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Old 09-18-2011, 08:29 AM  
Donger Donger is offline
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Officials: Obama to propose new tax rate for millionaires

http://www.cnn.com/2011/POLITICS/09/...tax/index.html



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.
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Old 09-18-2011, 08:40 AM   #2
SNR SNR is offline
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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
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Old 09-18-2011, 09:14 AM   #3
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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.
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Old 09-18-2011, 09:16 AM   #4
Saul Good Saul Good is offline
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I'm okay with this. It's a round-about way of implementing a flat tax.
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Old 09-18-2011, 09:38 AM   #5
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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.
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Old 09-18-2011, 10:05 AM   #6
BucEyedPea BucEyedPea is offline
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Originally Posted by Saul Good View Post
I'm okay with this. It's a round-about way of implementing a flat tax.
RINO
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Old 09-18-2011, 10:09 AM   #7
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Originally Posted by Mr. Flopnuts View Post
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?
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Old 09-18-2011, 11:06 AM   #8
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Obama's Oligarchical Tax Increases

that Saul Good Supports too


Quote:
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.
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Old 09-18-2011, 12:16 PM   #9
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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.
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Old 09-18-2011, 12:22 PM   #10
HonestChieffan HonestChieffan is offline
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(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/...78G0UW20110917
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Old 09-18-2011, 12:42 PM   #11
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Quote:
Originally Posted by Saul Good View Post
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.
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Old 09-18-2011, 12:43 PM   #12
Mr. Flopnuts Mr. Flopnuts is offline
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Originally Posted by banyon View Post
What tax increase are you talking about?
Federal tax increase on tobacco.
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Old 09-18-2011, 12:57 PM   #13
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What tax increase are you talking about?
Take your pick http://republicans.waysandmeans.hous...Increases1.pdf
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Old 09-18-2011, 01:00 PM   #14
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Originally Posted by BucEyedPea View Post
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.
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Old 09-18-2011, 01:34 PM   #15
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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?
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