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

WillowTree

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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.:lol::lol::lol::lol:
 

The Rabbi

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Of course it will not produce 400B. It will produce about half that because high income people can afford lawyers and accountants to shield their income.
This is purely class warfare and Obama is hoping this kind of crap will propel him to a second term. He is downright delusional.
 

Ravi

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Sounds like he's proposing a new AMT for the rich so their loopholes don't allow them to pay a lower percentage of taxes than the rest of us.

I don't really have a problem with that but the AMT as it is now hurts the middle class.
 

AVG-JOE

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We don't need adjustments to an already over complicated tax code of favoritism and corruption. Someone will take advantage.

The answer is fairness through simplification.

It would also help to have a tax that relies on a blend of an income AND a consumption tax, because income taxes are inherently unfair to those with high incomes and consumption taxes are inherently unfair to low incomes.

So far the only politician who is poised to actually make any progress is Herman Cain, ass-u-me-ing he could get it through with a minimum of exemptions based on favoritism.

Even God, Inc. should be paying their fair share. 9% is not too much to ask.

Herman Cain Offers his '9-9-9' Tax Plan in GOP Presidential Debate | Political News and Opinion from a Multicultural Point of View
 

Skull Pilot

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Don't forget that the new definition for millionaire is anyone making 200K a year
 

AVG-JOE

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It's more money grubbing by Obama and the Statists. The real answer is to cut Government.
Wholesale gutting of the government is NOT the answer. Especially in a political environment fraught with so much corruption and favoritism in the Lobby Industry.

This party MUST start with fair taxes and a budget balanced by law.
 

The T

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It's more money grubbing by Obama and the Statists. The real answer is to cut Government.
Wholesale gutting of the government is NOT the answer. Especially in a political environment fraught with so much corruption and favoritism in the Lobby Industry.

This party MUST start with fair taxes and a budget balanced by law.
Sure it is. There are a few entities within government that can be consolodated and/or dropped all together. Government has to be downsized.

And you are correct that the entire tax code should be dropped and a BBA must accompany any rewrite of the tax code.
 

AVG-JOE

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Of course it will not produce 400B. It will produce about half that because high income people can afford lawyers and accountants to shield their income.
This is purely class warfare and Obama is hoping this kind of crap will propel him to a second term. He is downright delusional.
Another good reason to scrap the 9,000 page Tax Code of Corporate Favoritism and Congressional Corruption and start over right from there with something fair.

:dunno: How the FUCK can We possibly know what to spend on and how much can be committed to any given project with a tax code so complicated that nobody actually knows what our tax base is truly worth? It just doesn't make sense!

This party MUST start with a rebuild of the tax code towards fairness through simplification and a budget that is balanced by law. Until that happens we're going nowhere, spinning our economic wheels in the mud of favoritism.
 

editec

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EVerybody demands a "simple" tax code but I think that it isn't really possible.

Taxation is complex because the various businesses in society make it necessarily complex.

Deciding, for example, what a reasonable expense really is can't be done across all different kinds of businesses.

As to " simplifying " the tax codes as in having a FLAT RATE on all income levels?

Well, that's just a ridiculous idea in a society where the range of incomes is so vast.
 

AVG-JOE

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EVerybody demands a "simple" tax code but I think that it isn't really possible.

Taxation is complex because the various businesses in society make it necessarily complex.

Deciding, for example, what a reasonable expense really is can't be done across all different kinds of businesses.

As to " simplifying " the tax codes as in having a FLAT RATE on all income levels?

Well, that's just a ridiculous idea in a society where the range of incomes is so vast.
Here you go - 9% sales tax on all goods and resources purchased by the end user, 9% income tax on all personal income and 9% income tax on all business income with payroll as the only deduction.

Simple. Fair. Predictable.
 

Old Rocks

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OK, here is what I am hearing. The top 400 people of wealth have more income than the bottom 1/2, or 150 million people in the US.

According to you Teabaggers the problem with that is that they should have more than the bottom 250 million people in the US.

At this point, the redistribution of wealth is not only a goal, it is a neccessity if this nation is to continue to be a world leader.
 
OP
WillowTree

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Cold hard facts. The rich pay federal income tax. 50% of you leeches do not pay federal income tax. quit leeching and pay your fair share.
 

The T

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EVerybody demands a "simple" tax code but I think that it isn't really possible.

Taxation is complex because the various businesses in society make it necessarily complex.

Deciding, for example, what a reasonable expense really is can't be done across all different kinds of businesses.

As to " simplifying " the tax codes as in having a FLAT RATE on all income levels?

Well, that's just a ridiculous idea in a society where the range of incomes is so vast.
Here you go - 9% sales tax on all goods and resources purchased by the end user, 9% income tax on all personal income and 9% income tax on all business income with payroll as the only deduction.

Simple. Fair. Predictable.
Looks familiar... :eusa_whistle: Are you an HFH?
 

chanel

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O'Reilly has been touting a "consumption tax" for a few weeks now, even though most of his guests disapprove. But he claims that there is a "trillion" in untaxed income in the black market that at least could be taxed on the back end. I'm not sure about his figures, but I understand what he's getting at. Drug dealers and people who run cash businesses )illegally) in the red are not paying their "fair share". I believe he's suggested 2 percent.
 

The Rabbi

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EVerybody demands a "simple" tax code but I think that it isn't really possible.

Taxation is complex because the various businesses in society make it necessarily complex.

Deciding, for example, what a reasonable expense really is can't be done across all different kinds of businesses.

As to " simplifying " the tax codes as in having a FLAT RATE on all income levels?

Well, that's just a ridiculous idea in a society where the range of incomes is so vast.
Here you go - 9% sales tax on all goods and resources purchased by the end user, 9% income tax on all personal income and 9% income tax on all business income with payroll as the only deduction.

Simple. Fair. Predictable.
I think that's Herman Cain's policy.
Personally I oppose a national sales tax because historically they become unbelievably complex and of course the rates go up.
Flat tax on all income, no tax on corporate income.
 

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