How Does the "Buffet Rule" Fix our national Debt or budget Defecits?

[PLYMCO_PILGRIM]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

 

[Euro]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

What about raising the capital gain tax and lower the corporate tax.

Eg. capital gain tax(15% today)-> Make it 28%.
Corporate tax (35% today)-> Make it 22%.
Just an example, but their are probobaly computer programs that can calculate this.

The conecept, higher capital gain tax to stop sepculations and rich people taking out huge dividends and lower corporate taxes to stimulate corporations to hire more people.
Then put a wealth tax on the rich that have build up large fortunes because of a low capital gain tax. A property tax on house/apartment nr.2,3 etc not nr.1(everybody should own a house)
The potential in USA is to take in more taxes from the rich, that dont contribute enough.

A low capital gain tax is just more welfare for the rich.
If the capital gain tax is raised and corporate tax lowered. Corporations are stimulated to hire and rich people will have to work more since taking out capital gain will be less attractive than working.

Since corporate tax<Capital gain tax.

 

[PLYMCO_PILGRIM]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

What about raising the capital gain tax and lower the corporate tax.

Eg. capital gain tax(15% today)-> Make it 28%.
Corporate tax (35% today)-> Make it 22%.
Just an example, but their are probobaly computer programs that can calculate this.

The conecept, higher capital gain tax to stop sepculations and rich people taking out huge dividends and lower corporate taxes to stimulate corporations to hire more people.
Then put a wealth tax on the rich that have build up large fortunes because of a low capital gain tax. A property tax on house/apartment nr.2,3 etc not nr.1(everybody should own a house)
The potential in USA is to take in more taxes from the rich, that dont contribute enough.

A low capital gain tax is just more welfare for the rich.
If the capital gain tax is raised and corporate tax lowered. Corporations are stimulated to hire and rich people will have to work more since taking out capital gain will be less attractive than working.

Since corporate tax<Capital gain tax.

I like that you are thinking.

I'm still curious as to how the Buffet Rule even comes remotely close to addressing our problem of government overspending.

 

[gallantwarrior]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

Technically, revenue raised by implementing the Buffett Rule would be less than a drop of water in an ocean. It would punish those evil rich people, though. Those greedy, grasping, selfish rich people who refuse to share their wealth willingly would be forced to do so by government over-reach. Even more important, it would give that self-same government bragging rights to be used to convince the unwashed, uninformed electorate that they, the government, have the best interest of the unwashed at heart. And the govt will prove that by tearing down the nasty rich people to the same level as the "poor".
Anyone with a lick of sense and a solid bank balance also has the wherewithal to remove said wealth to safer, saner climes.

 

[PLYMCO_PILGRIM]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

Technically, revenue raised by implementing the Buffett Rule would be less than a drop of water in an ocean. It would punish those evil rich people, though. Those greedy, grasping, selfish rich people who refuse to share their wealth willingly would be forced to do so by government over-reach. Even more important, it would give that self-same government bragging rights to be used to convince the unwashed, uninformed electorate that they, the government, have the best interest of the unwashed at heart. And the govt will prove that by tearing down the nasty rich people to the same level as the "poor".
Anyone with a lick of sense and a solid bank balance also has the wherewithal to remove said wealth to safer, saner climes.

Like my sig line says I'm not interested in punishing or blaming people but in fixing the HUGE problems we face, the buffet rule really doesn't address any problems at all. The fact that many are portraying it as a way to pay off our national debt I find to be dishonest when a year of tax revenues from the buffet rule don't even come close to covering a week of our national budget defecits.

It appears as an eyewash distraction from me and a distraction we can not afford as a nation. Every day we don't act we go a few billion more into debt!

 

[gallantwarrior]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

Technically, revenue raised by implementing the Buffett Rule would be less than a drop of water in an ocean. It would punish those evil rich people, though. Those greedy, grasping, selfish rich people who refuse to share their wealth willingly would be forced to do so by government over-reach. Even more important, it would give that self-same government bragging rights to be used to convince the unwashed, uninformed electorate that they, the government, have the best interest of the unwashed at heart. And the govt will prove that by tearing down the nasty rich people to the same level as the "poor".
Anyone with a lick of sense and a solid bank balance also has the wherewithal to remove said wealth to safer, saner climes.

Like my sig line says I'm not interested in punishing or blaming people but in fixing the HUGE problems we face, the buffet rule really doesn't address any problems at all. The fact that many are portraying it as a way to pay off our national debt I find to be dishonest when a year of tax revenues from the buffet rule don't even come close to covering a week of our national budget defecits.

It appears as an eyewash distraction from me and a distraction we can not afford as a nation. Every day we don't act we go a few billion more into debt!

I fully agree with you. Passing the Buffett Rule is just another diversion from issues that are very difficult to resolve, mostly because their resolution requires hard choices and unpopular action. Politicians have difficulties doing what is necessary to resolve our problems because they would become unpopular, possibly losing their plum "jobs". I prefer to believe that a politician who takes appropriate action, regardless of how "hard" it might be, would tend to curry favor with a different portion of the electorate.
I apologize if my previous response was a bit flippant. I tire of the foolish tirades directed against the "evil rich" which foster yet another division of the people in this country.

 

[PLYMCO_PILGRIM]

Technically, revenue raised by implementing the Buffett Rule would be less than a drop of water in an ocean. It would punish those evil rich people, though. Those greedy, grasping, selfish rich people who refuse to share their wealth willingly would be forced to do so by government over-reach. Even more important, it would give that self-same government bragging rights to be used to convince the unwashed, uninformed electorate that they, the government, have the best interest of the unwashed at heart. And the govt will prove that by tearing down the nasty rich people to the same level as the "poor".
Anyone with a lick of sense and a solid bank balance also has the wherewithal to remove said wealth to safer, saner climes.

Like my sig line says I'm not interested in punishing or blaming people but in fixing the HUGE problems we face, the buffet rule really doesn't address any problems at all. The fact that many are portraying it as a way to pay off our national debt I find to be dishonest when a year of tax revenues from the buffet rule don't even come close to covering a week of our national budget defecits.

It appears as an eyewash distraction from me and a distraction we can not afford as a nation. Every day we don't act we go a few billion more into debt!

I fully agree with you. Passing the Buffett Rule is just another diversion from issues that are very difficult to resolve, mostly because their resolution requires hard choices and unpopular action. Politicians have difficulties doing what is necessary to resolve our problems because they would become unpopular, possibly losing their plum "jobs". I prefer to believe that a politician who takes appropriate action, regardless of how "hard" it might be, would tend to curry favor with a different portion of the electorate.
I apologize if my previous response was a bit flippant. I tire of the foolish tirades directed against the "evil rich" which foster yet another division of the people in this country.

No worries, I know how people can be on the forums

 

[waltky]

Granny says dem politicians is coverin' their millionaire campaign donor's butts...

Senate fails to advance Buffett rule
16 Apr.`12 WASHINGTON – The Democratic-controlled Senate failed on Monday to reach a super-majority needed to pass a tax plan offered by President Obama to require millionaires to pay a 30% minimum effective tax rate.

The 51-45 defeat of the "Buffett rule," named after billionaire investor Warren Buffett, fell mostly along party lines. The bill needed 60 votes to move forward. Sen. Susan Collins, R-Maine, was the only Republican to vote with Democrats, while Arkansas Democrat Mark Pryor sided with the GOP. Senate Republicans criticized the bill as an election-year ploy by the president who has been campaigning on a message that all Americans should pay their "fair share" in order to help balance the budget. "For him, it's not about jobs or the economy. It's about his idea of fairness, about imposing it on others," said Senate Minority Leader Mitch McConnell, R-Ky.

Democrats, including Senate Majority Leader Harry Reid, D-Nev., countered that wealthy Americans are currently enjoying some of the lowest tax rates in modern history. "This unfair system has turned the gap between the richest few and everyone else into a gulf," he said. The White House proposal was named for Buffett after he publicly called last year for a tax code that does not allow the wealthiest of Americans to pay a lower effective tax rate than the middle class, which is currently possible because of how tax rules apply differently to money made off of investments vs. money earned through a pay check.

Democrats support the Buffett rule as part of a broader effort to raise taxes on the wealthy to help close the nation's budget gap. Republicans have resisted any standalone effort to raise taxes as a way to do that, arguing that it would choke off investment and job growth. The White House estimates that the proposal would affect about 450,000 taxpayers. Outside estimates say the proposal could raise $37 billion-$50 billion annually in additional revenue, a small amount when compared to the federal debt which is currently more than $15 trillion. A Gallup Poll released April 13 showed that 60% of Americans support the Buffett rule, while 37% oppose it. The strength of public support for it comes from Democrats and independents, underscoring why Obama sought a vote on the proposal as he makes the case for his re-election.

The U.S. House will counter Democrats this week with a bill by Majority Leader Eric Cantor, R-Va., for a one-year, 20% small-business tax cut for businesses with fewer than 500 employees, which accounts for almost all businesses. It is expected to pass the House, but not the Senate. However, the two bills show competing views on tax policy and provide a preview of the debate Congress and the White House will have to have over the Bush tax cuts, which expire Dec. 31.

Source

 

[Euro]

The "Buffet Rule" would raise around 5 Billion dollars a year in tax revenue according to all the sources

Obama's Buffett Rule: A minimum tax for millionaires - Apr. 9, 2012
Buffett rule won
Buffett Rule: Doomed Congressional Tax Debate May Tilt 2012 Election

Our annual budget defecits have been over 1 Trillion dollars a year

Rising revenues narrow deficit, but for how long? - BostonHerald.com



So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?


This is a question that assumes people understand basic economics and historical data on taxes. For example, the raise of the capital gains tax has been shown to actually lower the federal captial gain's tax revenues due to the impacts as explained through the laffer curve.

What about raising the capital gain tax and lower the corporate tax.

Eg. capital gain tax(15% today)-> Make it 28%.
Corporate tax (35% today)-> Make it 22%.
Just an example, but their are probobaly computer programs that can calculate this.

The conecept, higher capital gain tax to stop sepculations and rich people taking out huge dividends and lower corporate taxes to stimulate corporations to hire more people.
Then put a wealth tax on the rich that have build up large fortunes because of a low capital gain tax. A property tax on house/apartment nr.2,3 etc not nr.1(everybody should own a house)
The potential in USA is to take in more taxes from the rich, that dont contribute enough.

A low capital gain tax is just more welfare for the rich.
If the capital gain tax is raised and corporate tax lowered. Corporations are stimulated to hire and rich people will have to work more since taking out capital gain will be less attractive than working.

Since corporate tax<Capital gain tax.

I like that you are thinking.

I'm still curious as to how the Buffet Rule even comes remotely close to addressing our problem of government overspending.

Isnt the buffet rule a 30% tax on income over 1 million$?. Then capital gain will be 30% for those who take out more than 1 million in dividends. I think it should be compensated with a lower corporate tax. More money will probobaly stay in the corporations with the Buffet rule and not rich people taking out large dividends for personal welfare.

USA has the highest corporate tax in the world (35%).
USA has the lowest capital gain tax in the world(15%).

With a lower corporate tax more money willl saty in the corporations and creating jobs and getting people employed. With a low CG tax CEOs will take out large dividends since it is more proffitable to take out dividends than employing people.

 

[uscitizen]

No one action or step will fix our problems.

That right wing mind just cannot comprehend complex answers.

 

[PredFan]

It doesn't. It's like spitting in the ocean. All it will do is make the rich put more and more of their money in a shelter or over seas. It's a gimmick and the incredibly stupid are buying it.

 

[PLYMCO_PILGRIM]

It doesn't. It's like spitting in the ocean. All it will do is make the rich put more and more of their money in a shelter or over seas. It's a gimmick and the incredibly stupid are buying it.

Don't get me wrong I know we will need to raise revenues for the federal govt along with making drastic spending and program cuts to start to work on paying down Obama and Bush's massive debts they added (way more than previous presidents combined so these 2 get to be responsible).

My issue with the Buffet Rule is that the administration, some liberal media pundits, and some of the liberal members here on the USMB are all selling it as THE Solution to our debt crisis and budget defecits. Its dishonest to portray it this way and hurts the nation by putting forward false hope to citizens in a purely political effort to trick them into voting a certain way. That is my true issue, not the buffet rule itself but how Obama and those like him have dishonestly propped it up as something it isn't.

 

[peach174]

The Bill never addressed the capital gains tax. The bill was for Federal income tax. Big difference.
This was a political trick to get more of the votes for Obama and Dem's.
It is all about dividing the rich from the rest of us and making it look like the Repubs are only for the rich.
What the heck is 4.7 billion extra income every year going to do, when the gov. spends 10.46 Billion every day?
All I see the Dem's doing, is nothing, about addressing our debt problems. They have been fighting any real cuts in spending since 2011.
The Senate refuses to pass a balanced budget.
The Democratic voters needs to clean up their party just like the Republican voters are trying to do.
Washington needs to be completely overhauled and cleaned up first and then start to look at how to reform entitlements.
The Republicans are looking at entailments and no real serious overhaul of government departments.
Both parties are to blame and both parties needs to be held accountable.

 

[Oldstyle]

No one action or step will fix our problems.

That right wing mind just cannot comprehend complex answers.

Amusing...

The point is made that the so called "Buffett Rule"...even if it WERE imposed...would have little to no impact on our deficit or debt and you say that right wing minds can't comprehend complexity?

Here's the thing, Us...Barack Obama is currently pushing a new tax which A) he'll never have the votes to get through Congress (something which he knows only too well!) and B) if it WERE adopted would have little to no effect on our deficit. So why would he be wasting our time in this way when we need REAL solutions? The answer to that is quite simple. He thinks "the rich don't pay enough" thing is an issue that he can use to get reelected. Barry doesn't care if it's all just smoke and mirrors...it's something to divert attention from his lack of a REAL economic strategy going forward.

That isn't very complex though...so I guess that even a right winger like myself can figure it out. (eye-roll)

 

[Full-Auto]

No one action or step will fix our problems.

That right wing mind just cannot comprehend complex answers.

Is it that right wing mind that keeps telling everyone the answer to our prayers is taxing the rich?

You know that 6.4 billion that will balance the budget, or are you referring to those right wing nuts that say taxing the rich at clinton levels solves all of our problems, that nets 70 billion a year.

 

[PLYMCO_PILGRIM]

No one action or step will fix our problems.

That right wing mind just cannot comprehend complex answers.

Is it that right wing mind that keeps telling everyone the answer to our prayers is taxing the rich?

You know that 6.4 billion that will balance the budget, or are you referring to those right wing nuts that say taxing the rich at clinton levels solves all of our problems, that nets 70 billion a year.

70 billion is a lot closer to our 1,000 Billion (also called a trillion lol) plus defecit each year than what the buffet rule would do but it still won't solve the problem.

There is no way.....without eliminating, cutting, and reducing government agencies and programs along with raising revenues....to balance the budget and then actually pay off the debt itself.

 

[Crackerjack]

So 5 billion is 0.5% of our annual budget defecit, how does this buffet rule help america?

It will employ a few more tax attorneys and IRS agents.

This administration wanted to create jobs, didn't it??

 

[Crackerjack]

70 billion is a lot closer to our 1,000 Billion (also called a trillion lol) plus defecit each year than what the buffet rule would do but it still won't solve the problem.

There is no way.....without eliminating, cutting, and reducing government agencies and programs along with raising revenues....to balance the budget and then actually pay off the debt itself.

What's really going to happen is that Congress is going to end up spending ten times the amount of revenue collected by this tax. That's why they're pimping this.

 

[rdean]

How Does the "Buffet Rule" Fix our national Debt or budget Defecits?

No one ever claimed it would. If they did, please show us where and by who.

 

[TakeAStepBack]

SO what's the fucking point then, rdean? Is it just a feel good thing for the foaming at the mouth envious in this country about some abitrary "fair share" slogan?