Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy

[FA_Q2]

What "loop-holes" would you suggest we cut, Oreo?

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

Any idea how much money that would generate for the FEDERAL government?

And, do you think that the problem this economy is facing is that it has too much money in circulation?

I don't.

That why I continue to think that raising anybody's taxes right now is a bad idea.

Remove ALL loopholes. Period. Then you can LOWER the rate. Sure - SOME people will pay more and others less. As a matter of fact - the rich will actually have to pay more because they will no longer have tax shelters to hide their cash in.

 

[Maple]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I wonder how he thinks that taxing the wealthy more,( they already pay 70% of the taxes in this country) will help create jobs. You tax the wealthy, they won't buy the yacht, the yacht builder goes out of business as do all the suppliers who supply the products and building materials for the yacht as well as all the mid-income people who work for the yacht builders and the yacht builder suppliers. Makes no sense to me. Sounds like a scenario that would increase unemployment not decrease it.

 

[The Rabbi]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I wonder how he thinks that taxing the wealthy more,( they already pay 70% of the taxes in this country) will help create jobs. You tax the wealthy, they won't buy the yacht, the yacht builder goes out of business as do all the suppliers who supply the products and building materials for the yacht as well as all the mid-income people who work for the yacht builders and the yacht builder suppliers. Makes no sense to me. Sounds like a scenario that would increase unemployment not decrease it.

Remember the "millionaire's tax" or whatever it was that got slapped on luxury goods like yachts? THe gummint showed those millionaires. They put hundreds of people in the domestic boating industry out of work. Millionaires simply bought their boats off shore and hiked the tax.
Sounds like a repeat.

The Obama Administration is reprising every bad idea of the New Deal, every bad idea of the Johnson Administration, and every bad idea of the 1970s. It is a virtual Hit Parade of ideas that sucked and were proven losers decades ago. I am waiting for the next War on Poverty to shore up his black base.

 

[Meister]

All I can say is that it was a poorly thought out campaign speech.

 

[Maple]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I thought this was a jobs bill, I guess not. More of the same from the ( Socialist in Chief) Obama.

 

[Meister]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I thought this was a jobs bill, I guess not. More of the same from the ( Socialist in Chief) Obama.

Obama knows it isn't going to fly, but he's trying to get his base back going into next years election cycle. The dem base screamed when he didn't raise taxes earlier this year.

 

[Maple]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I thought this was a jobs bill, I guess not. More of the same from the ( Socialist in Chief) Obama.

If we confiscated all assets and all money from all millionaires in this country we could fund the government for all of app 26 days, they would be under a bridge, eating in the soup lines, on welfare which would increase our debt and it would not increase any employment and in fact, would increase unemployment. What a guy this Obama is, spender in Chief, socialist in Chief, the destroyer of job creation in Chief and yet there are still a few that want to give him 4 more years so he can totally do us all in.

 

[Maple]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

I thought this was a jobs bill, I guess not. More of the same from the ( Socialist in Chief) Obama.

Obama knows it isn't going to fly, but he's trying to get his base back going into next years election cycle. The dem base screamed when he didn't raise taxes earlier this year.

How much of his base is left, the 10 or 15 left wing, nit wit loons on this board??? Good luck winning that one Obama.

 

[Maple]

I thought this was a jobs bill, I guess not. More of the same from the ( Socialist in Chief) Obama.

Obama knows it isn't going to fly, but he's trying to get his base back going into next years election cycle. The dem base screamed when he didn't raise taxes earlier this year.

How much of his base is left, the 10 or 15 left wing, nit wit loons on this board??? Good luck winning that one Obama.

The dems are down on their knees begging Hillary to run, they are in full panic mode and they should be. It's gonna be a masacre come Nov 2012 when this country turns RED from sea to shining sea.