Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")

The New York Times ^ | Saturday, September 17, 2011 | Jackie Calmes

[kristinn]

WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.

With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.

Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.

[kristinn]

Obama playing class warfare politics again. He has no plan, no set tax rate, just a political card to play.

Buffett and his Obama supporting ilk are free to give the federal government has much money over their minimum tax payment as they wish. Nothing is stopping the Orifice of Omaha from doing this but his own greed and hypocrisy.

[trisham]

I don't recall hearing a word from Barack about a plan or a tactic.
~Joe Biden

[EGPWS]

He has no plan, no set tax rate, just a political card to play.

Which is exactly what he had when he got elected in the first place.

[cripplecreek]

More taxes means more incentive to bribe....er “lobby” in washington.

[tet68]

Why is it that whenever they raise taxes on the “rich”
the “poor” end up paying more.

[John W]

Thought the “Buffett” whatever it was lost a little steam when it turned out he doesn’t even pay what he is actually supposed to, let alone the more he called for?

[traditional1]

"agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid"

First, "higher revenues" is a mealy-mouthed way of saying "higher tax rates", and in return, you get NOTHING....just a non-binding "promise" of future cuts.

"If you give me a hamburger now, I will gladly pay you on Tuesday......"

[rawhide]

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett,

What a way to endear yourself to your fellow millionares/billionares? I am sure many will be pissed, to say the least?

[Cementjungle]

Why is it that whenever they raise taxes on the “rich” the “poor” end up paying more

Their real goal is to simply take more from the few remaining non-government, non-union private sector earners. Those are the people they despise.

[Iron Munro]

I can't hear the tune this couple is dancing to but it looks like Joe has the lead.

[lovesdogs]

Just how many millionaires does he think are left after three years of his nonsense?

[Logical me]

Why is it that whenever they raise taxes on the “rich” the “poor” end up paying more.

Right. The rich are generally business and the rich will never short themselves. They will pass the services or commodities price increase on everyone even the poor. The poor should be pis#ed.

[xzins]

It should be called the: Protecting Billionaires Tax

Apparently, Buffet wants to keep it an exclusive club.

[Lurkina.n.Learnin]

I used to respect Buffet. Not anymore. His schtick about his secretary paying a higher rate then him is getting old. Give her a raise so she can hire a battalion of accountants like you do Warren. And don't tell me he only wants to tax the rich. When he was in California a few years ago advocating doing away with Prop 13 he was talking about all classes not just the rich.

[Mr Ramsbotham]

It would “ask” more? Oh please, Mr. Millionaire, would you like to donate a little more to the treasury?

[Secret Agent Man]

Obama’s plans always hammer non-millionaires.

“Rich” is defined by them as $200k (single) $250k (married). Sometimes less than $100k depending on what he’s talking about, and to whom.

[ColdOne]

These people will never change! It would never occur to them to stop spending money!

[PMAS]

Buffet owes about $1 BILLION in back taxes since 2004, he and his team of lawyers have been in court fighting it for years now.
Buffet is nothing but an effin hypocrite.

[jiminycricket000]

More jobs out the window, compliments America's "historical" first black President. You increase the taxation of millionaires, who are mostly small business owners, you force them to lay off employees, or put a hiring freeze into action, or cut everyone's pay. Obama does't have the slightest clue as to how a smooth, prosperous economy works. And if he does have a clue, and forces this kind of action anyway, then he also makes history in another way. America's first full fledged TYRANT, replete with the usual narcissism and sociopathology. Oh, did I fail to mention he's also a racist of the highest order, taking his "pound of flesh" from what his mentor and pastor refers to as "those rich white men".

My prediction is that the "first black President", (with a caucasion mother), will go down in history as the most reviled President ever. And even the ultra liberal media and revisionist historians coming to his aid will not be able to change that legacy. He'll be a one term President, then a detested ex President. But that won't bother him in the slightest bit, in fact he'll bask in the knowledge that he got some revenge against we whites whom he and Michelle blame for the enslaving of people of his race so many generations ago. May God bless and save America from his ilk, the "fifth column" within.

[stevem]

Obama Tax Plan Would Ask More of Millionaires (Minimum Tax Dubbed "Buffett Rule")

Ask?

Seriously, ask Buffett. After his windbaggery he should be willing to voluntarily contribute thirty of forty billion.