Posted on 01/24/2012 9:27:43 PM PST by Steelfish
Obama: Millionaires Should Pay At Least 30 Percent in Taxes By Michael O'Brien
People earning over $1 million per year should pay an effective tax rate of no less than 30 percent, President Obama said in his State of the Union address Tuesday night.
The president laid down one of his most political markers of the annual policy speech by crafting what he called the "Buffett Rule," named after the famous billionaire investor.
The president calls for lower taxes on lower-income wage earners but asks for wealthier taxpayers to pay more.
"Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes," Obama said.
The president also said that Americans earning over $250,000 per year should also no longer be able to claim special tax breaks or deductions; he said households earning under $250,000 shouldn't face a tax increase.
"You can call this class warfare all you want," Obama said. "But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense."
(Excerpt) Read more at firstread.msnbc.msn.com ...
Obama failed to ention the fact that most of the type on income that is being talked about is FIRST taxed at a corporate rate of 25%, THEN at a personal rate of 15% ...
So, the effective tax rate is REALLY about 40% ...
Obama wants to RAISE the cumulative effective rate to about 55% ...
$250K/Year is a billionaire? I wonder if small businesses earning over 250K will lose depreciation?
Liberal heads would explode.
Start with Warren Buffet!!
How many more millionaires just decided to make the move out of America with their money even though it might have to be a permanent move?
...not even counting State income taxes, sales taxes, and more.
I’d call it common sense if everyone paid the same.
Fix that you fake!
Can’t wait for you to move back to Kenya.
That’s just the Feds.. The State and Locals also want their cut.
So the asshole thinks he gets to dictate what someone “SHOULD” pay without having our Representatives REPRESENT us in writing the damn laws?!
Keep it up BOZO and we will all revolt and refuse to pay ANYTHING, period. Let’s see you and fatass try to make us continue to fund your partying and redistributing OUR wealth. I will close every business we own and refuse to do ANYTHING before I am ruled by someone who thinks he is our KING.
The Billionaire should shut the F up and pay his secretary’s taxes. End of problem.
I just calculated it. A person who earns exactly $1,000,000 in salary in a year, without any deductions, pays $324,000 in taxes.
That’s an effective tax rate of 32.4%
Of course, that’s salary-based, and not capital gains-based.
According to Time magazine, Warren Buffett paid a tax rate of only 11% last year on a gross income of $62 million.
I wonder if Obama’s going to go after Buffett for the rest of his “fair share”.
People do not earn 1 million per year. They earn $83,333.33 per month. As each month passes the tax goes up and income (after taxes) goes down as one jumps tax brackets.
The result is, at some point mid way to three quarters through the year, that before tax $83,333.00 becomes less than minimum wage after taxes.
The result is that the individual says, forget it. I already have millions or billions, I am going fishing, play golf, or spend the rest to the year on vacation. Why work more? I will only earn the same as someone flipping burgers. Who needs the trouble?
Companies do the same, they say: I'll send this part of my business to China, where it cannot be taxed to death by the USA.
This is not complicated it is basic math + human nature. Liberals, especially Marxists, understand neither.
And speaking of Joe Biden, it looks like he generously gave a grand total of $326 to Charity last year, which he wrote off on his Taxes of course.
Obama’s not going to tax Democrats at a higher rate.
He had his chance and passed on it.
I wonder if they realize that the top 2% of earners pay so large a share of the total income tax burden that if they ever decided to stop working and live off their accumulated wealth the government would be screwed.
And IF after massive inflation with everyone and their brother making over $300,000 a year - will we all pay the ‘millionaire tax’ rate?
FUBO
Dumbo just can't wait to further crater the economy. The small business people know there is a target painted on their backs.
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