The Buffet Tax

[Claudette]

Maybe I missed it, what is the tax tax rate going to be on capital gains under Obama's non-plan? Will it apply only to those making a million bucks and over, or those making over $250K, or everybody? How much extra revenue does he expect to get from this new tax?

Of all the possible tax increases you can enact, increasing taxes on investment is the worst, in terms of hurting economic growth. In addition to all the myriad of tax increases that will take place in Jan 1, 2013, the hit on small businesses who are the backbone of the job creating engine from these tax hikes would be very bad. It is precisely the wrong message to send to investors and entrepeneurs, who will instead take their ideas and new businesses elsewhere.

Of course, the truth is that Obama already knows this BS has no chance at all of getting through Congress, he's just manufacturing something he can use as politcal clout against the GOP nominee next year.

GET OVER IT - The Wealthy have had a free ride over the middle class for too long. The good days are over the tax obsessed Wealthy who have run roughshod over the middle class with the largest redistribution of wealth in American History - out of the middle class and into the coffers of the wealthiest 1%

And how is this helping the middle class? Are they going to lower your taxes as an offset to the tax increase on the rich?

And guess what? In NYC a couple making 250k is the top strata of middle class, so they are getting a tax increase too.

Also middle class are people who work for industries that rely on the wealthy buying crap, so now that they will have less money, all those mercedes dealers, high end home builders, and artists making $30,000 trash baskets have to go suck an egg.

But of course, the federal workforce and those who leach off it will be just fine.

Guess Middy doesn't look at the big picture.

If he did he would see those things you have pointed out.

Of course he can always be a class warfare nut in which case he won't care.

 

[The Rabbi]

There already is a "Buffet Tax": The alternative minimum tax.

Turns out that one isn't working so hot.

Excellent point. Because the AMT was originally designed to punish some small number of families that weren't paying "their fair share" (when have we heard this before). Of course over time incomes crept up (note that incomes for the middle class do rise) so more and more people, esp on the coasts, are trapped by something originally designed to punish millionaires.
Some people never learn.

 

[Oddball]

The Buffet Tax

Interesting nomenclature, naming your tax increase after someone else.

Classic Boiking shifting of the blame.