. Then everyone can attend.
There is no "rule".
A non-judge cannot make a rule of law.
This president is eclipsing the law once again.
Romney charges 1 million a plate and we don't hear you whining about that. In either case you shouldn't be crying about fundraisers and the cost of attending. Those are voluntary contributions and not forced like taxes. Go listen to Limbaugh and come back tomorrow with a better plan, troll.
He does not charge 1 million a plate! Make-stuff-up-much?
He does not charge 1 million a plate, but if he did you justify bad behavior by pointing to other bad behavior?
Assuming the Buffet rule goes into effect and those individuals do not move their business elsewhere, how do you propose to pay off the other $1.996 trillion?
But Obama does charge $100,000 per plate for his fund raisers
26 Major Corporations Paid No Corporate Income Tax For The Last Four Years, Despite Making Billions In Profits.
Corporate taxes in the U.S., contrary to the constant protestations of conservatives, are at a 40 year low, with many of the most profitable companies paying nothing at all. CTJ noted that “had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes.”
Citizens for Tax Justice found that 30 major corporations had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period!!
Corporations are not subject to the Buffet Rule. Next....
And everything these companies did was within the law. So talk to Congress.
Interesting point there Henry. Let me add to it. The JOB CZAR's company (GE) paid nothing! Nice example there, huh? In saying that he just took advantage of a tax law that NEITHER side has the interest or guts to change! So while Obama is blowing the horn, few realize just how muted that horn really is! Dems did nothing and neither has the GOP! So forgive me when I think all this chest pounding is simply theatrics!
As a business owner, I take advantage of every legal tax break allowable and I daresay you do also as an individual. For example, I built two 1.5 mega watt wind turbines in past year which will be almost free once tax credits are taken. Just taking advantage of those green credits you liberals want for me:)
I'm not Jerry or Howard but I'll take the bait...
"We have given trillions of dollars in tax cuts and don't mention the trillions spent on a war that we did not need."
You didn't "give" anything to anybody. As a result of the tax cuts the government "took" less from the person who earned it. But trust me, I understand that in your mind wealth is distributed, not earned. As for the trillions spent on the war, I guess you're okay with the failed war on poverty, medicare scams, useless stimuli packages, earmarks, cash-for-clunkers, ethanol subsidies, foreign aid, etc. Quite the selective outrage on government spending too much. So correct, no wonder the deficit (and national debt) are so high.
Everyone calm down. This all political posturing. Nothing is gonna change. You'll see.
So happy to have a president that actually makes sense!
I have a hard time accepting the “millionaire paid less than his secretary” logic. As a percent yes, but someone who made a million paid 15% that’s $150,000. At the same percent someone making 100k pays around 15k. It would take that person 10 years to match the millionaires one. Even if they double the taxes on millionaires we are not talking about a huge number, it wouldn’t even put a small dent in the deficit. The POTUS should be focusing on smart spending and a smaller government.
There is not a single thing that is constitutional about a man sitting in the Oval Office claiming that a billionaire is able to make laws or "rules" as if he were a judge.
Do you understand this, America?
This is an oligarchy of millionaires and billionaires and Mr. Obama in the center of it all.
Stand for this nation or they will own every single corner of it and do as they please.
Actually Lionel, the capital gains tax rate was extended by Obama, on December 17, 2010, so to blame that entirely on Bush is unreasonable. Also, Capital gains have been taxed at favorable rates since 1921, so this is really nothing too new. Most leaders want to give people incentives to invest and fund entrepenueurship. The volume of investments that people have would probably go down dramatically if investments were taxed at ordinary rates and then we'd have a WHOLE new problem on our hands.
The poor need to stop breeding like cockroaches and the government needs to stop rewarding them for doing it! It is not the American taxpayers obligation to pay for people's irresponsible breeding habits!
The only fair tax is a flat tax. Get rid of all the loop holes, deductions and earned income. Those 47% who don't pay any income tax will really be bitching then.
When dealing with the human nature, we want fairness, albeit we know life is simply not fair. I think the only way people won't complain is if the everyone was taxed the same rate no matter what status you are.
Type DerrickDuffie into your web browser to visit my website and learn about my new novel, Unfinished Business.
Work hard and you will get ahead is a tenet of the United States of America and something that anyone working in this country should completely understand. Working hard does not necessarily mean that you will be guaranteed a large income but working hard to support one's self and family is everyone's responsibility. In the spirit of the preceding statement I don't fully understand why we can't all pay in at the same tax rate. If I make a million and one dollars a year (please note that I make well below that) I shouldn't have to pay a higher percentage of tax than say someone making $75K (closer to the neighborhood of my own salary). I have the choice in this country to do what I will with the money I make: invest in stocks, bonds, mutual funds, the economy, and etc. What are the good reasons why those making less should pay a lower percentage and those making more should pay a higher percentage?
The Repugs argue that the "Buffet Tax" will only target a Priviledged Few and won't add to the tax coffers much.
Missing the point here. "Priviledged Few" is the key word. We have more zillionaires than any other country, and that is the priviledge. You wouldn't be able to live your oppulent liife style any where else on earth, let alone make that much money.
Time to Pony-up!
The only thing this will do is stifle competition.....
If equity is the goal, how 'bout we LOWER the secretaries' tax rate to 15% to make it equal to what the millionaires pay?. But the goal isn't equity. THE GOAL MORE REVENUE FOR THE GOERNMENT, LESS FREEDOM FOR US, THE PEOPLE!.
A question for Republicans....Are you happy payng higher taxes so a millionaires can pay less?
I pay much less (percentage-wise) than the average millionaire. So yes, I'm happy.
Wait till the teabagger/repubs learn that Ronald Reagan was the original Buffet Rule guy back in the day and pushed for this decades ago.
Watch the sheeple heads explode!
No, you don't Tom. People who earn less than millionares pay a higher tax rate, that is proven. So, you are either a liar, or an idiot. More than likely you are both, however.
This is 2012. Try to keep up!
The Tea Party people I know seem to be much more educated than most who post on this site. They keep up and they vote. That is why you crazy libs are so scared when you hear they are involved. It is kind of like the unions on the dems side, but Tea Party people don't get paid for their efforts. They do it becasue they think it is the right thing to do.
sheeple = BO blind supporters.
Republicans worship Oligarchy even if it means their own demise. The Wealthy are like Gods to them.
LOL – you should take up writing Hollywood screen plays.
You do understand BO, Pelosi, and many other DEMS in power are members of the 1% – right?
Obama will not lower your taxes either. He is only doing this because he embraces the 99% message and he thinks it will get him traction in the election. It is all smoke and mirrors, the middle class will again be the loosers in the end.
are you really that naieve?
When you say things like "higher taxes," I notice you never talk about raw dollars. 15% of a million is more than I make, let alone more than I pay.
That is a straw argument. We may as well have the 1% pay all the taxes so people like you can keep that class warfare going...
This is nothing but campaign hot air – ignore it.
Barry's presidency is going down in history as the most racist, class-warfare mongering, incompetent, ignorant nightmare we've ever had to suffer through. He must be very proud. He will certainly teach us all a lesson about voting from the heart instead of the head.
I hear Cuba is looking for a new leader. Obama's policies would certainly fit in there.
buffet does not take a real salary for an exec, come on obama, you are a total idiot if you cannot see the math
Work hard and you will get ahead is a tenet of the United States of America and something that anyone working in this country should completely understand. Working hard does not necessarily mean that you will be guaranteed a large income but working hard to support one's self and family is everyone's responsibility. In the spirit of the preceding statement I don't fully understand why we can't all pay in at the same tax rate. If I make a million and one dollars a year (please note that I make well below that) I shouldn't have to pay a higher percentage of tax than say someone making ~ $75K (closer to the neighborhood of my own salary).
Bush and his corporate wall street banker cronies made Mitt Romney's and his wealthy buddies a lower tax rate than working people struggling to get by. Obama is finally starting to do the right things and go after the billionaires and have them pay their fair share of taxes. You can't have oil baron wars of choice and lower the tax on the millionaires. Go Obama and stop the Oligarchy worshiping right wingers.
You have bought it hook, line, and sinker. Congratulations!
It appears so have you.
Man the barricades! Let one thousand flowers bloom! Religion is the opiate of the masses! Rise up – you have nothing to lose but your chains! You are just one big cliche, aren't you! What a good little parrot!
As George Harrison said, try thinking more if just for your own sake – Think for yourself!!
This is a serious question – is your income totally from the governmnet?
Yeah, why bother dealing with trillion dollar deficits or the trillions in unfunded obligations. Better to pass a bill that will affect less than 1000 people and won't reduce the debt by even a full percent.
Actually, it will only pay the interest on our debt for a day.
400 people according to the IRS
Fairness means you tax the rich in the name of the poor by promising to make the poor part of the middle class. What you get in return is making government employees part of the upper class (the GSA is literrally stuffing cash into their pockets) and the poor get trickle down entitlements.
The "Buffet Rule". Is that where you make tons of money and then stiff the IRS for $366 million while telling other people they need to pay more in taxes?
GOP REPUBLICAN BUSH GAVE MILLIONAIRESS TAX ADVANTAGE TRILLIONS AND DID NOT CREATE JOBS IN AMERICA. AMERICA ECONOMICAL COLLAPSED IN 2008. UN FAIRNESS TAX CUT DISASTER AMERICA. MIDDLE CLASS PAY 35 TO 40% AND RICH PAY 14%. UNNECESSARY SPENT TRILLIONS ON WARS CREATE HUGE DEFICIT. OIL PRICE SPIKE BECAUSE OF POLITICAL MOTIVATED. MIDDLE CLASS SUBSIDY GAVE TO OIL COMPANY GAVE THEM MORE RICH. MIDDLE CLASS EMPTY OUT IN POCKET. CORRUPTED POLITICIAN FULL OF MONEY IN POCKET DO NOT CARE OF AMERICA. WE PEOPLE OF UNITED NOW TO WAKE UP NEXT ELECTION BEFORE WE NEED TO INTRODUCE LOK PAL MEANS PEOPLE COURT BRING THEM LIKE CONMAN PEOPLE GET JUSTICE FROM THEM HAVE RAID IRS FIND BLACK MONEY THEY MAKE.
It's amazing to me that Republicans are fighting so hard to make sure that the rich never have to pay their fair share.
Buffett pays himself a very low salary compared to his peers. This is nothing but a tax avoidance scheme and CNN nor any Democrats ever call him out on it.
Capital gains tax is double taxation and thus not really fair. What Obama is pushing for is socialism.
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Look at your pay stub, they already have socialism. Obama is pushing for communism.
Realize Romney"s tax cut will add over 6 trillion to deficeit over 10 years according to 2 Bi-partisian groups. Where are we making up the difference
obama's disgrace of a presidency is already over..
The funny thing is that once Obama was done with his speech and CNN went back to the studio, one of the people there said the interesting thing about the tax is that it won't impact the middle class at all – not from an increase in jobs, nor decreasing their taxes. So, if it's just about fairness, that's fine, but the left shouldn't try to make this out as more than it is – and it's not very much.
His 2013 tax increases hit the middle income earner HARD
This rule would affect 400 people in the US and only raise 3 billion. What kind of morons doe this guy think we are ?
This ellection is going to be about Obama's "fairness" vs the US Citizen's"freedom".
Anyone who is for this is etiher uneducated or jealous of what others make.
On average millionaires in this country pay
In 2009 the average for a millionaire's household was 24.4% in 2011 it is expected to be 29.1. They keep using the top 400 richest people and how their rate in the 17-18% like Buffet. That is because the capital gains taxes are only 15%.
Taxing investaments more is a VERY BAD IDEA. I bet Obama the fool will try to get something passed where it raises it to 20% across the board. That would be a disaster.
He just using this to make the Republicans look bad anyway and alot of Americans are too stupid to see it.
He's pandering to the demographics of the party he represents.
Ian, you do not know how to think - NOT at all ! ! !
He's playing psychology on everyone. I don't believe anything he has to say.
his speeches are meant for the uneducated and unintelligent with the theory if you say something often and long enough people will believe. Latest is Axelrod out claiming American people are ready for more taxes
That's right, say anything to try and make the citizens forget your miserable record.
I have no problem paying more in taxes annually, if they (governement) stops spending it on stupid pork barrel crap
BINGO! I seriously doubt the spending would be cut though!
Simplify the tax code. Everyone pay the same percent no matter how much they make and problem solved. You make $100k (20% tax), you pay $20k for the year. You make $1k, you pay $200....etc. That is as fair as it gets! EVERYONE pays taxes no matter how much you make. If you are on gevernment assitance then you get ZERO return. No more getting back more than you paid. If you have one kid or thirty that is your responsibility and you are responsible for paying your share, no more child tax credits! Why should you make money for having children?
Obama's campaign now...attack you if you have money and are successful, because the rest of the country should be mediocre and living paycheck to paycheck, or living off of the government.
In the last 30 years 80% of the increase in after tax income has gone to the top 4%.
The class war is over. The rich won.
If you spent half as much time doing something industrious instead of wallowing in self pity, you could do something with your life.
80% of the people do not want to work, they want a vacation every other month like Obama, Take you kids and 13 of their friends to Mexico, at taxpayers expense...Love the Free Loaders like Obama.
That funny ... I thoguht nearly EVERYONE is better off than they were then. I don't give a flying flip how much richer the rich are, if it was not at my expense. Their money is not mine, and never was. What do I care how rich another man gets? What right have I to limit him just because he got far ahead of me? If he's STEALING from me, then that's another story – but that doesn't appear to be what you're addressing.
Another piece of shovel ready BS from the Terrorist-In-Chief.
Oh man, I must have missed my invitation to the President's meeting with the middle-class on how much we wanted to pay in taxes.
Those who make in excess of $1 million per year ALREADY pay 30-40% in taxes. This is what has single-handedly kept our country sustained. Answer me this: how much does an unemployed person pay in taxes? Exactly.
Moderator, please put your political bias aside, so the rest of us can perform our freedom of speech.
I hate to break it to you, but this is exactly why Obama will lose his re-election bid. You're acting like a child. Typical. I speak for the majority, so come see me later for a hanky, to wipe those tears.
What's with the American flag? The Buffett rule is anything but American.
Government spending as a percentage of GDP is the same now as when Reagan was in office....23%. But since the financial crisis in 2008, revenues as a share of GDP have hit 60-year lows, coming in at around 15%. And yet the Republicans signed the Grover Norquist "tax pledge" not to raise taxes.
Grover Norquist is the man who is destroying America.
It is even WORSE than Buffett claims ! ! !
Consider that the person living at the economic edge - not a single penny to spare - pays taxes at an INFINITE rate the moment he pays a sales tax. . (Rate = Tax/Zero).
The Consies, of course, do NOT understand any but their OWN warped ideas !
"Bush and his corporate wall street banker cronies made Mitt Romney's and his wealthy buddies a lower tax rate than working people struggling to get by. Obama is finally starting to do the right things and go after the billionaires and have them pay their fair share of taxes. You can't have oil baron wars of choice and lower the tax on the millionaires. Go Obama and stop the Oligarchy worshiping right wingers."
Wall street funneled more money to Obama in the last election than to McCain and GWB has been out of office for 3+ years. Wake up Henry, I know time moves more slowing in a pot infused high but 3 years dude !?
Call me crazy but instead of taxing people at higher rates, or claiming its unfair for people to be successful, why don't we just start taxing those who pay NO TAXES. Let's legalize those who are illegal, instead of having them leach of everyone us, don't deport just tax like we should have been doing YEARS ago. Politics isn't about fixing problems, it's about blaming someone else long enough to make everyone forget who's problem it really was. Stop the blaming and start taxing those who aren't already.
okay let me get this straight, warren buffett is behind on taxes by 5 billion literally but wants everyone else to pay? give me a break, cut spending washington d.c. redistribution of wealth.
"Trillions of dollars in Bush tax cuts for the top 1% millionaire billionaires and 2 un-needed Republican oil baron wars unpaid for. You cannot Engage in wars of choice for natural resources(oil and gas) and then cut the Taxes on the wealthy. It turned a Record Clinton surplus into a complete deficit in the trillions. The Wealthy bankers were bailed out and had their taxes lowered like Romney and we the working american people got the shaft. To top it all off you and your right wing people want to worship this exploitative imperial oligarchy as your heroes. Yuck!"
still crying over President Bush eh? this is o'buttheads problem and talk about dropping the ball...hahaha
How can you not see this as Bush's problem? When the Repubs took over in 2001 they spent like drunken sailors, all approved by the Bush admin. They talk about lowering spending but when they get into office they spend, spend, spend then reduce taxes and regulations on the rich.
If you don't think the main goal of the R party has been to convince the average American to make the rich richer at the expense of the middle class you haven't been awake.
Obama has ruined the middle class, now he's working on doing the same to the upper class...who are the ones that create jobs. He's going to cause a bigger depression than this country has ever seen. He needs to focus on his wasteful spending. He is the one that has spent more money than all presidents combined. He's the one that said he wouldn't sign anything into law that would cost taxpayers a dime. Fill your pantry, stock up on water, fuel (if you can afford it) and everything else because the big day is coming. He's a big liar.
Isn't that the truth. Sometimes I think moving to a different country and becoming a citizen where everyone pays a flat tax (less than what I'm paying now...) would be better. But then again, the grass always looks greener on the other side.
Hey Mr. Obama, YOUR so called Buffet Rule will NOT work. To think so and continuing to try and fool the American populace is sheer lying and stupidity. I am REALLY hopeful that most Americans will be able to see through your smoke and mirrors. One can only hope. Right?!
they see it...obam is finished and we (and he) know it.
The problem is , that you might hate the "raising taxes" words, but if we will continue with what we have now, our deficit will grow up to 4 trillion and if we will go with Ryan's (cut even more taxes ) it will take us to 6 trillion, its like healing wound by punching in to it. Sure they will "try" to balance the badged by cutting social programs, like job training, schools, and many more things that we use to take for granted, without touching the 'job creators", but if you cut "job training, who will employ you? Job creators? So if you a "true"conservative that can't sleep because of National debt, you really have to look at it (even if you REALLY don't want to).
Why is it so hard for the left wingers to understand that Buffett pays the same rate of taxes on earned income as his secretary or anyone else. He pays the capital gains rate on all income from investments that any of you that have any holding in the stock market pays. So don't you think it is time for obama to start telling the truth and for those that want to tax everyone that is successful to take a second breath?
do you really think obama will ever tell the truth about anything...he is liar to the bone..fraud-in-chief.
The funniest thing that these are the guys that cant sleep because of National debt. Obama must be a liar because who would believe that this country become such a "doesn't make any-sense" land any more?
Then why is Buffet saying this is not true?
Is he a dummy?
I have a question. If Warren Buffet is so concerned about what his secretary pays in taxes, why not pay her more money to even things ouy?
and people actually believe this will solve our problems... obama gave GM a sweetheart deal from a tax perspective unprecedented in our history....Ford just opened a factory in Mexico GM opened one two years ago.... Howabout just keeping jobs in America? Tax the producers and watch them leave...just take a look at California...in 2006 40% paid NO taxes and millions paid little...and the shakers and movers are leaving in groves..they are getting their butts taxed off! This is all obama election pandering, he just has no clue as to what he is doing. obama has spent his life taking from the tax payer, rebel rousing and all for obama power.
This is just an ugly attempt to further class warfare, and for what? As pointed out, the few billion it will raise, compared to the over a trillion per year spending, won't do anything at all to alleviate any part of the debt. Obama needs to quit giving taxpayer money away to his cronies in green energy scams. We need a tax reform bill, overall, not an additional tax on a few.
Reagan is always mentioned by the GOP...but Reagan taxed the Capital Gains at the Same Rate as a working mans paycheck...Why are the GOP forgetting that?????...Even Reagan believed the Capital Gains should be the same rate as other incomes..
Reagan would never even get a nomination for the Republican party nowdays. Republicans should be ashamed.
study the spending under JFK and LBJ and you will soon (Idoubt it though) understand why Regan did what he did....and we are there again...much much worse. Bush failed to stop this mess and now we need someone who will and it aint marxist obama.
Because during his administration the top marginal rate went from 69% to 28%.
Employment rates stayed essentially the same. So much for lowering tax rates on the rich creating jobs. Not true.
Marxist Obama...wow you guys have so many things to call Obama..it never stops does it...but showing support for the worker class is not being a Marxist Lenin Communist, Teddy Roosevelt was a big fan of supporting the workers against the ultra wealthy..those players of the stock market that earned their money with out working hard for it...
Teddy Roosevelt said capital gains taxes should be high relative to income taxes because we should reward work, not "gambling in stocks."
SO you are calling Teddy Roosevelt a Marxist too......
Obama is nothing more than a class and race baiting poverty pimp.
He does not envision people bettering themselves without the help of Government. Instead he sees people as incapable and thinks that they must keep their station in life.
even things out? Sorry.
I see that the "Trailer-Park Republicans" are out in force this morning ! ! !
A SAD bunch, they are !
Wouldn't the US Fed Gov save trillions of US tax-dollars if the crazies in DC stopped starting wars in 3rd world countries?
Wouldn't the US Fed Gov save trillions of US tax-dollars if the crazies in DC didn't have a military budget that was greater than the rest of the world's combined?
When will secretaries start hiring ?
Funny thing is, I would bet the vast majority of people arguing for/against the Buffett rule on this board will not be impacted by it at all. I sure as heck wont. I'm by no means a political or economics expert, but it seems to me that it may not solve our deficit problems, but it sounds like it will help. I read some good argemuents for and against, but those people arguing "nay" just because the big elephant tells you to don't deserve to have a vote.
Yes go with Buffett rule tax more on rich and give to the poor, the por don't have to work and jsut sitting on the couch and waiting for goverment's check.
Reblogged this on drunkenirishlad.
it is truly amazing that there are those who keep whining about the 'entitlements' of the poor for receiving 2k a year for foodstamps while they endorse further 'tax breaks & incentives' to those who have. And while they speak ill of the family which is just trying to eat and want to do away with all these 'entitlements' to the poor... do they also mean that the government should do away with the money THEY receive back from the government in ENTITLEMENTS re:
Home Ownership –
which entitles the homeowner to receive a check back from the govn – approx 10k to 15k a year?
How much do they receive back in Entitlements for their car – dry cleaning – suit – how about we just add up all the itemized deductions and entitlements they receive and try and subtract it from the 2k a year for they family
that wants to feed their family eh?
Many of the people collecting food stamps also work under the table or are involved in crime (such as selling drugs). Get out of your ivory tower and open your eyes. Many of those people COULD WORK but don't because they can live off the TAXPAYERS. We cannot affort 46 million on foods stamps and all of the other government waste.
15% tax on Capital Gains is nothing. Wall street is nothing more than the richest Casino in the world. Reality check: The Billionaire who does pay only 15 % DOES NOT invest in Hospitals, Schools or Infrastructure for this country. Worse yet, the money doesn't even stay in this country!
The New York Lottery is taxed (Fed & State) as Ordinary income. It's not EARNED, just like Capital Gains. But, if I get lucky with my one-dollar investment
i pay 24%.
This IS about being fair. Besides, it will make te 95% of us feel better who can't use the Tax Loopholes the Rich have paid for.
The "buffet" rule, taxpayers pay more while BO's cronies and buddies feast...
Both a divisive and racial President. He has to go in November or we are toast.
Not familiar with Buffett-Rule. Is that like the all-you-can-eat buffet at that super-sweet government conference in Vegas?
Obama is the most dishonest President ever. He is spreading the wealth. He wanted to do this plan even before he knew who Warren Buffett was. If Buffett is foolish enough and he is, to want to send this spend-aholic more money then go ahead, but don't take from the wealthy and give to the poor. This is not at all what this great Country is about. Obama is a very very dangerous man and can not be re-elected because he will ruin this Country for years and years and years. He has to go! Take as look at how much damage he has already done in his first term and can you imagine what he will do if he were to be re-elected. It's scary!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Reagan was the most dishonest president ever. Almost every day the White House came out with releases explaining what Reagan said the day before. The Reagan admin lied about everything pathalogically.
He lied about Iran Contra. He lied about the situation in Nicaragua. Remember that little island we invaded called Grenada? Remember Noriega? Lies, lies and more lies. Oliver North, one of history's great liars.
When the White House chef was asked what the Reagans' favorite dish was he said it was artichoke and crabmeat casserole. Panicked that they would seem elite, the next day Mommy came out and said that that wasn't true and that their favorite dish was macaroni and cheese. It was all so obvious.
raising the tax burden on joe millionaire is not going to put a single dime in the pocket of joe sixpack nor will it have any real impact on debt/deficit reduction. apparently the idea of "feel good" politics is more important to the WH than real solutions – you know, like those suggested by the president's own debt/deficit commission and then summarily dismissed by the president?
Obama the Pied Piper is merely blowing his horn to distract the progressively mindless children from their impending distruction.
He's grasping at straws to get votes...well, there are going to be 2 from this household that he will not get.
As and Independent, I am left with questions for each side of the aisle (based on all of the intense posts above).
To the right: Buffet supports this rule; he is probably one of the most successful capitalists in history. How can you square those two facts when you claim this is socialism, etc.? Also, even if this tax lowers the interest on our deficit by one day, isn't that better than no days?
To the left: You don't seem to address the issue of the behemoth that is government – shouldn't you be advocating for an overhaul of the entire tax system to make the taxes even across the board? Simply put, if fairness is your main concern, how can you square advocating for an increase in taxes on the wealthy without addressing the fact that the wealthy in general pay a higher percentage of their wealth in taxes?
Caveat – I am undecided, but I definitely respect Ron Paul for his honesty and his refusal to take the gross allowances for health care and pension alotted to members of Congress since he believes in smaller government.
Forget percentages, i'm so tired of that argument. Who paid more TAXES, Buffet or his Secretary? And by how much? And Romney made his money lately on investments...which the law says he pays 15% on. I'm an independent, not a "right winger" .... but there's such a lack of common sense and too much political BS nowdays....it's sickening.
Everyone pays taxes on wages with the tax rate going higher as income goes higher – the only exception that lower income and folks on the dole pay no Federal Income Tax. What Obama is upset about is the 15% tax rate on long term Capital gains – income from investments like stocks that is the same for everyone. Capital gains has always been taxed lower to encourage people to take the risk and invest in the economy. When the economy grows it is better for all – including increased tax revenue for the government. If you raise the Capital Gain tax to 30% you give less incentive to invest and more reason to hide income and investments. Not to mention the government is taking additional money away from the private investment pool with more taxes. If this was part of a actual detailed budget paln that balanced the U.S. budget in a few years and then paid down the debt – maybe it could get enough support. But there is no plan at all to do anything much about deficits, debt or run away spending – but endless current entitlement obiligations and new ways for government to spend money. We need a real plan – not a political speech or useless "plan" that has zero chance of helping or getting passed.
Get ready for the market to tank again today, Obama is speaking...
Get ready for the market to ta nk again today, Oba ma is speaking..
Get ready for the ma rket to t a nk again today, Obama is spe aking..
WORST PRESIDENT EVER!
The top 1% pay 37% of the Federal Income Tax (FIT)
The top 10% pay 70% of all FIT
The bottom 50% pay 2% of all FIT
And Obama wants to make the system more fair for the poor?
The left needs to give it a rest. This system is immoral!
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Read more: http://www.foxnews.com/politics/2012/04/11/obama-returns-to-pitch-for-buffett-rule-tax/?test=latestnews#comment#ixzz1rk0yXZCE
I love all of these CLUELESS rightwingers who make less than 100K a year yet they continue to vote GOP, against their own economic interests among other thing!
Get a copy of Thomas Frank “What's The Matter With Kansas” and open up your eyes GOPers! Borrow from the library if you have to!
You don't have to be rich to smell class warfare.
Since when is fighting for the solvency of our country against our interests?
It is how it is done my dear.
The biggest spending that I see is the military spending and the wars! Yet no GOP wants to deal w/ this. All they want to do is use this to make cuts to SS, Medicare, Medicaid, anything that is for the Public Good!
That is the core of each party! There is more than enough waste in each program. So as much as you condemn the GOP for military spending, when are you going to address the pork laden spending on social programs? After all, we are takling about FAIRNESS, right?
America, the land of Opportunity.... Not the land of wealth redistribution ....
Giving more money to this government is like giving another credit card to your wayward teen who maxed out the other 15 you gave him, 15 trillion in debt and climbing and having to borrow 40 cents on every dollar spent is a road to disaster..... But Obama likes crisis.....Where are the CUTS and the revamping of the tax system that Buffet favors.... Huh??
We need more wet backs and social programs, refunds for non taxpayers.
Kill all investors, and elevate the poor, we do not need workers, only poor people that will vote for social programs.
Kill the rich,
Buffet pays no taxes, Obama chose the rail road over the pipe line, more expensive but make for a good part..
My comment is awaiting moderation. Doesn't anyone work at CNN?
Maybe Obama should rent a tent like a traveling preacher and hold revival meetings around the country pitching his "fairness" religion. Hopefully he found enough liberal millionaires to fill the seats in his side show today. Want to bet they all paid thousands to be at his evening fundraiser?
And your point is?
That people who hate the R party and what they have done to this country (and the world) all have to be drooling, tree house living liberals? Can't liberals have money? Does it skittle your brain to think that people with money can want fairness?
Obama seems to be upset about FDR's ponzi making the Federal tax so very regressive. Raising taxes on the rich does nothing to fix the Democratic induced unfairness, but it does play well to fools. Especially when we consider that nearly all of the 1% are Democrats and know that Democrats are not going to change things.
Can you hear me?
Everyone blamed bush when gas prices went up. Why aren't we blaming Obama?
Ya because our founding fathers wanted the Buffet Rule,,, pleeeeze ,,,, Romney 2012!
Pushing the Buffet rules is a clever way of diverting the attention of the average American citizen from focusing on the real and serious issues that now face this county. High unemployment; Disastrous wars in two foreign countries – where we should no longer be; a 15 trillion dollar national debt; continued outsourcing of American jobs; thousands of returning veterans that cannot find jobs; foreign policy initiatives that are essentially at a standstill; Congressional partisanship that splinters positive initiatives in Congress. A war on our southern border which we are losing. Need I say more. We need new inspired and honest leadership and we need it in November if that is the earliest date we can regain it!
Why is it fair that someone pays less taxes than another person ? If you want it to be fair why no everyone pay the same amount of taxes ? No percentage of income but a total amount. How about all the Americans that don't pay any federal income taxes? How is that fair?
This is the most ridiculous president in the history of the United States. He is now wasting taxpayers money to fly millionaires and their secrataries to the White House to use as campaign tools. I am sick to my stomach. First Solyndra, then the GSA, now look what he is doing. Wouldn't you think he has more pressing problems that face the United States. If he doesn't want to do the job Americans elected him to do I'm sure he would be eligible for unemployment benefits. He is now using the White House for campaigning just like he did last week with the women's conference.
You want to know why we have racial incidents,,why we have OWS? Because we have Thief in chief that promotes it...just like Hitler did,,,promote the US vs Them, and the masses will forget all about what he is doing. Distraction, misdirection and just blang dumb lies. As stated Berkshire, has been in court for almost two years fighting tax assesments levied by the IRS. If Buffett wants to do the "right thing" PAY YOUR DAMN TAXES!.
This lying SO/SO,,has squandered more financial capital..Solyndra..GM...GE...1st Energy..on and on and on. Most people forget that in Feb 2009, one month after his inaguration, he hired 250,000 federal employees Carte Blanche,,to try and offset the monthly employment numbers. Now we are STUCK with all these extra bodies,,and the associated salaries. Thanks OBUMMER! You are such a swell guy. How about you and your KIN stop taking vacation a month club? Since Jan his people have been to Mexico, Hawaii, Las Vegas, South Dakota,,etc etc etc. We sent 25 secret service agents to mexico to escort the daughter on spring break..are you kidding ?????? And he wants to blame BUSH?
Show me a democrat and I'll show you a liar.
Giving tax breaks to the rich does NOT stimulate the economy. It does not create jobs. Liberals do not want the government to hand money to everybody. Asking the rich to pay the same taxes as working people is not Marxist nor socialist nor liberal.
If you watch Fox 'News' all day you will start to believe these lies, put out there everyday by the ultra-rich and those who feed off of them.
I am politically liberal and I believe in the value of hard work, honesty, fairness, morality and religion. And I am not alone. I believe there should be a safety net for those Americans who situation could make them destitute. I want cheaters to be prosecuted.
I want everyone to pay the same share of taxes. I want the air that I breathe, the water that I drink and the streets I drive on to be clean.
I want my children to live in a country where they can choose what religion to follow. Where the citizens are protected from government and police power, while being served by the government and police.
I want war to be THE last resort, not a weapon of diplomacy.
And I want the voices of the average American to drown out the screams of the right and the left.
If these positions make me seem evil to you then I think you are twisted.
the 1600 Report? CNN's campaign contribution to Obama.
Why does CNN not mention that this tax increase would generate less than $5 billion in revenue?
Why does CNN not mention that even the liberal FactCheck.org has debunked the myth that Buffett's secretary pays more in taxes than Warren?
CNN edits stories like NBC edited the Trayvon transcripts.
Because it doesn't fit into their agenda. I bet if all politicians went without a paycheck one month out of every year, and they applied that amount to the deficit, we would see more of a reduction than the extra taxes would bring in. What is going to happen is that the rich are going to start moving their money around in ways that make their income to be taxes at a lesser amount.
DOTUS is trying to fool you just like they did in Japan and England with a VAT tax increase AFTER they taxed the hell out of the "rich" and bled them dry. Only to realize that the monies being brought in by the RICH was not enough to sustain the SPENDING these countries continued in their budgets. Maryland, Calif, NY...you feel it now already....who are the y taxing after the millionaires left? The middle-class.....People who buy his slimy rhetoric and economic killing policies need to be on a ship with him OUT of this GREAT country before they kill us all
Penalize success, and reward those who contribute nothing, and they call it "fair." LOL
The Super Bowl champions, and all playoff teams should have to play next season with only 10 players on the field to make it "fair."
The teams that made the playoffs in baseball should have to play with shorter bats to make it "fair."
No 3 point line for NBA playoff teams to make it "fair."
This administration is the most divisive in history!
Guess what happens to the most successful teams in sports in the draft? They pick LAST in order to level the playing field. Fool.
You are the fool if you think taking from others is going to help you!
Bet you loved getting that ribbon for "participating" when you came in last! Loser!!!
No they don't... they trade for higher pics.
Sports players selections are supposed to mirror this situation? WOW!
Some will find all kinds of angles and analysis to fit whatever delusion they have I guess.
Shouldn't successful NFL teams be outraged that they are being "punished for their success" in the draft? They aren't because having a league run like our country would be the end of the league. The NFL thrives because of "socialist" policies.
The delusional are those who think penalizing someone else will be good for themselves!
I love how your trying to portray rich people having to pay their fair shair is somehow a victim!
12 teams have won 38 of 46 Super Bowls, what does that tell ya?
3lutx3toe – Who determines "fair share".
How much or what % do you think is their "fair share"?
Why don't we ask the 47% that pay no tax to "pay their fair share"?
The Government is going to have to raise taxes. However, the first thing they need to do is bring their benefits in line with the people they are suppose to represent. Change medicial insurance, dental insurance, retirement benefits or lack of retirement benefits. Once they leave this job of representation they don't get paid their salaries anymore. Last but not least limit terms. This Government was not set up to have people become career politician, this is where the corruption starts.
Wake up America. This is what Barak Obama is all about. He is a Marxist. Class warfare is his favorite game. Take from the wealthy, give to the poor. Ever growing government entitlements. Ever growing federal government.
What will really end up happening is that the middle class, once again, will be hit the most when it comes to taxes. When we were young, my spouse and I were both in the military. We struggled, didn't qualify for any assistance, but we found a way to make ends meet. We both worked very hard to get an education, all while working and raising a family. Now that we have bettered ourselves, the govt wants to make us look like we have an unfair advantage and need to share what we have earned. We are not rich, but we fall in the middle class range, which means we pay the brunt of the taxes. When I hear that a millionaire pays less income taxes than I do, it just burns my butt! It also burns my butt that there are people out there who will continue to take a handout and not better their own situation; I call that lazy.
This is pure showmanship – everyone knows that socking more taxes on the wealthy will not put the slightest dent in Obama's deficit spending. everyone also knows that the reason the wealthy (or anyone else for that matter) may pay a lower tax rate is because much of their income comes from lower capital gains taxes on investments. what is less talked about is what losses to investment would we see if investors realize less return through taxes? how will the loss of investment affect jobs and the little man? for obama – it is a symbolic class warfare strike designed to create the image he is "for the people" and against "wall street". however, we should all know that the people and wall street are married together – their jobs, their pensions, their ira's, 401K's and entrepreneurial aspirations are all tied to wall street and investment money.
He is trying to fool you just like they did in Japan and England with a VAT tax increase AFTER they taxed the hell out of the "rich" and bled them dry. Only to realize that the monies being brought in by the RICH was not enough to sustain the SPENDING these countries continued in their budgets. Maryland, Calif, NY...you feel it now already....who are the y taxing after the millionaires left? The middle-class.....People who buy his slimy rhetoric and economic killing policies need to be on a ship with him OUT of this GREAT country before they kill us all
I can't understand why some of these people are so greedy. If you have a net worth of about $10M and invest in conservative investments, you should be able to live comfortably without having to work the rest of your life.
Dear Mr. Mooney, you said "making north of $1 million"... if this is salary, you are correct. But, most super rich are not concerned with salary; it's net worth, which has nothing to do with them paying more taxes.... Further, Buffet and others can opt to pay more taxes now... they merely check the 1040 box "Do you want to pay more"... But, that doesn't get media attention for the Prez's campaign...
Why do republicans fight tooth and nail against their own interests for a class of people they do not belong in and never will?
What do you mean? Can you explain some more?
Why do you construct strawmen to argue?
While I'm not rich, here is my though:
Today the rich! Tomorrow YOU! I may be wrong but who knows?
That's just scare tactics that have been propagadized very well by the GOP machine and those gullible enough have been fooled for too long now! Wake up folks!
We will see!
Steveo, you'll never get the takers to listen to common sense!
3 lutz3toe – so the people not in power are scaring you?
Like I said before, read Thomas Frank What's The Matter With Kansas and you'll understand why. He traces solid Bluecollar working towns that used to vote Dems but slowly change to voting GOP, against their own economic interests.
All due to the GOP propaganda machine trumpeting the 3 big fears, Religions, Race, and Guns! (Another word, most of these fears are culture wars and not economic ones.)
Then why isn't Obama touting the fact that Buffet's companies owe back taxes, and they are sueing the IRS to avoid paying them? Why doesn't Obama mention the potential 100's of millions Buffet could make if the Keystone XL doesn't go through?
Why, because suckers like you believe anything, without giving it any thought!
Secretaries pay the same tax rate on capital gains as everyone else.
The article says "Obama will meet with millionaires who are bringing their secretaries in tow". Who idea was this meeting? Are the millionaires there because they want to be, or because they were invited and can't say no? Do they actually SUPPORT the Buffett Rule? Seems unlikely; Warren Buffett is exception here.
Furthermore, I would assume that the tax rate on investment income was set low purposely, to encourage investment! So ... wouldn't this rule discourage it? Won't that kill jobs? I'm no genius, but that sounds like a bad idea. "Economic fairness" be damned. Obama has no idea what he is doing.
OBAMA you are AMAZING.................you say that everyone should have the SAME OPPORTUNITIES as the WEALTHY............do you know the ONLY THING THAT STANDS IN THEIR WAY ARE the RULES AND REGULATIONS OF THE FEDERAL GOVERNMENT??? And your proposed TAX INCREASES in 2013 will hit an income earner of $150,000. NOT just the wealthy....................why don't you FESS UP to Americans that you don't have a JOBS CREATION PLAN that would boost America's bottom line for tax collection. Also, you will collect 0.5% from the wealthy and that won't put a DENT in this years 1.2 trllion deficit.
And why doesn't he encourage those who are "poor" to take advantage of schooling in order to better themselves? Oh, wait, that wouldn't get him votes...what was I thinking...
Is this going to make the tax system fair? No! Will the rich pay more? Absolutely not! Will anyone benefit from this or become middle class as a result? Uh uh! Who will benefit? Probably the rich because they control government and they always will. Obama says that somebody may say this is "a gimmick .... I agree."
CNN refuses to post all comments with the word "Marxist" in it. An apparent attempt to pull the wool over the American people eyes regarding our president and his agenda.
You have no idea what it is even if you read on Wikipedia!
Boy, w/ all those whining about taxing investments is doom this and doom that. If that were the case. The country would have collapsed along ago because before Reagan, wasn't Capital gains taxed just as much or more than Income?
CLUELESS again. And stop watching FauxNews for your own good please!
Higher capitol gains taxes has always resulted in less revenue to the government. It's a fact.
Many liberals do not understand counter-intuitive realities.
3luz3toe – what is your issue with Fox News? At least once a day someone like you posts anti-Fox stuff with NOTHING TO BACK IT UP. I try to call them on it every time, and guess what. They never come up with anything valid. We had one yesterday that posted back to me who quoted a story from 20 years ago that wasn't even about Fox as their example of how bad Fox is. Fox is much better than MSDNC and even CNN these days. Never mind the so called main stream media that doctors tapes before they air them.
Oh boy, if you had to ask what's the issue w/ Faux News then I'd have to say NO COMMENT!
HERE U GO:
Content analysis studies
The Project on Excellence in Journalism report in 2006 showed that 68 percent of Fox cable stories contained personal opinions, as compared to MSNBC at 27 percent and CNN at 4 percent. The "content analysis" portion of their 2005 report also concluded that "Fox was measurably more one-sided than the other networks, and Fox journalists were more opinionated on the air."
The documentary Outfoxed: Rupert Murdoch's War on Journalism claims that Fox reporters and anchors, rather than citing an anonymous source in order to advance a storyline, use the phrase "some people say" to include unattributed conservative opinion and commentary into reports. In the film, Media Matters for America president David Brock noted that some shows, like Fox's evening news program, Special Report with Brit Hume, tend to exhibit editorializing attitudes and behavior when on the air.
A 2006 University of California, Berkeley study cited that there was a correlation between the presence of the Fox News Channel in cable markets and increases in Republican votes in those markets.
Studies of reporting bias
In a 2006 academic content analysis of election news, Rasmussen Reports showed that coverage at ABC, CBS, and NBC was more favorable toward Kerry than Bush, while coverage at Fox News Channel were more favorable toward Bush.
A study published in November 2005 by Tim Groseclose, a professor of political science at UCLA, comparing political bias from such news outlets as the New York Times, USA Today, the Drudge Report, the Los Angeles Times, and Fox News’ Special Report, concluded "all of the news outlets we examine, except Fox News’ Special Report and the Washington Times, received scores to the left of the average member of Congress." In particular, Fox News' Special Report with Brit Hume had an Americans for Democratic Action rating that was right of the political center. Groseclose used the number of times a host cited a particular think tank on his or her program and compared it with the number of times a member of the U.S. Congress cited a think tank, correlating that with the politician's Americans for Democratic Action rating.
Geoff Nunberg, a professor of linguistics at UC Berkeley and a National Public Radio commentator, criticized the methodology of the study and labeled its conclusions invalid. He pointed to what he saw as a Groseclose's reliance on interpretations of facts and data that were taken from sources that were not, in his view, credible. Groseclose and Professor Jeff Milyo rebutted, saying Nunberg "shows a gross misunderstanding [of] our statistical method and the actual assumptions upon which it relies." Mark Liberman (a professor of Computer Science and the Director of Linguistic Data Consortium at the University of Pennsylvania), who helped post Groseclose and Milyo's rebuttal, later posted how the statistical methods used to calculate this bias pose faults. Mark concluded "that many if not most of the complaints directed against G&M are motivated in part by ideological disagreement — just as much of the praise for their work is motivated by ideological agreement. It would be nice if there were a less politically fraught body of data on which such modeling exercises could be explored."
A December 2007 study/examination by Robert Lichter of a self-described nonpartisan media watchdog group, the Center for Media and Public Affairs found that Fox News's evaluations of all of the 2008 Democratic presidential candidates combined was 51% positive and 49% negative, while the network's evaluations of the Republican presidential candidates 51% negative and 49% positive. The study, however, did find that Fox's coverage was less negative toward Republican candidates than the coverage of broadcast networks.
Why is BHO's idea always a push?
You people just don't get it.
1. Warren Buffett wanted all corporations but HIS to pay a 30 % Tax.
2. The northering leg of the Keystone Pipeline was but on hold by OBAMA so Warren Buffett could ship oil by rail
Wonder what that cost Warren ???????????????
3. Remember folks Warren bought controlling interest in Burrington Northern Railroad so he could ship this oil.
4. Remember when Warren played his little song to China " I've been working on the Railroad" ........ Think Back .... you bet Warren's been working on the Railroad ( To Own It ).
5. Brother OBAMA has been bought and paid for FOLKS !!!!!!!!!!!!!!!!!!
The item that is being left out of President Obama's proposal is the reality that his tax hikes would bring. According to the numbers they want to increase taxes on the wealthy to bring in an additional $4.7 billion in tax revenue. But the reality is that the government can only tax income and are assuming that the wealthy will continue to invest at this higer tax rate which isn't realistic. The bottom line is the wealthy will pull back on their investments and sit on the cash. Or at least that is historically what takes place. This isn't a solution, its a gimic. I don't care if its Democrats or Republicans but they need to figure out a solution that will actually work. In my opinion it is better to motivate rather than threaten and divide. Find a way to motivate corporations and the wealthy into increasing wages, hiring and increased investments so we have true economic growth.
There would be no need for politicians like Obama to have to push for such measures if these corporations followed the example of 1940s business practices. I would rather the government not have to step in to "make things fair", but this is the reality we are stuck with. Corporate America has failed the country and the American people. Companies like Enron are prime example; they have only hurt our economy and made things more difficult for their employees (who make up the middle and lower classes mind you)..
Why does obozo play the class warfare game? That's what he learned as a community organizer. And his voter base which is mostly uneducated just believes everything he says.
He appointed a debt commission a couple of years ago and has totally ignored everything they suggested. All he wants to do is raise taxes and not cut spending. We can't vote him out soon enough.
You sound like a Socialist who do not want to pay your fare share. Why should the 1% get a Govt handout from the American people. Tell you what let us turn things around and let the Middle Class pay at a 15% rate and the 1% at a 30% rate. I bet you would be singing a different tune. You are greedy along with the 1% who do not believe in fairness. In the 1950's the tax rate was 90% for the 1%. You really are out of touch....
I guarantee you Buffet won't be affected by his own rule. The reason he was able to say what he said...you know the propaganda: 'My secretary pays less than I do"...was that he only pays himself about $80,000. Less that what his secretary makes. The REST of his money is PROTECTED by deductions and legal means of avoiding taxes. Duhhhh!!!!! And, you, CNN, and the rest of the lap-dog media expect those of us who actually THINK about things, to buy your lies. Obama and the Dems and people like Buffett do not want a FAIR FLAT tax. They know then that there would TRULY be some FAIRNESS in all this. Do you know how much this "Buffet Crap" might raise: About $5 billion. That's all. If you just cut about 1% from all government programs (ALL of them, mind you!), you could save about $130 Billion. Since a lot of you probably can't do simply math, that's about 26 TIMES MORE than Buffet/Obama's stupid idea. Geez! Obama can't even do simple math and he's in the Oval Office. Oh, well...you dufuses got what you voted for...incompetency, lies and Marxism. Enjoy.
So Obama is fighting for a rule that basically doesn't raise any meaningful tax revenue, while at the same time trying to make the insane argument that the top 1% is not paying their "fair share" when they are paying 37% of all federal income taxes??? Any one who believes his idiotic argument is about as smart as what I flushed down the toilet this morning.
Jesus. Reading through this was as painful as sitting through a Keanu Reeves movie.
Why not just whip them out and realize you all have small weiners. Arguing politics over a website and flexing your internet muscles with condescending remarks is pointless. Relax people.
(1) Since Buffett is SOOOOOO smart, the POTUS should ask him to take $500M of his (Buffett's) own money, invest it, and give the earnings/dividends/etc. to the US government.
(2) Quit whining and start writing.. the checks, that is. POTUS and Buffett, take out your checkbooks and write a check to cover all of the additional taxes you believe you feel (guilty about) you should have paid over the entirety of your adult life. NOBODY, NO ENTITY, NO LAW is stopping you from doing this!!! If it's a hassle to send it to the IRS, send the money to local school districts across the country, or to groups trying to help veterans, or to groups searching for cures to various diseases...all of which the Federal government already funds!!!!!
(3) Gee whiz,. For two guys who think they have the answer(s) they lack a boatload of common sense.
Obama's argument is great "class warfare rhetoric", but it is factually silly!
Look at the actual numbers. Even if you tax "the rich" at 100%, and then confiscate every bit of their property, it still doesn't make a dent in the annual deficit. IT'S THE SPENDING, STUPID!!
There simply isn't enough money anywhere to fund the nanny-state. That is why socialism always eventually fails!
This is a 'FOR SHOW" only. Obama playing the class warfare game.... The monies to the government are less than .5% of the budget!!!!! And this is investment money that Obama is stealing.... This after the amateur venture capitalist Obama flushed billions down the toilet and passed out to his cronies in failed green energy schemes....
Obama is courting the ignorant here as his budget still goes through the roof...
Outrageous debt with nothing in Obama's budget to deal with it but spend more
High energy/gas/food prices. And it's not even summer yet...
Worthless dollar the makes everything including the above rise in cost
Three years of wrong direction and incompetence....
What's ironic is that many point to how well the stock market is doing... not realizing that quantitative easing is doing the lifting... and will eventually lead to a fall.
No you are the ignorant one and the Socialist who wants the American people to pay at a 30% rate vs a 15% rate for the 1%. That is unfair. Why should the Middle Class pay at a higher rate. They work just as hard as the 1%.
Ok. I'm neither a republican or a democrat, I feel that as a country EVERYONE MUST MAKE SACRIFICES in order to get back on track (if we ever were on track). This whole "Class war" rich vs. poor is ridiculous, Can't we all just agree we need to start somewhere. Why not start with those who have more, eventually there will be even MORE tax reform, and more loopholes for the wealthiest of the wealthy. When extremely rich people will spend money ON ANYTHING BUT paying their fair share it makes me sick... Where's the love for your country? Most of this won't even dent these large bank accounts, and eventually these fat cats get it back, so why all the fuss? I'm not rich, I'm not looking for a hand-out. I just want to work my menial job and stay in the same place for the rest of my life. That's my idea of heaven. Everyone has theirs, but I think if your idea of heaven costs over 1 million dollars, then you better be ready to pay first and enjoy later like the rest of us. Money and privilege have always run this country, why not the little guy just this once? We need to be pulling together, not tearing eachother apart..
We have been swindled out of leadership since 2008. Obama has done nothing but campaign on our dime since he took office - what an egocentric ********! Other than that, he has done nothing but lie and promote class/race warfare, and the country has suffered immeasurably. He needs to be removed from office in 2012 and return every penny of his salary to the American people. And his gimme-gimme supporters need to wake up and smell the coffee while there's still some to smell.
POTUS and Buffett: Stop whining and write the checks to cover all of the taxes you feel you should have paid over the course of your lifetimes.. Send the checks to the IRS, the local school districts, Veteran's groups, Find-A-Cure for "fill in your pet disease", etc. !!!!!! Just shut up and WRITE THE CHECK !!!
Oh, and stop lying about you and your secretary's tax rates and how increasing taxes on the "rich" is going to solve our country's financial problems. We'd be better off if you, Mr. Buffett, took $500M, invested it and sent the profits to the IRS every year..
It is simply our President doing the right thing. Good on you Obama, Buffett, Gates and those many other supporters.
America has always been a country where anyone can work hard and make something of themselves. Many have done so - Bill Gates, Warren Buffet, etc. So now Obama is saying that because they worked hard and made a lot of money, then they have to pay more which will go to those that do not have a lot of money? If everyone paid the same percentage, then wouldn't that be fair? Then the middle and lower classes can keep more of their money; and those that dedicate their lives to making millions can continue to invest, inspire and create jobs, Everyone wins! Obama's idea of taking from the rich and giving to the poor is nothing more than socialism. And this is just the beginning.
The absolute hypocricy continues! Many millionaires earned their money via superior skills, organization and yes some luck too. But they all were subject to taxation on that earned money, which was invested and subject to capital gains when it sold. So by my rough calculation, they paid 35% income tax PLUS 15% capital gains tax which looks to me to be about 50%!! If Mr.Obama doesn't like the law of the land regarding taxation and tax avoidance measures, then change it and stop whining like a little girl. It also occurs to me that Mr Obama became rich himself by using the system he so seems to abhor. That being the case, he can always make voluntary contributions to the government from his own fortune until he becomes a genuine 99 percenter. Soon there won't be any millionaires left to support his ill-advised political rhetoric, if he has his way.
One other matter, many investors make capital losses rather than gains surely he should acknowledge the risk taken to succeed. If they do, that is the American way, not encouraging a culture of standing in line for government handouts from other peoples money.
This is such a lie and total diversion tactic–it has nothing to do with solving the countires problems, and everything to do with Obama trying to distract from his enormous failures to try to get re-elected.
So what exactly is Obama's proposal–and why hasn't he made one the past 3 years for a fairer tax system?
If you really want to avoid tax dodges–fine, Buffet shouldn't avoid BILLIONS AND BILLIONS in taxes by sending it to Bill Gates. He is dodging far more by doing that than by getting a lower rate on investments.
More important–let's look at the bigger problems:
Unempllyment–total disaster on Obama's watch–primarily becasue emplyers don;t want to hire, becasue Obama wants to destroy their business–higher taxes, higher cost of employing people (especially with Obamacare), if you're business makes money–you're a prime target for attack by Obama, more regulation making it difficult to manufacture.
Energy–total disaster–he blocks what works, wastes money on what doesn't, and has turned "Green Energy" into a conduit for money to go to his cronies
Government Spending–total disaster, huge waste, totally out of control
You want to blame someone–it's the 1 guy in the Oval office, not the 1% that have been successful.
Can't believe people believe anything obama says–just realize he is attacking what works and what has been successful, and in the meantime, he's throwing more and more into the hole of his own failures.
His bit on social darwinism is a similar dodge. This country spends hundreds of billions in aid–to say that we would be reduced to a "survival of the fittest" nation by spending within our means is non-sense. Yeah, we'll be fighting for scraps of food in the street by reducing govenment and wastefull spedning–Nonsense. If it doesn't control spending, we will just be paying off debt and we'll all be broke, everyone will be worse off.
Whenever Obama raises the Buffet Rule, or Social Darwinism–just run a crawler at the bottom of the screen to translate–"SEE FOLKS, I'M BLOWING A LOT OF MONEY HERE–AND I NEED MORE–SO I GOTTA START POINTING SOME FINGERS AND TURNING SOME MOBS AGAINST PEOPLE–THE 1%–THEY'RE BAD, JUST HAVE THEM GIVE THEIR MONEY TO ME, BIG OIL–THEIR BAD TOO, GIVE IT TO ME, GIMME INSURANCE, BAD GIMME, DOCTORS,BAD, MINE, INVESTORS, BAD, GIMME GIMME, HEDGE FUNDS–OH MY GOSH, MINE'
Unbelieveable this clown gets away with it.
While it is 100 % true that Bishop Romneys Lobbyist group single handlely lowered the Capitol Gains tax, Thats only 1of my beefs with him. Bishop Romney is running on a platform to strip planned parenthood, make woman get forced sonograms, overturn Roe vs Wade & have Insuranse Companies have the final say on a case by case Scenerio on Distributing Birth Control on a case by case Scenerio while Fully Degading & Embarrassing MY wive & MY daughters. NO a Bishop from the LDS church has absolutely no right to be the DECIDER in this. My wife & daughters do!!!!!!!! Bishop Romney goes against everything when it Comes to Seperation of Church & State.
The 1% pay at a 15% rate and the Middle Class pay at a 30% rate that is unfair and class warfare. Middle class deserve to be treated fairly. GOP are selfish and greedy and are sponging off the middle class who built America. You sound like a Socialist....
post was for Mark from Louisiana. My fault...
No problem John, hey whats your take on a Bishop from a church runnin for prez?
Jeese Jackson ran for "prez" and he is a "rev". You had an issue with that? Al Sharpton ran for Prez, and he is a "rev" too! You had a problem with that?
And Kennedy was a Vatican stooge.
What is wrong with the 1% paying a 30% tax rate like the middle class. GOP only care about protecting the 1%. Obama and the Dems are right on this issue. GOP has been playing the class warfare card for decades and now the American people have seen the truth. When you give lower tax cuts to the 1% the Middle class end up paying for the shortfall. Social programs,education,firefighters,police,schools,infrastructure get cut to the bone. GOP have been dishonest and not telling the American people the truth. It is time for the 1% to pay their fair share...
Where do you get your numbers?
The middle class do not pay 30% of their income in Federal taxes–they might get to a 30% marginal rate, but they also have exemptions, deductions, etc. A family of four making 100K pays no where near 30K in Federal taxes, someone making 50K, pays no where near 15K federal.
The "shortfall" as you call it, is because this governmnet SPENDS and SPENDS with no regard to what they are spending. Heck, well over a thousand days without a budget. This administration has everyone involved in their class warfare to deflect from the spending. A report came out yesterday showing Obamacare at almost 10 times the original forecasted number.
It is telling that this administration is spending like crazy on Obamacare, including hiring 4000 IRS employees, when the law could be shot down in a month. What a waste – typical for this administration.
You have no trouble giving a 2 trillion dollar bailout to the Wall Street boys who destroyed the American economy. You have no trouble spending Trillions on wars not paid for. What about that spending??????? Be fair.....
An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be averaged and... everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars – something closer to home and more readily understood by all).After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed.
Exactly, every utopian experiment ends up the same way, why work hard when you can get stuff for not working, then everyone stops working and no one gets anything.
The 'Buffet Rule' diversion is just that, a diversion. Our President gets a lot of mileage out of Warren Buffet. It's pure star-power shock value. The issue is really rather moot. Sure, we get it. Rich guys should pay more. Big enlightenment. The real issues are just swept under the "Rich-Guys-Like-Me-Pay-More" carpet. If I didn't know better, I would say our President suffers from an identity crisis and feels the need to remind us that he, too, is a millionaire, although he wasn't until his book deals went through. The more substantial and pending issues aren't the tax rates, it's JOBS! This is just one more diversion from the issues that demonstrates a lack of real ability on his behalf to create those jobs, to fast track our economic recovery and make the compromises necessary to allow Congress to bi-partisan-ally do their job.
What's Obama doing here? He's courting the ignorant... This does NOTHING to pay down the debt.... but it kills investment money..... No wonder why Obama is stuck with high unemployment....
No energy policy? Hope your enjoying Obama's gas/energy/food prices.
I understand the point that secretaries pay a higher percentage...but stop saying it already! People are making it seem that they actually pay MORE money in taxes! 2% of a billion is fourty times more than 50% of a million, get my point? It doesn't matter if you pay a lower rate, if you make more, you're more than likely gonna pay more.
Just looking at the posts in these sites it seems like we are seeing more and more people who have caught up to this guy in the WH and they see him for what he is. I know many people who said they voted for him last time and won't again. I hope this is the case. Now it is time for real change.
I truly feel Romney will do a good job and he is what this country needs right now. But, if not – 2016 isn't far away.
You do not believe in fairness but sound like a socialist who wants the Middle Class to pay at a 30% tax rate vs a 15% tax rate for the 1%. Who ends up paying for the shortfall in revenue the Middle Class. That is not fair and it smells of Socialism.....
Do you know who else supported the "Buffett Rule?" The GOP saint, Ronald Reagan. Yup, there is an actual speech with Reagan talking about how unfair it was that billionaires pay a smaller share of their income in taxes than regular folks. And for those with bleeding hearts over the income taxes our oppressed 1% have to pay, in the 1990s Clinton boom, 45 percent of all new income went to the top 1%; after the Bush recovery from the dotcom bust, 65 percent of all new income went to the top 1%. In 2010, the period of time after the Bush Depression, 93 PERCENT of all new income went to the top 1%. They are paying more and more in taxes because they are making ALL THE MONEY!
OBAMA had the chance to put 20,000 shovel ready (Remember that term folks) jobs in place by approving the Northern leg of the Keystone Pipeline, However since Warren Buffett got on the Internet and sang his little song to China " I've been working on the Railroad " and All that Oil from Canada now has to be shipped by Rail (Remember when Warren Buffett bought Controlling Interest in Burlington Northern Railroad) instead of utilizing a pipeline.
Now you know that OBAMA was bought and paid for by Warren Buffett, wonder what it cost Warren, We ALL KNOW WHAT IT COST AMERICA.
Instead of Running for Re-Election OBAMA should be Tried for Treason, No Terrorist could do as much damage to this country as BARRACK OBAMA !!!!!!!!!!
What cracks me up is all of the middle class and lower class republicans DEFENDING the millionaire and billionaires right to pay a lower tax RATE. I'm sure they are so happy and thankful that you have their backs :) It's comical that people paying 30% and earning a fraction of what these people earn are staunchly defending a lower tax rate for the highest earners.
Of course they pay more taxes dollar for dollar – they earn exponentially more than the rest of us – if you passed 5th grade math this would make sense. I'd love to only pay 15% but sadly my income comes from my job not from the millions I have in investment income.
No, taxing these people won't solve the debt crisis but that doesn't mean we shouldn't do it. That's like saying no to a raise from your boss because it isn't enough to pay off your mortgage.
For the umpteenth time:
INCOME IS NOT WEALTH
Millionaires would not be taxed under Obama's proposal because it would:
1. Not tax wealth and millionaires are defined by wealth;
2. Not tax millionaires who show less than $1,000,000 in income;
3. Tax heavily indebted small farmers and entrepreneurs who are just starting to turn a profit; and
4. Tax anyone with any sort of windfall or success, which would generally be people who need a windfall or success and engaging in activities which might give them a small chance of attaining it, e.g. playing the lottery, writing books, recording songs or inventing things.
GOP does not believe in big GOVT unless it gives them a sweetheart of a deal like a 15% tax rate vs a 30% tax rate that the Middle Class has to pay. GOP loves big Govt then. Such hypocrites.....
And I love all of those Seniors who are on SS & Medicare holding GOP supporting protest signs! They don't even get the clue to the IRONY!
Maybe those seniors know things you do not. It doesn't take a big governmnet to form a tax rate, idiot. The hypocrites are the ones who want to take and take from people who earned their money and created jobs.
I won't dispute that the Repubs are hypocrities ... but that has less to do with their being Repubs than their being POLITICIANS. They're all hypocrites, the Dems too. How many more times do they have to disappoint us before we realize they will never be as noble or competent as we want them to be, and roll back their power?
Do you know twhat the difference between democrats and Republicans is ? Nothing!
I seem to recall quite a few middle class people taking substantial capital gains on their (mortgage-loan-)inflated houses up until the 79 year housing bubble crashed. These same middle-class types even wanted a further tax break so that they could plunk their capital gains into less-inflated real estate markets and outbid the local residents for the best houses there!
So, no, those in the middle class are not the victims here. They have been, in fact, beneficiaries of the 15% rate on capital gains and "going easy" on capital gains in other ways. Worse, they have richly rewarded themselves at the expense of families who have lived for generations in towns they have taken over as resorts and "retirement communities".
Why does no one mention the "fairness" in letting 47% pay nothing? You "fair" people just don't get it!
You also have no understanding how it works in reality. Tax the rich any amount you want! Guess what? They'll still be rich! Main difference is, fewer will be able to attain wealth! Kill your own opportunity by attempting to punish the successfull!!!
Poor Steve doesn't understand that some peoples' idea of "fair" is for everybody to earn the SAME. To that end, ANY tax rate that brings that elusive goal closer is "fair".
They deny this, of course, but if they get this Buffett rule passed, the same inequality will STILL exist. I bet my bottom dollar they'll then push for some other leveling measure ... and then something else ... until we finally get there. I don't want to imagine what that world will look like.
Some folks actually believe a janitor with a 8th grade education should earn as much as a doctor with 4 years of college, 8 years of medical school and residency! Sounds like something torn from the pages of Karl Marx.
This is exactly how the GOP have exploited those angry white guys! I just can't believe these people get so worked up over hardworking people who don't make enough and that's one of the reasons why. They pay other kinds of taxes mind you.
Yet they let these FAT CATS get away of not paying their fair shair! Over what? GREED of course!
Like what for example? That Paul Ryan will do away SS, Medicare and Medicaid? And anything that of Common Public Good such as Schools, Libraries, Postal Service, you name it. All in the name of privatizing.
Can't you tell that FedEx and UPS are drooling over this?
You don't know what your talking about, UPS is a government contractor and already makes a ton of money off of the USPS – they don't want to see the gravy train end any more than anyone other contractor. Your comments makes it sound like the government is turning over jobs that have always been governments role to the private sector but your lack of historical perspective is clear because many of those now government jobs were once part of the private sector and we were a better country then!
No one can be as dense as you! Do you even think before posting?
If Buffet wants to give more money to the government there is a donation form on the Treasury web site that allows any person to donate money to the government – all millionaires already know this, so do their secretaries. This is nothing but liberal tax-the-rich political grandstanding!
REPLY to 3lutz3toe (PRECISELY! And I love all of those Seniors who are on SS & Medicare holding GOP supporting protest signs! They don't even get the clue to the IRONY!)
First of all, Klutz, I'm a senior and I wouldn't vote for a Democrat if the rest of my life depended on it! I have a nice retirement because I WORKED VERY HARD FOR IT! NEVER TOOK A HAND-OUT! Also, Klutz, I'm a Senior on SS and Medicare (paid into SS, it's an insurance policy, NOT an entitlement) - and no one is talking about changing it for seniors currently "on it." But It has to be overhauled for future recipients, because it's going broke (mostly because the gov't keeps raiding it for other, unauthorized purposes!). As for Medicare, premiums are deducted from my SS payment. And since I've also worked in healthcare, I can tell you there are millions of abuses in Medicare/Medicaid - and guess who most of the abusers are? (Clue: not legal citizens).
So you see, Klutz, seniors are not as clueless as you would like to think - IRONIC, eh?
people don't seem to understand it is not about the revenue generated as much as it is about fairness. We all need to pay taxes if we want schools and roads and services. But lets be fair. Tired of listening to the rich guys tell us whats wrong with the country and offer up solutions that don't cost them . Easy to complaine about what the president is not doing while they sit back and enjoy the wealth they have created. It is not costing them a dime. Any revenue received is a bonus. Not all wealthy people are out of touch but some don't care about anyone but themselves. Most of us don't care if people are rich we just want taxes to be fair. If you have lots of money good for you I just don't want to have to pay taxes for what you are not paying.
If you wanted fairness how about getting people that aren't paying any federal income tax, the 47% of them, to pay some??
You are absoluely right! There are some wealthy people w/ a SOCIAL CONSCIENCE!
Obama's rich! Is he one of those rich guys you are referring to?
You said: I just don't want to have to pay taxes for what you are not paying.
Really George? You are doing just that right now!
"as much as it is about fairness"
What about the 46 million on food stamps and the millions more on the countless other government "programs". What do they do in return for that money? NOTHING!!!
Most of the "rich" pay more taxes in a day than most of us will earn in a year. Their rate is lower because their income is from investments which was already taxed once before they pay the tax.
Obama is using this rule as a campaign ploy to stir up more CLASS WARFARE.
This is exacty my point! George stated he did not want to pay taxes where others weren't. He is doing just that. Actually, we all are!
They refuse to see the forest through the trees!
The GOP have started Class Warfare way before at the start of Reagan years! Get yourself informed!
Obama's presidency has all about campaigning. He does not care about the American people. This "rule" will not amount to even a rounding error in the budget but he is using it as part of a massive class warfare campaign. Obama thinks the American people are so stupid they will fall for this tactic.
All Obama wants to do is get elected for a second term so he can continue his liberal / radical / SOCIALIST war on the American Dream and continue to implement his SOCIALIST policies.
Obama is intent on rewarding the people who do not put forth an effort to better themselves and do the right things and punish those of us who do work hard to achieve and do the right things.
Obama believes in RECKLESS SPENDING, HIGH TAXES, and INTRUSIVE REGULATION. Obama started the class warfare rhetoric and he is the enemy of freedom and the American Dream. He completely ignored the will of the people when he rammed a healthcare bill into law and he used dirty backroom deals to do it. Obama is the most divisive President in history. The sooner the American people can vote him out of office, the sooner we will see job growth.
Obama is not just too liberal, he is RADICAL. Please don't fall for this guys lies a second time.
You mean the Healthcare bill that the rest of the Modern Democratic countries all have some form of Universal Healthcare. And that the Insurance companies are not calling the shots and can't lifetime cap and deny due to pre-existing condition? And many other things that should have been done along time ago.
The GOP on the other hand doesn't have any ideas except signing more bills that benefit the Billionaires.
Name something that the GOP has done the last 50 years to help out the average folks! DIDN'T THINK SO!
And all of these words thrown out there like Job Creators, Class Warefare. Please, if the GOP care so much about creating jobs, they would have come up w/ a tax code that require companies to create jobs in the US, not overseas!
"Democratic countries all have some form of Universal Healthcare"
You mean like Canada? Have you been to Canada. What would be emergency surgery here people wait months for. That is not what I call "healthcare".
Call me crazy but I feel that MLK wouldint be feelin it with Bishop Romney.
OK, I'll take the bait...You're crazy! Game on, remember?
Man you Tabby Nacckles are easy to wind up. Where you be Salt lake Steveo??
What your poision be? Majic underwear ? Mittens lyin his stupid ass of proclaiming The prez is to be blamed for 92 % woman losig their jobs, Mitt the puppy abuser?
Fine, you hidin Salt lake Tabby Nackle, ok lets go with my personal favorite, Huntsman Jr total turning his No backbone spineless self while The FLDS buids Coral Canyon & So Utah supports their Ecomonmy & whan everyday is over they go on back & rape their 12 year old wives. NICE HUH????
Yo D! Why you trippin'? You asked somebody to call you crazy and I stepped up to the plate! Don't be hatin', I was just tryin'to help you out!
What about the 46 million on food stamps and the millions more on the countless other government "programs". What do they do in return for that money? NOTHING!!!
Most of the "rich" pay more taxes in a day than most of us will earn in a year. Their rate is lower because their income is from investments which were already taxed once before they pay the tax.
Of course there is Class Warfare!
How can there not be when the top 1% own more wealth than the rest combined?
I remember an experiment where they show people in the US a piechart showing the distribution of wealth. And most point to the ones in Europe thinking that those are from the US! Talk about being clueless!
Work hard and you will get ahead is a tenet of the United States of America and something that anyone working in this country should completely understand. Working hard does not necessarily mean that you will be guaranteed a large income but working hard to support one's self and family is everyone's responsibility. In the spirit of the preceding statement I don't fully understand why we can't all pay in at the same tax rate. If I make a million and one dollars a year (please note that I make well below that) I shouldn't have to pay a higher percentage of tax than say someone making ~ $75K (closer to the neighborhood of my own salary). Why shouldn't everyone pay the same rate (whatever that rate may be)?
"Why shouldn't everyone pay the same rate"
Because some of what is taxed as "income" is money that has already been taxed. Dividends are taxable income yet they are paid out of earning which were taxed previously. They are taxed twice. Usually higher income people have more income from dividends than lower income people. The effective tax rate on those dollars is actually higher than all of us pay.
Thanks for your reply. Playing devil's advocate here but I am fairly certain I could create a program that would take into account the type of income, decide if it is pre or post tax, and then apply the tax rate accordingly in order to level the playing field as opposed to a singular rate. There are supposed to be smarter people than me working in Washington; I understand that I'm likely oversimplifying things but from a general standpoint what else am I missing?
"but from a general standpoint what else am I missing"
That is what the rules an rates related to capital gains and dividends does. Obama is actually trying to undo what you are suggesting. The rich pay lower tax rates (but pay much more in dollars) because more of their income is money that was already taxed once. The rich pay more in taxes just like oil companies make more in profits. The rich pay a lower tax rate just like oil companies have lower profit margins. Obama is playing semantic games with words and his is using the same concepts in two different ways to support his campaign lies.
"A millionaire rock star who squanders all his income on high living is taxed once. An entrepreneurially minded rap star who prudently sets aside some earnings and invests them in enterprises that make headphones or fashions, which create wealth and jobs, is taxed a second time on the dividends and capital gains that may eventually be generated."
- RANDALL W. FORSYTH
Round 2 Mr. President!! Let's start swinging.
He plays hoops. Boxing is for the 99%er's.
What no one seems to ever answer is the tax rate applied to the dollars involved. If I earn money through dividends etc. my tax rates is lower but those dollars are AFTER TAX DOLLARS. That money WAS ALREADY TAXED ONCE. Also, the money I invested was also AFTER TAX. That money WAS ALREADY TAXED ONCE also.
Our goal is to collapse the system and start anew. Eventually you wont even need money, your needs will be provided by the central planners and youll be happy. Resist if you must but we will prevail...............Muhuhahahahahaha
How can you call Obama's plan and rhetoric anything but class warfare. Individuals work hard, get educated, have innovative ideas, take risks, and invest money only to be demonized by this President. These people should be held up as models to children of the 46 million on food stamps as symbols of what it means to live in American.
We are to busy becoming more and more socialist to remember what it means to be an American.The fact is we have very high corporate tax rates, very intrusive regulations, and high labor rates. That is why companies are moving jobs out of the country. The reckless spending sends a clear message to companies we will have high taxes well into the future. In response companies develop stratigic plans which include adding jobs outside the country.
The reality is taxing the rich more does not mean the rich will pay more taxes. As soon as any "tax the rich" law would be passed, the tax attorneys and tax accountants will be all over it. Corporation, trusts, and charitable organizations will be formed, and dollars and other assets will flow out of the country. In the end "the rich" will be just as rich and the US will still have a huge deficit to address.
A large and growing part of the population has learned they can look to the government to live instead of getting educated and working hard to succeed.
I know several multi-millionaires, including myself. Truth be told we never worked nor took risk for our money. If it didn't simply fall from the sky, it simply was earned on the backs of others whom we enslaved while we sat around all day on the front porch while we take the air or in the drawing room all the while puffing on stogies and sipping mint juleps. We never invest, instead we take our money and put it into coffee cans in the back yard, as well, stuff our mattresses with same. Later, of course, we light our cigars and candles with it. To be sure, we never pay our "fair share".
Why would Buffett want to pay more? He doesn't pay what he already owes. What a bunch of clowns in this administration
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