President Obama to Propose Millionaire’s Tax Called ‘Buffett Rule’

About time!

And in DESPERATION Obama tries to recapture his FLEEING BASE ………

There is NOTHING stopping Mr Buffet & Mr Obama from giving TWICE the amount they paid last year.

And remember… regardless of how much Mr Obama can EXTORT out of the wealthy today… it will only lead to LESS MONEY in everyone’s pockets tomorrow

“And remember… regardless of how much Mr Obama can EXTORT out of the wealthy today… it will only lead to LESS MONEY in everyone’s pockets tomorrow”……. Everyone? Hardly. Though I’d imagine one Rush Limbaugh, your guru selling you this snake oil, will feel a bit of a pinch losing some 54 million per year out of his wads of millions you ignorant people continue to wish to see him keep.

The Republicans should agree to raise the tax with only one condition – Obama has to start telling the truth about how little this tax will bring in compared with Obama’s MASSIVE deficit. Obama is spending about $1300 billion more than he takes in every year. This tax will raise less than $100 billion.

Where is Obama going to get the rest, the $1200+ billion that we’re still borrowing from China and others? Here’s a hint – when Obama is drawing attention to his right hand going into the pockets of the rich, you’d better be watching his left hand carefully because it’s headed into your pocket.

Seems like a no-brainer. Give Obama credit for delivering the ball back in the hands of congress. Now let them decide if they want a balanced approach or continue down the path that got us where we are now. Bush erred by not asking anyone to sacrifice for two wars. That decision has come back to haunt us. Now the middle class is unemployed, manufacturing is slowed and the Republicans seem willing to sacrifice the next 14 months of our economy and our lives just to win the White House in 2012. Listen to the people Boehner.

ATTITUDE | September 17, 2011, 9:20 pm 9:20 pm wrote: “Why didn’t Mr. Obama not do this 3 years ago? Is it because election is closing in.” +++++ Because he needed 60 votes from the Senate and the GOP would NOT allow members to break ranks and vote with the Democrats. The GOP does NOT want Americans feeling good about themselves or their country until after the Nov. 2012, when the GOP figures the many fools among us will blame it all on the White House.

This will maybe raise 45-60B a year if they put a 10% tax on families making over 1 mil. Until people who make that much are able to offset capital gains with losses, move money, or cahnge the way they’re compensated. You don’t get rich by being dumb.

And Rob Dent, the middle class is not unemployed. Check the job boards in diff cities. There are so many jobs that companies can’t fill because we have an unqualified immobile workforce. If theres no jobs in your industry in your city, then move! This is why jobs get shifted to India.

And I would never hire anyone who has been unemployed for 6 months or 99 weeks unless there is a GREAT reason as to why they haven’t so much as a temp job or went back to school in that period of time.

TJ, no one wants to ‘sock it to’ the rich as you put it. But asking them to pay a slightly higher tax rate, when the Bush tax cuts put so much more in their pockets, isn’t unreasonable in this time of national need. Do you know what percentage of the national debt is due to the Bush tax cuts?

Stew, I have been trying to hire 3 programmers since last November. Finally 6 months ago I hired a headhunter….. still no luck. She told me that there are programmers out there, but they are afraid to move because of the housing market.. they cannot afford to get stuck with 2 homes. I know for a fact that if you are in this situation, it is hard to get any help on financing for the home you are trying to sell because the Gov’t and Banks look at it as a Second Home… lol.. yea, I guess that is what it is, but it is not like it is a Lake home or something. Obama seems to want to jump out to help people on the HOME they live in, but don’t care to help those having problems selling the one they were in because they moved to get a job.

Oh this is stupid…….the truely rich would only move their money off shore. This is another Obama games and what he claims as “rich” changes daily so just remember for those giddy about class warfare what Obama says rich today is at $1 million may quickly go back and be redefined as those making $60,000…………………….you may also want to note that moral people know singling out of one group to be given harsher treatment/abused is WRONG.

regardless of how much Mr Obama can EXTORT out of the wealthy today… it will only lead to LESS MONEY in everyone’s pockets tomorrow
—-actually, the accumulation of wealthy to that percentage is the RESULT of less money in our pockets. The oil company profits that you never saw one cent of, the lower capital gains taxes, the high coroprate profits, the higher usery fees on banks and credit cards and loans…who gets al lthat money??? where did it go???? the upper echelon rich. They are getting SOOO much money from SOOO many different avenues. The oil companies made over 200 BILLION in profit last year. Did they turn any of that proft into savings for consumers? no. Foolish man. You think more profit, more money in the pockets of rich folks will result in YOU having more money??? Grow up. They squeeze EVERY DIME out of you that the free market will allow. If they can charge you $100 a year for a checking account,…they will. They will screw you to the wall, layoff all the jobs, ship them overseas, make HUGE profits and NEVER share any of it with you or anyone else. I n fact, that is exactly what happened. Where IS all the money that was in this economy??? Who has it? It went somewhere,…where is it???? stuck. At the top. Among those 1%ers. They have it. They really do. They have had profits out their ying yang, WHILE shipping jobs out, WHILE getting huge bonuses, WHILE getting tax cuts, WHILE getting handouts and subsidies from the governments for their busiensses like the 2 billion we handed oil companie sthat already made 200 billion in profit. How much of a fool are you????? the ONLY way to get the wealth back into society as a whole is the to tax them.

why in the world would you want to take money from the business owners? it can only lead to more unemployment.—-why? Do you know nothing of economics??? CUSTOMERS create jobs. not rich people. This is fact. We are a consumer based economy. The collective buying power of the middle class and the poor OVERWHELMINGLY is the engine that drives this economy. But the middle class and the lower class have no money to spend. Where did it go?????? who has it? Someone does. Who? The ubber rich. fact. Corporate profits are HUGE. AND capital gains tax is the lowest it’s ever been in 60 years and personal income tax for the rich is the lowest it’s EVER been in our entire history AND fees for banks, credit cards, loans, etc, ALL are up. Where is all this money going??? to the SAME people getting the big tax cuts. JObs shipped out en masse so production costs are tiny, who made the profit when that happened???? the ubber rich. Did they share the profit with their employees???? no!!!! They froze their wages or laid them off because….they could. This brand of rich, this generation, is by far, the most unAmerican selfish greedy immoral group we’ve ever had in this country. Not only do I have no conpunction raising their taxes ,which is meaningless really, the raises are so tiny compared to what they take in, it will do NOTHING to raise prices a single cent. in fact, it should then be used to pay teachers and pave roads and repair bridges becuase it IS the money that is taken from those people when they buy peanut butter but it’s in a jar that is 20% smaller who also have to pay $5 to use an ATM.

Any individual or corporation making over 10 million dollars a year ought to be happy to pay 40% in federal income taxes in order to protect the political stability in the nation that allows you to earn such income.

The tax code was never intended to be used as a political weapon, which is how Obama is using it. He knows that it will raise very little of the money he needs for his obscene spending, but the “class card” works very well with those who are ill-informed. The wealthy already pay an inordinate amount of the tax burden. If he wanted to really do something beneficial, he would tax those who are not paying anything at all.

Milk Money for the Kiddies……….not that it wouldn`t help……..BRING OURS JOBS BACK HOME>>>>>>>>>>>>>MILLIONS OF THEM>>>>>>>>>>>>>>>>>GOOD PAYING JOBS PAY TAXES>>>>>>>>AND TAXES RUN A NATION>>>>>>>THEY TAKE CARE OF THE ELDERLY WHO BUILT THIS GREAT NATION WITH SWEAT AND BLOOD>>>>>>>GENERATION AFTER GENERATION>>>>>>>>>>>>>>I hope this march on Wall Street doesn`t end there!

Class warfare AS USUAL with Democrats!!! —– How about a “everyone pays something” rule…. why should 45% of taxpayers pay NO income tax??? — Shouldn’t most Americans pay SOMETHING?

A new report by the Congressional Budget Office undermines President Obama’s constant refrain that the “rich” are paying less than their share of federal taxes and that the middle class is over burdened. The report, Average Federal Tax Rates in 2007, shows that the wealthiest 20 percent of households earned 55.9 percent of all income but paid 86 percent of federal income taxes and 68.9 percent of all federal taxes.

By contrast, every other income group earned a greater share of income than their share of the tax burden. For example, the lowest earning households – those with an average pre-tax income of $18,400 – earned 4 percent of the nation’s income but paid 0.8 percent of all federal taxes. Those in the middle income group – with an average pre-tax income of $64,500 – earned 13.1 percent of the income but paid 9.2 percent of all federal taxes. Even households in the fourth quintile – with an average pre-tax income of $94,100 – earned 19.3 percent of the income but paid 16.5 percent of all federal taxes.

It is the share of income earned by the top 1 percent of households – with an average pre-tax income of $264,700 – who Obama is targeting for higher taxes. Without question, their share of the nation’s tax burden has never been higher.

Since 1979, the top 1 percent’s share of income has grown from 9.3 percent to 19.4 percent, more than double. However, their share of income taxes more than doubled, from 18.3 percent to 39.5 percent, while their share of the total tax burden almost doubled from 15.4 percent to 28.1 percent.

Clearly illustrated is how tied to the economy are the rich’s incomes and how tied to the rich’s fortunes are federal revenues. The recessions of 1981, 1991, and 2001 depressed the incomes of the top 1 percent and so too their tax payments to Uncle Sam. While some of the drop off in tax collections from the top 1 percent after 2001 can be attributed to the Bush tax cuts, the economy was the main driver. When the economy recovered beginning in 2003, so too did the top 1 percent’s income and their tax payments. 

@BOBOMCSTEVENS – So folks pay “state” sales taxes, all that means is that they are taking those taxes from the feds as those taxes are deductible – in fact, it may even be shifting federal funds to the states depending on how much they pay.

It would be “fair” to make state taxes completely NON-DEDUCTIBLE. If you choose to live in a high tax state for the “benefits” – great – YOU PAY FOR IT. If you choose to live in a state that just basically taxes visitors (ie: FL), and can live with the lower services – great again for YOU.

The only federal taxes that “everyone”, or at least those that work, pay are FICA/Medicare. Sales taxes are “local”, property taxes are “local”, state / county / city income taxes are all “local” and based upon where people choose to live and provide “local” services. They should NOT be part of the whole FEDERAL INCOME TAX debate.

If you make more money you pay more taxes, that seems pretty logical to me. Why should you get a break and pay 17% on your dollar earned while someone else has to pay 28% on their dollar earned? This country needs a flat tax rate and then breaks for the small and med size business and a break for those dollars that are used as venture capital. No transaction pusher on wall street deserves a break in the hopes that they will create a job, that is just plain stupid.

This is a no-brainer, it’s clear the wealthiest have been given too many concessions from the Bush tax cuts. Return the tax rates to their pre-Bush levels, which is actually low by historical standards. The economic benefit from the Bush tax cuts is not real for the vast majority of us.

And all of those working-class GOP-voting folks out there, it’s time to wake up and realize how you’re being manipulated, to the benefit of the few. The GOP uses religious overtones to make it’s economic manipulations seem ‘righteous’, when in fact they’re just trying to cheat the average American.

Progressive tax schemes are common sense, whereas cutting tax rates for the rich while increasing the federal expenditures to pay for the GOP war in Iraq is stupidity, and certainly unethical (read “immoral”, if you’re not clear what ethics are). Now we’re left with generations of debt due to the unethical decisions of the previous administration.

This is a no-brainer, it’s clear the wealthiest have been given too many concessions from the Bush tax cuts. Return the tax rates to their pre-Bush levels, which is actually low by historical standards. The economic benefit from the Bush tax cuts is not real for the vast majority of us.

And all of those working-class GOP-voting folks out there, it’s time to wake up and realize how you’re being manipulated, to the benefit of the few. The GOP uses religious overtones to make it’s economic manipulations seem ‘righteous’, when in fact they’re just trying to cheat the average American.

Progressive tax schemes are common sense, whereas cutting tax rates for the rich while increasing the federal expenditures to pay for the GOP war in Iraq is stupidity, and certainly unethical (read “immoral”, if you’re not clear what ethics are). Now we’re left with generations of debt due to the unethical decisions of the previous administration.

Posted by: simplyobvious | September 18, 2011, 2:05 am 2:05 am

I agree. I also read that a recent study of 54 notions shows that people who live in countries with progressive taxation are happier. “The more progressive the tax policy is, the happier the citizens are,” says University of Virginia psychologist Shigehiro Oishi, summarizing the findings, which will be published in Psychological Science.

It never ceases to amaze me how many don’t get the bigger the income the more they’re hiding income. Tax the stuff they can’t hide.

PRESIDENT Obama. Yes, that’s right, PRESIDENT Obama, no matter how much it hurts it’s PRESIDENT Obama. Not “Mr.” Obama. He was elected PRESIDENT, by the people of the United States of America, legally, under the constitution of the United States America. He is our PRESIDENT. He is not “one of them”, not a secret Muslim pushing the world to a Calaphate, not born in Kenya and doesn’t “pal around with terrorists”. He is the legitimate PRESIDENT of the United States of America. Those who are calling him “Mr.” are not only ignorant, but blissfully unpatriotic (no matter how many guns you own, how many star spangled flags you have waving in front of your house, how many times you say “Constitution” or “Founding Fathers”, or how many verses you have memorized from the bible!). Even though President Bush was intellectually challenged and practically brought the country to it’s knees, we still called him President. Show some dam respect! What’s more, the reality is since PRESIDENT Obama took office, America has been coming back, albeit slowly and painfully. However, the USA would be booming again, the leader of the global recovery, if it were not for Republican obstructionism. 99% of people who live outside of the US know this (mostly because they don’t watch FOX). Unfortunately, may be only 50% of Americans know this. Sad really.

“Those who are calling him “Mr.” are not only ignorant, but blissfully unpatriotic…” Not long ago this was addressed in some of the media because articles would use the term “Mr. Obama” when referring to the President. Apparently an accepted convention was to use the term “President Obama” as the initial reference and then “Mr. Obama” thereafter and was the same for Clinton and Bush during their adminstrations. Your repetitive use of the term “President” in the first few sentences shows just how quiclkly the term can seem overused. Then try writing five or six paragraphs in an article that frequently refer to “President.Obama” and see how stilted it sounds.

For all of you blaming the bush tax cuts, you do realize the gigantic cut for the “rich” was 4-5%, right? And that margin kicks in after around 400k…

So, u make a million a year, 5% of 600k is 30k extra. So millionaires pay 30k more each in taxes.

What is this going to raise about 10 – 20 B a year in taxes? What a joke. That’s only a few Solyndras.

This is class warfare, straight up.

Class warfare is continuing tax policies that DIRECTLY increase the income disparity, the greatest it’s been since the 1920′s.

Republicans like to claim the Democrats are waging class warfare with progressive tax policies but it’s the other way around. Look at our GINI index, one of the worst found in all of the first world nations! Republicans have been waging class warfare for decades.

I guess he finally figured out the democratic voters are outraged and aren’t going to vote for him just because he’s running around with a “D” behind his name.

@JamesCy – Thank you for some real statistics and FACT. There is so much opinion and no support in all of these comments. It is sometimes hard to understand economic principles especially since they are not taught in schools. I find it very “interesting” that all of the “tax the rich” people have not even attempted to comment on your posts. The logical appreciate your intellectual approach and reasoning.

The President once again doesn’t understand what the unintended consequences of his proposal will be! This will be another “green Jobs” type bankrupt approach!!! The “rich” excess earnings is what is invested into creating jobs!

“The collective buying power of the middle class and the poor OVERWHELMINGLY is the engine that drives this economy.”

Posted by: WellLetsBHonestHere | September 17, 2011, 11:18 pm 11:18 pm

Wrong!

The top 10% pay over 70% of all federal income taxes. The top 5% are responsible for 40% of all consumer spending. The top 10% are responsible for 50% of all consumer spending. This spending keeps a lot of people employed. Without the wealthy, our consumer-driven economy would implode.

So next time you think about punishing the wealthy, be careful what you wish for because it will negatively impact the lives of the poor and middle class you purport to defend.

“The rich are just pocketing their money not creating jobs with the Bush tax breaks. I am sorry if I have to pay 31% tax rate why does the rich think they should pay less.”

Posted by: realist | September 18, 2011, 7:56 am 7:56 am

Your EFFECTIVE tax rate is NOT 31% after all exemptions and deductions. It’s much, much lower than that. You’re not paying anywhere close to the taxes you should for the benefits you receive. Stop whining about the wealthy. The top 10% pay over 70% of all federal income taxes. They’re subsidizing your lifestyle. If they didn’t, you’d be a lot poorer.

Posted by: realist | September 18, 2011, 8:10 am 8:10 am

You haven’t posted a factual rebuttal yet.

How about the Ron Paul rule where everybody pays the same rate?

This discussion is moot, as the Republicans in Congress will block this like they block everything the president proposes. Next article, please. Move along people, nothing to see here……………..

Just put in the flat tax and be done with all this bs. By the way, Warren, hope your “Economic Forum” as a fund raiser for OB goes well. At $10,000/plate I would assume you can thank the wealthy if your efforts are a success. Also, have you written a check to DC yet to make up for the disgrace you feel about the wealthy not paying their fair share? You would be wise to listen to Mark Cuban’s comments.

Does anyone realize that Warren Buffet does not pay income taxes. He pays capitol gains taxes. This is all a political play on words. If we want everyone to pay the same percentage then we must include the 50% that don’t pay anything. Also do you not realize that the people who are accused of not paying their fair share are the same people most americans work for. That’s right—raise their taxes and watch un-employment go even higher.

“Problem is, the wealthy are NOT creating jobs…”

Posted by: Jeanne | September 18, 2011, 8:58 am 8:58 am

Most jobs are created by small business owners. Go start a new business and pay your employees a living wage with generous benefits. Millions of us already do it. Who’s stopping you?

Is YOUR life really going to change or improve by taxing the rich a few points? Didn’t think so.

And the “rich” don’t use loopholes to pay a lower rate. Everyone does. They’re called deductions ( even the standard deduction), tax credits, etc… So while you say the rich only pay 17%, the truth is that u may only be paying 9%because of the loopholes. If loopholes are so bad, don’t write off the income of your house.

The 50% of the population who doesn’t pay anything needs to pay their fair share. They use the same services as the rich ( actually more). And they don’t pay squat.

Hey Obama, why don’t u start the millionaire tax hike with Hollywood? Drop the tax credits for filming in locations, and make people in the entertainment industry pay 75% of their earnings in taxes. 30 mil to act in a movie? Ridiculous. If ladyGaga made 100 mil last year, I’m sure she can live on 10 mil.

Hollywood supports Obamas ideas. Start with them.

ABC states that an employee pays more taxes then him, but ABC forgets to state that Buffett ‘s income is from capital gains and the employees is not. They also forget to tell you he has lawyers working constantly to make sure he doesn’t pay. So far the President has been 100 percent wrong on all he has done to help make jobs in America.

Posted by: skip | September 18, 2011, 11:38 am 11:38 am

It’s absolute fact, Skip. And it’s straight from the IRS. Truth is often ugly to those living in bubbles.

Buffet pays tax on capital gain which is considerable lower than tax on those of us who work for a living so for him to advocate that the rich should pay more is laughable, what he wants is everone pay more tax except HIM.

If republicans have such an issues with the people paying no federal taxes I’d like to know why they weren’t fussing when Bush and the republicans upped that greatly in the early 2000′s.

Leave those poor rich people alone!

During the 1990s, about 24 percent of filers had no income tax liability, but this number took a big jump during the George W. Bush administration as Republicans added a large child credit to the tax code. The percentage of filers with no income tax liability rose to 36.3 percent in 2008, from 25.2 percent in 2000.

We’ve had a progressive system since we began. It’s the top of the 10% that are getting absurdly low rates. Lower than mine.

Chuck said some misleading things like:

“With Democratic majorities in Congress in December, Obama RENEWED the Bush tax cuts.”

That’s because the GOP held the UNEMPLOYMENT bill hostage UNLESS the Bush tax cuts were renewed. He wanted those to end.

You’re entitled to your opinion but not what you call ‘facts’

Repealing the Bush tax cuts is NOT about putting more money directly into the hands of the poor, it’s about paying down our debt, something those pesky tax cuts DIRECTLY contributed to.

Ben- the payroll taxes that everybody has to pay go towards social security and the medi programs. Are you actually saying that people who are going to partake in those programs shouldn’t have to contribute? And those bottom 50% are the people that are going to need it most.

In terms of sales tax, those are consumption taxes. If the cig taxes are too high for the poor, then don’t smoke….

Posted by: Steve | September 18, 2011, 2:23 pm 2:23 pm

Yeah, like I said, the line that the bottom 50% contributes nothing is a complete lie.

More misleading extreme left-wing liberal drivel. I’m all for raising taxes on the rich, but at the same time Obama needs to start telling the truth about how little that will help. Buffett’s proposal will close the deficit by less than 10%. Over 90% of the problem would still remain. Only those challenged by arithmetic can’t figure this out.

Don’t believe it? Buffett himself listed all the numbers you need to figure this out except one – Obama’s deficit is now 1,500 billion dollars per year.

How much money did the 400 richest people in the US make last year? $90 billion. How much did everyone who earns more than $10,000,000 per year make (including the 400 richest)? About $190 billion. How much did everyone who earned more than $1,000,000 make (including the previous two categories)? About $500 billion. If we raised taxes on them by 10% how much money would be raised out of the $1,500 billion that we need? Duh. About $50 billion. That’s 3% of the problem. Let’s raise taxes on the rich by 20%. $100 billion. How about raising taxes on them by 30% – now the rich would be paying well over 50% in total. That’s $150 billion, 10% of Obama’s problem. The rich simply don’t make enough money to pay down the deficit even if we taxed them at 100%, not even close. Anyone who says otherwise, including Obama, is simply lying.

Where is Obama going to get the rest of the $1,300+ billion that he needs?

Here’s a clue – watch Obama’s left hand very carefully while he’s drawing attention to his right hand going into the pockets of the rich. Obama’s left hand is headed into YOUR pocket.

Oh yes, and sales taxes . . .

Buffett’s proposal will close the deficit by less than 10%.

Posted by: meab | September 18, 2011, 2:33 pm 2:33 pm

Not a bad start – we’ll take it.

The real reason there is such a huge deficit is the 8 or 9 million jobs (and associated taxes) lost under the Bush economic collapse, coupled with the Bush tax cuts and the unpaid for wars, etc. This is what exploded the deficit.

Interessting, I made a comment before that seems to have disappeared….It was about how Warren Buffet continues to spout off about millionaires paying higher taxes, why doesn’t his company pay what it currently owes? Warren Buffett’s company, Berkshire Hathaway admits it owes back taxes dating back to 2002. “We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years … within the next 12 months,” the firm’s annual report says. It also cites outstanding tax issues for 2005 through 2009. Why does Buffet continue to direct his lawyers to spar with the IRS? Why doesn’t he just dig into his billionaire change purse and pony up what he already owes the American people? Want to know why? Because he is a “do as I say, not as I do hypocrite.”

According to the White House official, the Buffett Rule would impact only 0.3% of taxpayers — fewer than 450,000 individuals.
=====
Our Greatest Smartest Clueless Leader finally is going to do something in his remaining term: Tax the hell out of Prez 0′s good friend Buffett. What the world was he doing in the past 3 years?! Buffett keeps complaining he did not pay enough taxes, and our GSCL bought it. Now, he should tax Buffett 99.9% of all his earnings over $100,000.

See if he and our GSCL still complain, and if our GSCL still gets enough donations for his re-election.

I guess this means they won’t have to pay any taxes. Berkshire Hathaway is way behind in taxes aren’t they? What this Bozo doesn’t understand is that the capital gains tax is lower and the people making the capital gains keep investing in other companies or endeavors. It is so much more complicated than just “I pay half the tax my secretary does” like they want everyone to think. What is the difference in the richer people spending theorr money and the lower income people spending their money? It’s still getting spent.

Republicans call for corporate tax breaks and tax breaks for the rich almost every day. It’s ironic how they sit on their hands when it comes to small business and middle class tax breaks. Americans better start paying close attention to who’s on the American peoples side and who’s only on the side of multi-national corporations. When GOP politicians inject the term “the American people”, they are only talking about corporate America. They fight against employee rights, employee benefits and anything that may help employees and mom and pop businesses. They don’t care about true small business otherwise they would have voted for the bill in 2010 that was a loan bill specifically FOR SMALL BUSINESS!! They ALL voted against it! Don’t you get it?? The GOP are in the pockets of people like the Koch brothers and the rich. Joe the plumber need not apply!!

Posted by: dan | September 10, 2011, 12:38 am 12:38 am

*****

Posted by: Wally | September 18, 2011, 2:33 pm 2:33 pm

Excellent post.

didn’t obama take a $12,000.00 refund on his mega millions income this past year?

yup, obama took every deduction he could and applied his refund to next year’s taxes. what a crock.

Sure, Buffet has given some of his wealth to philanthropy…gee, I’ll .bet he gets buildings named after him and all sorts of kudos and tax benefits for his generosity. Now, explain to me exactly why he has his lawyers fighting to pay OWED Berkshire Hathaway back taxes to the IRS?????? They say they are going to settle up with the IRS…so why haven’t they already? WHY???? Because Warren Buffet is a hypocrite. That’s why. President Obama needs to find a new name for his rule….and I don’t recommend he use the name Jeffrey Immelt either. Wouldn’t be prudent, he’s a hypocrite too.

I think this is an interesting solution. As for all of you who say that people who cannot find jobs in their area should just move, be sensible. For starters if an individual owns a home, good luck selling it, and let’s hope they don’t have kids. Because if they do, I guess all of you would also just have them pull their children out of the only school environment that they are familiar with as well. So now we have two new problems: a home that can’t be sold and a child unhappy in a new school setting. In addition to everything else, why don’t you all have them put the dog to sleep before they move too?

Start using your brains people. I would like to see everyone stop complaining, stop talking about what someone else isn’t doing, and stop worrying about the rich. They pay people to worry about them so they don’t need your help in that department. Here’s an idea, if the republicans and the democrats don’t like this newest proposal then come up with another one. Frankly, in the end, I don’t care who comes up with a solution. As long as someone eventually comes up with one.

President Obama is doing the smartest thing possible; he is keeping the stream of ideas flowing. Any person who has any sense knows that to solve a problem you keep coming up with ideas, good or bad, and keep displaying these thoughts for the public to hear. Eventually one that works will be created and the problem will be solved. If everyone stops coming up with possible solutions, then we will never find one that works.

How about some real tax reforms, Mr President, ones that would raise revenues fairly across the spectrum of America and bypasses divisive class baiting tactics that rev up your rabble rousing base. Let’s fix the tax system, not buy votes.

When is ABC going to report what a fraud Buffet and Obama are. Buffet is paid 100,000 a year in salary and this bill will not even affect him. He pays taxes on this money through his investment company at a lower rate. He is and has always been a bottom feeder looking to buy distressed companies that can not pay their taxes or continue in business because of being over regulated. He is a pathetic human being so it makes sense he partners himself with another person like himn the woman hating Obama.

Posted by: J.Herrera | September 18, 2011, 4:54 pm 4:54 pm

Sounds like class-envy and class-war there, J.

Sounds like class-envy and class-war there, J.

Posted by: Kimberly | September 18, 2011, 5:17 pm 5:17 pm

Exactly… no wait, not if you’re slamming wealthy *democrats* or the poor or raising taxes on the middle class.

I don’t want Mr. Buffet to pay more taxes, I just want him to tell Mr. Gates and Mr. Balmer to lower the price of Windows 7 and Windows Phone. Pay the same tax, but make less profit. Like the government, their Microsoft Office has become so thick and heavy that it slows down every computer that it is installed on.

“President Obama to Propose Millionaire’s Tax Called ‘Buffett Rule’”
Should be called “Buffett’s Puppet”.

Mr. Obama’s voter base isn’t fleeing… we’re in awe!

America’s first rule was NOT “No work, no food”. That was Walter Raleigh trying to get a bunch of exiled English gentlemen to survive harsh wilderness conditions for which they were completely unprepared. Way to take history out of context, RAFE !

Posted by: Ben | September 18, 2011, 2:36 pm 2:36 pm

That’s just what I’d expect a freeloader to say. It’s time you started paying your fair share.

“Everybody has got to make some sacrifices, everybody’s gotta take a haircut.” – President Barack Obama, April 5, 2011

Everybody. That includes you.

Posted by: Ben | September 18, 2011, 6:43 pm 6:43 pm

Leave those poor rich people alone!

Average tax rate of 36% for Mr. Buffet’s employees? The top US tax rate is 35% on income over $379,150. To get to that point, one must pass thru the tax brackets of !0%, 15%, 25%, 28%, and 33% until reaching the 35% bracket. It is mathematically impossible to pay taxes of 36% on one’s entire income. If I were a reporter, I would need to challenge Mr. Buffet to explain that statement much more clearly.

Let raise taxes—how much taxes on the wealthiest Congress men/women? Or are they exempt from such taxes under Obama’s plans——are the CZARS (where Obama hasn’t disclosed) aare their salaries going to be tax as this higher level? IT HAS BEEN RUMOURED–THEY ARE EXEMPT!

If the 535 members of Congress will forfeit their salaries for 1 year–(most salaries are under the $200,000) while in the REAL business world—Congress has some of the wealthiest Americans! Why couldn’t they draw money from the private income–not to exceed the $200,000 mark–just think 535 Members (along with the CZSARS–could help out the economy! 535 X $185,000 how much revenue would that generate in our economy! The President is a millionaire—-so there would be more revenue there too.

When the Congress—the Super Congress are looking to reduce funds for the elderly –medicare–medicaid–without first looking at the millionaires—billionaires sitting in Congress and are exempt from these higher taxes.

Or, when Obama has these fundraisers beginning @37,500 per plate–fills the house—other fundraisers $37,800 PER PLATE——take those numbers X 1700 people—how much more would that go into the economy (rather than half going to Obama–half to the Democratic Party to help more Democrats will be nominated—

Look at home–just inside the WH–Congress–forfeit salaries–coulld generate lots of money!

The American people have suffered enough—15 unemployed Americans—8 million aren’t receiving benefits and trying to survivor–2 million Americans have only part time jobs—this doesn’t include companies who went bully up this week end—the green project 1,100 employees lost their jobs immediately—then add to the BIG NASA lay off–then add to the layoffs at the White House since the IT Computer Systems are now in the hands of GOOGLE per the CEO of google.

The millionaires–billionaires in Congress SHOULD NOT BE EXEMPT? Forfeit their salaries for 1 year–use their personal funds—and then they might have an inkling about the economy–and the American people!~

National Sales Tax….Everybody Pays….

All Americans should be embarassed for letting this whole mess happen. We are so blessed to live in a country that has given us the freedom to chart our own course and go after our dreams. This freedom also provides us the ability to do some stupid things as well. We now have a government full of people who do not care about us, but only care about campaign dollars and winning elections. We allowed this to happen, it is our fault. The world right now is a mess, because we (the American people) did not lead by example and hold our elected reps accountable. We are now being led by Washington, instead of leading them to do what is right. A govenment of the people, by the people, for the people…. What a shame for squandering such a unigue gift that was given to us at birth – the gift of being an American citizen. Unless we drop all the labels that define us – repub, dem, etc… and focus again on the only label that should matter – an American – will this country be able to survive. Here we are on a media website (helping them sell more soap by dividing us) going back and forth about the decision of a bunch of meathead politicians who do not deserve the attention we give them. Of the 300 million people in this country, are you telling me the best we can do are the current people who run the federal government? We fell asleep America, and we let this happen. The world is a mess right now and we need to fix it – and the first thing we can do to help everyone is to throw out all the bums in Washington. They waste our money, they divide us, and we keep sending them back year after year. Such a shame, such an embarrassment – it is our my fellow citizens, it our fault for allowing this to happen!

Good Buffett Quote: “There’s class warfare, all right, but it’s my class, the rich class, that’s making war & we’re winning”

There is nothing he can do to save his sorry Butt, we just want him gone- thru, finished- sent back to kenya.

Another thing, our country needs to stop promising money out to all these poor country’s. I don’t pay taxes for our money to be sent over seas like our jobs. Americans first not the rest of the world.

Oh and Tony, own a car? Government makes you buy Car Insurance? How about a house? Your bank makes you buy Property Insurance?

Fact is the government mandates a ton of things, all for the betterment of society (speed limits, alcohol limits, age of consent, etc).

Something is awry. Paying a 36% tax rate is literally impossible. The top tax bracket is 35%, so if you made infinity dollars, you’d pay 34.99999…%.