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 ...
3 trillion dollars over ten years is Bullsh1t.
We need one trillion this year and go from there.
Promises of 3 trillion dollars saved 8 years after he is gone is nothing but smoke and mirrors./
Exactly.
“Rich” people are the most mobile. They can move out of the state, out of the country and then they will pay NO taxes to the US. So much for Obama’s “brilliant” ideas.
This needs to be thrown right back in his face for the politically motivated, class warfare bullshit it is.
An entire country going down the crapper because the government is totally out of control and fearless leader comes up with useless garbage like this.
Then the liberal morons and the idiots that vote for them wonder why the economy isn’t recovering.
I’m sure his devotees in Hollywood, Wall St and Big Media will be delighted to “pay their fair share”...
“This is a tax on people who earn at least a million dollars a year. However, it is not a tax on “millionaires.” A millionaire is someone who has net assets of a million dollars or more. There are many, many millionaires who do not earn a million a year, and who never have. Conversely, there are people who could possibly earn a million dollars in a calendar year who are not millionaires. If, After taxes, that million in income is just about cut in half, and, assuming expenses of a couple of hundred grand to those in this high bracket area, it could actually take several years to become a “millionaire.”
Hear, hear, concise and to the point. This needs to be a pounded on talking point from the right.
The problem is that the Socialists have virtually destroyed Spain’s economy, have undermined its society and have built in booby traps that will go on for decades. The same thing will be found here when we get rid of Hussein.
Maybe what Obama plans to do is literally tax Buffett. Oh, wait ...
Golden Corral objects!!!
“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.”
GONE GALT!
Pure and unadulterated "Little League" leadership.
( with apologies to those adept Little League players, of which Obozo is NOT on a par with )
More info here:
Obama to Propose Tougher Tax Regime for Wealthy
http://online.wsj.com/article/SB10001424053111903927204576577392520016846.html
“Recent White House plans have outlined between $1 trillion and $1.2 trillion in new taxes over 10 years. It’s not clear how much money the new millionaire proposal would raise.”
So, if Buffet would die, would that end the tax?
Its BS. Wealth creators will move the money and jobs elsewhere over this, its cutting your own throat, plenty of other places will take them and offer very low taxes.
You do not do this in a recession, its known to make less money than keeping the rate lower. I just dont see the point, they will always find a way around it.
Love the pic. I think you could set up a buffet on Moosechelle’s tailgate, actually.
Kind of sounds like slavery huh? Maybe some people actually liked it as it turns out. Just work and housing and food will be provided.
And this is who they are going after. The tax and spend crowd really wants to cash in on the inflation of real estate and business values caused by their inflation of the currency. You can be sure that the 1 million dollar threshold will include income from the sale of real estate or other assets - even if the tax rate on the capital gains is lower than the ordinary income.
So when you sell your home, farm, or business your income will for once in your life be over 1 million dollars, instead of say, $80,000, mostly due to the real estate. And then the feds get to "share" in your lifetime of effort because after all, you're one of those rich guys with a million dollar income.
Its just another scam to soak the taxpayers.
If you read the Idiot’s so-called Jobs Bill, “rich” or “millionaires” is really anyone or anything making over $125K......=.=
and how many waivers does he plan to hand out to his ‘supporters’ who donate to his re-election?
many have said this guy just loves to hear himself talk..and we have learned to believe that.
Obama would just change the name to “Buffett memorial tax”
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