“We’ll give you tax increases for $250k and higher.”
No, not the income tax. We should have a wealth tax on the Hollywood mansions and Buffett’s holdings. That will be fun to watch.
Agreed! Let those "one percenters" put their $$$ where their big yaps are. So many were so vocal in their support for Jobama; let them feel the pinch of the consequences.
Obama touts The Buffet rule or the expiration of the Bush tax cuts for the anyone making above 200-250 thousand as the method for doing that.
Dirty little secret is that it will not impact Buffet. He keeps his corporate salary at $100 thousand. His director's fees on the tax return I looked at were $75,000. He has a modest house that is no doubt paid for.
Raising the income tax rate will not impact Buffet at all. When Obama started talking about the Buffet rule, It was reported that Buffet said he didn't recommend an increase in income tax.
Well you may be wondering what Buffet had in mind. I listened to an interview he had with Brokaw. He said he is for a consumption tax, but not a sales tax.
What he envisions is an investment type of account that receives your income, and is taxed as withdrawals/checks are made. Ha Ha. Anybody surprised to find out that the CEO of an investment firm thinks everyone should have an investment account, and that tax policy should discourage withdrawing the funds?
Any way back to how we are going to make sure Buffet pays his fair share? I'd go along with a wealth tax, and maybe some sort of tax on those Foundations(tax shelters) these rich people have - The Gates Foundation for example.