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Obama to propose "Buffett Tax" on millionaires (on Mon)
Reuters ^ | Sept. 17, 2011 | Allister Bull, Reuters

Posted on 09/17/2011 5:15:07 PM PDT by Clairity

Populist gesture designed to appeal to his base

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

Such a proposal, among suggestions to a congressional supercommittee expected to seek up to $3 trillion in deficit savings over 10 years, would appeal to his Democratic base ahead of the 2012 election but likely not raise much in revenues.

(Excerpt) Read more at reuters.com ...


TOPICS: Front Page News; Government; Politics/Elections
KEYWORDS: buffettax; buffetttax; economy; elections; obama; taxes
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To: Clairity

I wonder when the Obama administration will propose the Wealth Tax, why screw around with income tax when the real money would be in a wealth tax. Let say everyone gets to kept 5 million worth of wealth. Everything over that goes to the gov. I bet they are working on the details right now. They will call it the Fairness Tax since it is not fair that some have a lot more money then others.


21 posted on 09/17/2011 5:35:51 PM PDT by jpsb
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To: garjog

ping


22 posted on 09/17/2011 5:37:34 PM PDT by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: Clairity

Republicans should propose having Berkshire Hathaway pay their past due taxes.


23 posted on 09/17/2011 5:42:35 PM PDT by BookmanTheJanitor
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To: jpsb

“I wonder when the Obama administration will propose the Wealth Tax, why screw around with income tax when the real money would be in a wealth tax. Let say everyone gets to kept 5 million worth of wealth. Everything over that goes to the gov. I bet they are working on the details right now. They will call it the Fairness Tax since it is not fair that some have a lot more money then others.”

Year 1 is the program you’ve outlined above. Year 2 will be eliminating millionaires entirely. After all, it is only “fair”.


24 posted on 09/17/2011 5:43:12 PM PDT by Soul of the South (When times are tough the tough get going.)
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To: Da Coyote

Agreed. Expect a wave of new waivers.


25 posted on 09/17/2011 5:43:17 PM PDT by Cowgirl of Justice
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To: Clairity


26 posted on 09/17/2011 5:46:25 PM PDT by Iron Munro (Muslims who advocate, support, or carry out Jihad give the other 1% a bad name)
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To: Clairity

Look who just endorsed Obama for 4 more years
Accuses GOP of ‘racism, lies, economic sabotage’

Posted: August 03, 2011/ By Aaron Klein/ WND

“The Communist Party USA already has seen fit to endorse Barack Obama for the 2012 election....

“In an article last week at People’s Weekly World, the official newspaper of the Communist Party USA, Webb [wrote]:

“the election of Barack Obama was historic and gave space to struggle for a people’s agenda.”


27 posted on 09/17/2011 5:46:25 PM PDT by garjog
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To: Clairity
Right; then the "Tax on those rich white bastards" will be passed on in their bottom-line-saving cost increases to goods and services, which (as always) winds up paid for by the little guy.....

HOWEVER, with the added Revenue, more Obama Money can be passed around da 'hood, and assure 2012 votes.

28 posted on 09/17/2011 5:47:42 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: FlingWingFlyer
you are a multimillionaire if you make $350k. The revenue possibilities are endless when a government becomes desperate
29 posted on 09/17/2011 5:48:59 PM PDT by griswold3 (Character is Destiny)
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To: FlingWingFlyer

“you are now a “millionaire” and one of the evil “rich” if you make more than $200,000.”

Of course. Here is how: you make $200,000 for five years and you are a millionaire.

It is wrong for you rich people to keep all of that money when less well off citizens are suffering or out of work and need health care, food stamps, low cost college tuition, low cost mortgages, paid vacation time, over time and large retirement packages.


30 posted on 09/17/2011 5:51:25 PM PDT by garjog
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To: Clairity

I wonder whether “a millionaire” will be 100K a year or 200K a year.


31 posted on 09/17/2011 5:51:41 PM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: Clairity

32 posted on 09/17/2011 5:52:09 PM PDT by JoeProBono (A closed mouth gathers no feet)
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To: Clairity
Obama to propose "Buffett Tax" on millionaires

Jimmy's not going to be happy about this.

33 posted on 09/17/2011 5:52:16 PM PDT by ROCKLOBSTER ( Celebrate Republicans Freed the Slaves Month.)
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To: Clairity
The filthy rich fat millionaires will just stop dining at buffets.


34 posted on 09/17/2011 5:55:07 PM PDT by Revolting cat! (Let us prey!)
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To: Clairity

will Warren Buffet have to pay this tax?? or can he just put it on his tab?


35 posted on 09/17/2011 5:57:27 PM PDT by God luvs America (63.5million pay no federal income tax then vote demoKrat)
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To: Soul of the South
"Year 1 is the program

The Wealth Tax would be a wet dream for the Marxists in government.

36 posted on 09/17/2011 6:01:19 PM PDT by jpsb
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To: Clairity

Those “millionaires” should come out loud and clear and tell obama they are immediately instituting or continuing a a hiring freeze unless he takes the taxes off the table.


37 posted on 09/17/2011 6:02:50 PM PDT by jersey117
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To: Clairity

a buffet tax that somehow exempt buffet


38 posted on 09/17/2011 6:15:37 PM PDT by 4rcane
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To: grumpygresh; All

What we need is a tax on the tax accountants and tax attorneys the “wealthy” hire to HIDE their TAXABLE income....so they pay as little in taxes as possible....oh, and a tax on billionaires giving to each others Foundations.


39 posted on 09/17/2011 6:15:37 PM PDT by goodnesswins (My Kid/Grandkids are NOT your ATM, liberals! (Sarah Palin))
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To: Clairity; All

Millionaires Go Missing

Maryland's fleeced taxpayers fight back.

Wall Street Journal
May 27, 2009

Maryland couldn't balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O'Malley, a dedicated class warrior, declared that these richest 0.3% of filers were "willing and able to pay their fair share." The Baltimore Sun predicted the rich would "grin and bear it."

One year later, nobody's grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller's office concedes is a "substantial decline." On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year -- even at higher rates.

No doubt the majority of that loss in millionaire filings results from the recession. However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions. For evidence, consult California, New York and New Jersey.

40 posted on 09/17/2011 6:18:01 PM PDT by ProtectOurFreedom
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