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View Full Version : Obama Officials: Obama to propose new tax rate for millionaires


Donger
09-18-2011, 09:29 AM
http://www.cnn.com/2011/POLITICS/09/18/obama.buffett.tax/index.html

LMAO

Washington (CNN) -- The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday.

Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who spoke on condition of not being identified. The information was first reported by The New York Times.

The plan's name refers to billionaire Warren Buffett, who has complained that wealthy Americans like themselves pay less than their fair share in taxes under the current tax code.

Obama will propose several tax changes, one White House official said, adding that the Buffet Rule would replace the current Alternative Minimum Tax that was created to ensure people paid a minimum percentage of their income in taxes.

According to the White House official, the Buffet Rule would impact only 0.3% of taxpayers -- fewer than 450,000 individuals. The president will not specify a specific rate or details of the Buffett Rule in announcing his proposal, leaving it to Congress to decide how to calculate such a rate as part of the larger debate over rewriting the tax code, the official said.

Obama's deficit reduction plan is expected to also propose changes to the Medicare and Medicaid government health care systems for senior citizens, the disabled and the poor.

It will come out as a special congressional committee created under last month's debt ceiling agreement continues its early efforts to forge a deficit reduction plan that can pass Congress by December 23. If the committee's effort fails, more than $1 trillion in spending cuts will automatically kick in, on top of $900 billion in cuts already mandated under the debt ceiling deal.

The issue of tax increases has been at the heart of a divisive policy dispute between Democrats and Republicans. Obama wants to end Bush-era tax cuts on families earning more than $250,000 a year, but Republicans have blocked his efforts, arguing that it will hinder investment.

House Speaker John Boehner last week reiterated his opposition to any tax increases being part of a deficit reduction package being negotiated by the special congressional panel.

SNR
09-18-2011, 09:40 AM
Hey, at least he's off the asses of doctors and small business owners making $250,000

Gotta applaud Obama for continuing to fight a losing war

ChiefaRoo
09-18-2011, 10:14 AM
Hey, at least he's off the asses of doctors and small business owners making $250,000

Gotta applaud Obama for continuing to fight a losing war

He's on everyone's ass.

Saul Good
09-18-2011, 10:16 AM
I'm okay with this. It's a round-about way of implementing a flat tax.

Der Flöprer
09-18-2011, 10:38 AM
He's on everyone's ass.

He really is. He lied through his teeth about that bullshit of not taxing anyone making less than 250k, and he did that almost immediately after taking office. Easily the 2nd worst President of my lifetime. Shame they lined up back to back. Look at the state of affairs of our country because of it.

BucEyedPea
09-18-2011, 11:05 AM
I'm okay with this. It's a round-about way of implementing a flat tax.

RINO

banyon
09-18-2011, 11:09 AM
He really is. He lied through his teeth about that bullshit of not taxing anyone making less than 250k, and he did that almost immediately after taking office. Easily the 2nd worst President of my lifetime. Shame they lined up back to back. Look at the state of affairs of our country because of it.

What tax increase are you talking about?

BucEyedPea
09-18-2011, 12:06 PM
that Saul Good Supports too


One thing we can be absolutely sure of:

Obama's tax increases will not target the plutocrats like Warren, but new and rising entrepreneurs and the self-employed, whom they both hate.

BTW, wasn't huge deficit spending a stimulus? Isn't it still, in the More Plush Government Jobs at the Expense of the Non-Parasites Act?

But they pause a moment to advocate even more rips-off of the productive so rich bureaucrats and their rich friends can get even richer through the gun. But then, they are a "gang of thieves writ large," as Murray Rothbard noted. See them that way, and all becomes clear.~ Lew Rockwell 9/18/2011


Lew is right. This serves the apparatchik class and their ideology of power.

Saul Good
09-18-2011, 01:16 PM
So Lew thinks that this is intended to make rich bureaucrats richer?

From what I understand, this is just putting a cap on the amount of deductions that can be claimed. I'm okay with that.

HonestChieffan
09-18-2011, 01:22 PM
(Reuters) — President Barack Obama said on Saturday that Americans need to be ready to “pay their fair share” to narrow the deficit, previewing his proposals to Congress that are expected to include more taxes on the rich.

In his weekly radio and video address, the Democrat said his $447 billion jobs plan that features tax breaks for workers and small businesses, plus funds for public works projects and schools, “will not add to the deficit. It will be paid for.”

“On Monday, I’ll lay out my plan for how we’ll do that — how we’ll pay for this plan and pay down our debt by following some basic principles: making sure we live within our means and asking everyone to pay their fair share.”

Obama has repeatedly argued for the wealthiest Americans to face higher taxes with fewer loopholes and exceptions as part of the effort to ensure the U.S. debtload remains in control.

http://www.reuters.com/article/2011/09/17/us-obama-address-idUSTRE78G0UW20110917

BucEyedPea
09-18-2011, 01:42 PM
So Lew thinks that this is intended to make rich bureaucrats richer?

From what I understand, this is just putting a cap on the amount of deductions that can be claimed. I'm okay with that.

Which is basically Newspeak for a tax increase on the rich.

Der Flöprer
09-18-2011, 01:43 PM
What tax increase are you talking about?

Federal tax increase on tobacco.

HonestChieffan
09-18-2011, 01:57 PM
What tax increase are you talking about?

Take your pick http://republicans.waysandmeans.house.gov/UploadedFiles/DemTaxIncreases1.pdf

Saul Good
09-18-2011, 02:00 PM
Which is basically Newspeak for a tax increase on the rich.

So be it.

The tax code shouldn't be a tangled mess of loopholes. Simplify it. This is a start.

HonestChieffan
09-18-2011, 02:34 PM
So be it.

The tax code shouldn't be a tangled mess of loopholes. Simplify it. This is a start.

Including the loopholes and credits for the 50% who dont pull any load?

BucEyedPea
09-18-2011, 02:52 PM
So be it.

The tax code shouldn't be a tangled mess of loopholes. Simplify it. This is a start.

Get rid of it altogether. If not leave in the loophole as they have been the only way to get out from under it if one is smart. Liberty man! Be for Liberty!

Saul Good
09-18-2011, 03:00 PM
Including the loopholes and credits for the 50% who dont pull any load?

Obviously, I would disagree with that. I'm only addressing the removal of some loopholes.

HonestChieffan
09-18-2011, 03:02 PM
Obviously, I would disagree with that. I'm only addressing the removal of some loopholes.

Would you agree we need to broaden the base and get rid of some of the loopholes and credits that has too few people paying Federal Income Tax?

banyon
09-18-2011, 04:01 PM
Federal tax increase on tobacco.

That's an increase on all tobacco smokers, wealthy and poor included, isn't it?

banyon
09-18-2011, 04:01 PM
Take your pick http://republicans.waysandmeans.house.gov/UploadedFiles/DemTaxIncreases1.pdf

You take your pick, I'm not opening up some spreadsheet.

Saul Good
09-18-2011, 04:59 PM
That's an increase on all tobacco smokers, wealthy and poor included, isn't it?

Yes. He wasn't going to raise taxes on people earning under 250K.

banyon
09-18-2011, 05:11 PM
Yes. He wasn't going to raise taxes on people earning under 250K.

How much was this oppressive, crippling increase?

HonestChieffan
09-18-2011, 05:12 PM
Yes. He wasn't going to raise taxes on people earning under 250K.

And Banyon does not deal well with facts n stuff.

vailpass
09-18-2011, 05:15 PM
Torches and pitch forks.

banyon
09-18-2011, 05:20 PM
And Banyon does not deal well with facts n stuff.

It's a pretty big stretch to turn a minimal gain in cigarette taxes into OMG HE SAID HE WOULDN'T RAISE MIDDLE CLASS TAXES111!!!1!

With the tax cuts he passed, the effective rate is still lower. Plus, I'd like to hear the size of this onerous cigarette tax.

Don't deal well with facts? I guess pots don't deal well with kettles either.

HonestChieffan
09-18-2011, 07:30 PM
So nitwit, did he raise taxes on people he said he wouldn't? Hell, a few days ago you were wearing your ass out to distance yourself from your Obot roots and here you are right back in the game.

Come back in drive by snark mode, it fits you better.

banyon
09-18-2011, 07:32 PM
So nitwit, did he raise taxes on people he said he wouldn't? Hell, a few days ago you were wearing your ass out to distance yourself from your Obot roots and here you are right back in the game.

Come back in drive by snark mode, it fits you better.

I'm not backing Obama, I just don't buy the claim that there has been some legitimate middle class tax hike that I missed.

Disagreement with a point doesn't mean you embrace the opposite. Just like criticizing the Chiefs today doesn't make you a Raiders or Broncos fan.

Why do I always have to mention this basic point of logic to people in this forum?

Bump
09-18-2011, 07:33 PM
since the rich have control, this will never happen, lol. Rich wants what rich gets and rich don't want this. Bribe congress or judges to deny it and done.

BucEyedPea
09-18-2011, 07:34 PM
Torches and pitch forks.

Wel, wattaya know, I agree.