New York (CNNMoney) - Taxing the rich more. It's a central theme in the debt-reduction proposals put forth by President Obama on Monday. It's a familiar theme for Obama, but this time he added a twist by proposing the "Buffett Rule" for millionaires.
The Buffett Rule, named after billionaire Warren Buffett, is intended to ensure that those making more than $1 million pay a higher percentage of their income in federal income and payroll taxes than those who make less.
But Obama's entire premise that the rich pay less is wrong. He is making this stuff up for political ambitions.
Here is the real Income vs. tax data direct from the IRS for 2008:
$1 million and up paid 23.3%
$500 thousand to $1 million paid 24.1%
$200k – $500k paid 19.6%
$100k – $200k paid 12.7%
$50k – $100k paid 8.9%
$30k – $50k paid 7.2%
The upper income earners would love to make it even. They pay more than their fair share already.
Obama is a political hack and does not understand the role of honesty in leadership.
Bring back the tax rates we saw under Eisenhower. Heck, he built the interstate highway system with those tax rates. Just think what that could do for infrastructure, and jobs.
OK, how about this Buffet Rule? The government confiscates everything you make over one million dollars? The left should love this since the government would collect a lot of money (or would they???) and it would help prevent the accumlulation of wealth in the hands of these billionaires. It will help "level the playing field" between the super motivated rich and the worthless lazy people.
So how long do you think it would take before nobody even tried to make a million dollars a year? This points out the total idiocy of the left and this class warfare. Taking everything from the rich does not make poor people less poor! people are poor for OTHER REASONS, mainly to do with their own personal choices and circumstances. Of course, the leftists on this blog would have you believe they are being oppressed by the rich. The truth is they are in most cases being oppressed by the ideas of the left.
Buffett is one of the biggest slime balls that ever hit the planet. He however is an novice compared to Obummie. If Buffett wnats to pay more taxes take a salary instead of capital gains on his stock. Buffett is also fighting the IRS on taxes he has owed since 2002. What a dirt bag. It must be payback for the Freedom Metal Obummie gave him. BTW, boys and girls the IRS reports tax millionaires pay a much higher tax rate than the middle class. Obummie the LIAR is trying to convince you we don't. When everyone pays federal taxes, I might give you more of mine. Make your buddy Emelt at GE pay taxes and get a new poster boy (Buffett) to raises taxes as you don't have any creditability Obummie.
Any program that takes more than three words, confuses the GOP. If it can't fit on a bumper sticker, they won't understand.
Income from "sitting on your butt" should be taxed at a HIGHER RATE than a "working man`s [or woman`s] WAGES. It breeds character in both groups.
The Fed Government owes $14.5T on Treasury bonds and TEN TIMES this amount in "off-balance sheet" obligations that have been run up over the last 30 years. The Social Security piggy bank holds IOUs from the FedGov that need to be redeemed for CASH. Tax cuts [both in Cap Gains & Ordinary Income] have funneled money to the more affluent while the NATIONAL DEBT has grown. In some cases, we borrowed money from China to give some fat & ugly [but well-to-do] guy another Ferrari so a blond "super model" would sleep with him.
Well it`s time for a meritocracy. It`s time to PAY THE MONEY BACK. You never really earned it and we never really could afford to give it to you. Sorry but that`s how this majority-rules thing works.
"‘This Isn’t Class Warfare. This is Math"......So says Obama. Guess that's the kind of math Obama used when he claimed to have visited 57 states!
The President needs to be honest and call it what it is. It's not "math", it's "Class Warfare" and we all know it.
"In terms of averages, the current tax system already satisfies the Buffett Rule. Americans on average pay 16% of their total income in federal income and payroll taxes, while millionaires pay an average of 20.1%, according to the Tax Policy Center."
No citation or link? Tha's poor reporting. Is this 16% average including all people who are too poor and make too little each year to be required to pay taxes in the first place? If so, then it's a skewed number that provides little in the way of an accurate picture of how the tax code is unfair to middle-class wage earners. The real comparison is between millionaires paying so little and average middle-class households getting stuck with a higher rate. Including those too poor or underemployed or whatever such that they have to pay no taxes doesn't address that issue. Rather, it includes an outlier...a totally different issue of unfairness and inequity in our society...and uses the poor to bring down the average to give an inaccurate picture of the issue being discussed. Provide cites/links or don't cite the crap in the first place.
from the article:
" Americans on average pay 16% of their total income in federal income and payroll taxes."
What? Try doubling that number to 32% of gross pay. I stopped reading the article once I reached that.
Why are capital gains taxed so low in the first place? Supposedly it hurts people who wish to reinvest the money, which means they have less to work with, which means it kills jobs. At least that is what the rationale has always been.
Does anyone out there actually believe that being able to invest less money into the stock market kills jobs? Remember, we are talking about the privately owned, small business "job creators" who have absolutely *nothing* to do with Wall Street. No direct connection whatsoever. The money might go to a bank they borrow from, or it might go into pork bellies futures.
I am not sure self made millionaires like terry, va, are unbiased in their comments. After all, "me, me, me,' is done running its course. It is now time for self made millionaires to get off the gravy train, and start paying for their wars and their tax cuts.