Obama's 30% millionaire tax
January 26th, 2012
08:15 AM ET
2 years ago

Obama's 30% millionaire tax

New York (CNNMoney) - President Obama this week defined what he believes should be the minimum "fair share" for millionaires and billionaires to pay in taxes. His answer: At least 30% of their income.

"If you make more than $1 million a year, you should not pay less than 30% in taxes," Obama said during his State of the Union address.

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Filed under: CNNMoney.com • President Obama • Taxes • Warren Buffet
soundoff (16 Responses)
  1. Anthony

    Obama should emphasize to the public that what is busting the budget is not any of his programs. The federal government is paying more in unemployment and welfare benefits because of the recession. The stimulus is over. The CBO projects that Obama's health care program will reduce the deficit (it brings in more revenue then it spends), and if not for the Bush tax cuts and the doc fix, which even Republicans support, the deficit would disappear in three or four years even if all of Obama's programs are kept, according to the CBO.

    January 26, 2012 08:29 am at 8:29 am |
  2. Lost in Texas FOREVER

    I'm a Obama backer but even I admit this is DOA....this GOP run Congress will never go for it.

    January 26, 2012 08:36 am at 8:36 am |
  3. macrasta

    30% is fair..... 13.9% is NOT..

    January 26, 2012 08:41 am at 8:41 am |
  4. Rudy NYC

    I love the math Romney used to explain how he's actually paying almost 50%. First and foremost, the fuzzy math didn't make any sense at all. But, Romney claimed that the money was originally taxed at 31% when he received, and then it was taxed at again at 15% bringing the total up to nearly 50%. That's fodder for the ignorant.

    Here's the cute part. Romney claimed the money was originally taxed at 31% because it was earned income. Yet, he has also said that the "overwhelming majority" of his income "over the last ten years" comes from capital gains. This raises the veracity of his claim that the money was originally taxed at 31% as earned income. Romney misled us.

    January 26, 2012 08:46 am at 8:46 am |
  5. MP in VA

    I see many Republicans coming out against this measure saying it won't be enough to make up the difference. Over the past several years, Congressional Republicans have used the mantra "well, you've got to start cutting somewhere," to justify their side's proposed budget cuts. Now we find them saying, well, you shouldn't raise taxes on the most wealthy back to the level it was ten years ago because it won't solve the deficit problem? It's obvious whose pocket you reside in.

    January 26, 2012 08:49 am at 8:49 am |
  6. The GOP opens mouth and inserts foot

    When I was working, I brought home 72% of my paycheck. That's gross less taxes with no dependents, insurance, social security, etc. That's a huge chunk of change. How much are the millionaires paying?

    January 26, 2012 08:51 am at 8:51 am |
  7. about right

    we pay about 30% so they should pay that too. they think they are people now. it would help if they quit having wars though. hard to get excited about contributing when they throw it out the window to wars and foreign policy.

    January 26, 2012 09:00 am at 9:00 am |
  8. Larry in Houston

    Well, to be perfectly honest – I have to agree with him – but they (the billionaires) will try their best so that will never happen to them. Why do you think over half of them send their money to the cayman islands, or put it in the swiss banks & etc. Money is the root of all evil, as I've heard for so many years. If you google how many millionaires there are in the u.s. – and also google which states has the most millionaires, you will get a sense of how rich this nation is, as a whole.

    Larry in Texas

    January 26, 2012 09:38 am at 9:38 am |
  9. GonzoinHouston

    I've read a lot of complaints from the wealthy and their supporters about the unfairness of Obama's proposed millionaires' tax. I would like to offer these folks the same words of comfort that they themselves have often given the middle class and the poor when asked about the unfairness of their opportunities and advantages:

    "Life isn't fair. Get used to it."

    January 26, 2012 09:40 am at 9:40 am |
  10. Four and The Door

    It's not clear, though, whether the president wants the rich to pay a minimum of 30% in federal income taxes alone or on a broader swath of taxes like CRS measured.
    ________________________________________________________________________________________________
    And it doesn't matter. Here is why. This is not a measure to improve the government's economic position. This is not an economic calculation. It is purely and 100% a political play. Class envy. And Obama is the fighter for the masses ( you know, the ones with lotsa votes! ). He will even out this awful mess and make it better for all those dowtrodden souls. Oh, but wait a minute, that's not exactly accurate. He will make it worse for those who are not downtrodden. Good enough, right?!?

    The fact is, he knows government revenues will decrease with this measure. He knows fewer jobs will be created because investments now would have a larger hurdle to pass for justification. It's not opinion. It is a fact.

    But Obama right now is more interested in getting votes than getting jobs or growing the economy. Votes are golden.

    January 26, 2012 10:03 am at 10:03 am |
  11. tfg

    OBAMA needs to tax all the rich, because they need to suffer n pay for being rich, stop trying to tax the poor and middle class, and be a real american and pay up, thats the american way.

    January 26, 2012 10:03 am at 10:03 am |
  12. Rick McDaniel

    He doesn't clearly define the form of taxation. He isn't talking about tax tables. he is talking about increasing the capital gains tax.........which will have a hugely negative impact on the financial markets of the entire country.

    The people should have been told that........but he deceived them. The media should have explained that.........but they are Democratic Party propaganda organizations, so they didn't explain that, either.

    The people need to question how honest, or forthright this President really is.........before they back anything he says.

    January 26, 2012 10:13 am at 10:13 am |
  13. Keith in Austin

    Bozo and Liberal fools that support him are only biting the hand that feeds the Economy. Investors are what Companies need to expand! i.e. JOBS! FYI all you Bleeding Hearts: If the same US Millionaires that Obama is targeting were taxed at 100 PERCENT it would pay down his 16 TRILLION DOLLAR DEBT less than 2 percent! Don't get mired in his Class Warfare Tactics! He's playing on the simple element of Human Envy. Do yourself a favor and do the math!

    January 26, 2012 10:17 am at 10:17 am |
  14. Dilip

    Gingrich admits ERROR

    It's not an error

    It's a deliberate attempt to mislead the people

    Is he serially lying ?

    Happens because we have reporters who are not quite adept at asking questions they can follow up with

    January 26, 2012 10:21 am at 10:21 am |
  15. Tiffany

    President Obama is an excellent President for the People. He is trying to have everyone acknowledge equality for all. He loves the people of this country and has showed his concerns for others since he entered into his Presidency. Everytime he tries to put one step forward others disrespect him and the country goes 2 steps backwards. Some people blame him however others stop him from going forward. I observed the female govenor pointing her finger at him on the internet. She showed the world that she doesn't respect him and I wonder if she would have done that to the previous President. Prseident Obama is doing a great great job under the circumstances and what he inherited. The world didn't give him a chance to improve economy and/or employment issues. Remember the War that the previuos President wanted caused this clamity.

    January 26, 2012 10:29 am at 10:29 am |
  16. truindep

    and in another article he is short on details – nothing will happen – :)

    January 26, 2012 10:38 am at 10:38 am |