Posted on 09/19/2011 9:55:28 AM PDT by JohnLott
The justification for President Obama's new proposed tax on the wealthy is wrong on the numbers. Despite the president's claims, millionaires don't pay lower tax rates than middle class workers. His proposed surcharge on capital gains and dividend taxes will raise already high tax rates on high income individuals and force even more investment outside the United States. The so-called "Buffett rule" is based on Warren Buffett's claim:
"The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.” . . .
But much more importantly, Buffett's claim ignores why the capital gains and dividend tax rates are set at the level they are: corporate income has already been taxed once when the company earned it. In the United States the combined federal and state corporate tax rate is 40 percent, the highest rate in the world. . . .
(Excerpt) Read more at foxnews.com ...
“If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.” . . .
I agree. That’s why we should encourage the rich to give more to charities instead of the federal government.
here here, why do they think giving it to the government is helping the other 99% is beyond me.
The government looses 72% due to administration alone.
What American liberalism represents is so odious, so immoral and so manifestly insane that liberals have – in my estimation – essentially forfeited their right to participate in the discussion of public policy
does the ‘Buffett Rule’ mean we don’t have to pay all of our taxes, fight paying them with the IRS for years, and then complain our taxes are too low? (snark)
Obama has the federal government, the richest organization in the world, demanding more while claiming others have not paid their fair share. What a joke.
How about introducing a 45% wealth tax on these 1 percenters, tax the pile of cash they already earned. Warren should be all over that one.
What is next the no one gets to be a millionaire tax?
0bama is mathematically challenged.
And to create more jobs!!!!!!! Give a man a fish....
I suspected the bonehead was coming after capital gains and dividends. My stocks are well below basis right now, so I’m not selling anytime soon. Given the new policy, I won’t be buying more either.
While the author makes some good points he didn’t recognize that Buffett includes the FICA withholding in his calculation. Since the SS portion of income is capped this helps his illustration of why his secretary is “paying more”. Buffett never provided a detailed breakdown so who knows what the actual numbers are.
While the author makes some good points he didn’t recognize that Buffett includes the FICA withholding in his calculation. Since the SS portion of income is capped this helps his illustration of why his secretary is “paying more”. Buffett never provided a detailed breakdown so who knows what the actual numbers are.
Progressives are Mathematically challenged
5% annual wealth tax, excluding residences up to $1m, tax-protected IRA-type accounts up to $5m, and other personal assets up to $1m.
Maybe a better rate if they’re holding treasury notes.
Just until we extinguish the national debt.
I’m sure Warren and his pals would love that.
This is not a plan, it's an insult. They want to raise taxes immediately and will "start" to bring the deficit down starting in 2017?
I say we start immediately to replace politicians to who plan in periods that exceed their current term.
I think they intend to include residences because the Kennedys are turning the main house at the Compound into a “library”.
“But much more importantly, Buffett’s claim ignores why the capital gains and dividend tax rates are set at the level they are”
Right, so if Buffett owns Berkshire Hathaway and they pay
corporate income taxes, then the income tax is already paid, and dividend taxation is double taxation.
But here is the funny thing - Buffett the hypocrite is going around saying he should pay more, and yet the company he owns is fightng the IRS over taxes!!!
http://netrightdaily.com/2011/08/warren-buffett’s-taxing-hypocrisy/
[Warren Buffett] wrote of the so-called “super-rich,” which he apparently defines as households earning $1 million or more a year: “Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.” Isn’t that nice of Mr. Buffett?
But if he were truly sincere, perhaps he might simply try paying the taxes the IRS says his company owes? According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills.
According to the report, “We anticipate that we will resolve all adjustments proposed by the IRS for the 2002 through 2004 tax years at the IRS Appeals Division within the next 12 months. The IRS has completed its examination of our consolidated U.S. federal income tax returns for the 2005 and 2006 tax years and the proposed adjustments are currently being reviewed by the IRS Appeals Division process. The IRS is currently auditing our consolidated U.S. federal income tax returns for the 2007 through 2009 tax years.”
Buffett needs to PAY UP.
Obama gets a lot wrong:
“I will close GITMO within 1 year.”
“I will end the wars and bring the troops home.”
“Healthcare debates will be openly broadcast on C-SPAN.”
“As long as we pass the stimulus bill, unemployment will not go above 8%.”
“We will be held accountable for how every penny of this stimulus money is spent.”
“All these shovel-ready jobs are waiting the passing of the stimulus bill.”
“Obamacare will lower healthcare costs and create 400,000 jobs immediately.”
“I will not renew the Patriot Act.”
“There will be no lobbyists working in the White House.”
“PAYGO.”
“I will repeal the Bush Tax Cuts.”
“I’ll be focusing like a laser on job creation” (pick any of the thousand times he’s said that).
“There will be comprehensive immigration reform in the first year of my presidency.”
“I will cut the deficit in half by the end of my second year.”
“Sunshine before Signing - All bills will be posted on line for 5 days before I sign them.”
“I will go through every budget, line by line, and eliminate unnecessary spending.”
“I will make government functional again.”
“If I can’t turn this economy around by the end of my 3rd year, I’ll be a 1-term president.”
-— Barack Obama
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