April 9th, 2012
04:06 PM ET
3 years ago

Obama's Buffett Rule: FAQ

New York (CNNMoney) – President Obama on Tuesday will continue to beat the drum for the Buffett Rule, his campaign-ready tax proposal aimed at millionaires and billionaires.

A central message of Obama's re-election campaign is his argument that the very rich should pay more in taxes.

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Filed under: CNNMoney.com • President Obama • Taxes • Warren Buffet
soundoff (18 Responses)
  1. Another Day in the Idiot Mines (the real one; not the whiny rightwing liar)

    Three quarters of American voters support this, so the real news story here is why Congress hasn't done it yet. Could it be the elitists running the GOBP cult are ignoring the rank and file once again?

    April 9, 2012 04:12 pm at 4:12 pm |
  2. SUBS 4 VOTES

    It's apparent that republicans have no intentions on bringing in revenue. It's perfectly fine that millionaires and billionaires are getting money that they don't need. Their tax cuts don't contribute to hiring. Whoever made up that lie should be put in front of a firing squad. I can tell you what my employer did with his tax break at the beginning of the recession. He laid off 7 employess then went and bought a Bentley Wentworth Edition, a Mercedes SEL 500(convertible) and a brand new Yukon Denali. Millionaires need to pay their fair share of taxes. Roald Reagan said it best!

    April 9, 2012 04:14 pm at 4:14 pm |
  3. Dave

    Make no mistake about it. This election is the workin men & woman & elderlly against the rich, richer, & richest fatcats. The keep getting wealthier as the middle class is in dyer danger. Mr Personality & the koch brothers can fuel billions into this race but that is not going to change the fact that the regular folks in this great nation are fed up with the ultra greedy millionaires & billionaires. Not a snowballs chance in hell for Mr Personality against Prez Obama.

    April 9, 2012 04:18 pm at 4:18 pm |
  4. Democrat Class Warfare - Destroying the economy, destroying the country

    So will the Democrats and leftists just keep taking and taking from the few that pay income taxes in this country to pay for their never ending list of federla give-aways and wealth redistribution schemes? WHAT IS THE LIMIT? When does it stop and when do the 47-50% that pay no federal income taxes start paying for THEIR SHARE?!! Do we at least get to claim 1 or 2 of them as dependents on our tax returns?!!

    April 9, 2012 04:18 pm at 4:18 pm |
  5. Rudy NYC

    I don't know why the article mischaraterizes Pres. Obama's mesage from "everyone should pay their fair share" into "A central message of Obama's re-election campaign is his argument that the very rich should pay more in taxes." There is a big difference there, folks. A very big conceptual difference in regards to intent.

    April 9, 2012 04:21 pm at 4:21 pm |
  6. Four and The Door

    A central message of Obama's re-election campaign is his argument that the very rich should pay more in taxes.
    _____________________________________________________________________________________________
    And Mitt Romney's central message is that the federal government spends too much already, so every working American will get a 20% tax cut. Our money should be helping build the economy, Not Washington DC bureaucracies. But Obama chooses bureaucracy over Americans. For him it's easier to raise taxes than to cut spending. That's been the central message of his Administration since 2008. And he paid no attention to voters in 2010.

    April 9, 2012 04:27 pm at 4:27 pm |
  7. Democrat Class Warfare - Destroying the economy, destroying the country

    Will the leftists and Democrats demand that the rich pay more when 10% of the people are paying 90% of what they make to support the 90% who pay NOTHING???

    BTW, even if they do tax them it will come NO WHERE NEAR making up the huge deficit every year, let alone pay off any debt. It is just a leftist campaign theme people. Right out of the writings of Karl Marx. Maybe Obama is the reincarnation of Lenin?

    April 9, 2012 04:31 pm at 4:31 pm |
  8. the dogs of war

    I still believe that obammy and his ilk do not know the difference between INCOME and CAPITOL GAINS taxes.

    April 9, 2012 04:32 pm at 4:32 pm |
  9. Four and The Door

    Rudy NYC
    I don't know why the article mischaraterizes Pres. Obama's mesage from "everyone should pay their fair share" into "A central message of Obama's re-election campaign is his argument that the very rich should pay more in taxes."
    ________________________________________________________________________________________________
    If you listen to Obama's Chief Economic Adviser it absolutely is everyone who will pay more taxes," ...their fair share".
    That's what a 2nd Obama term would bring. When he gets past the chump American voter and has more "flexibility...".

    Romney/ Ryan 2012

    April 9, 2012 04:33 pm at 4:33 pm |
  10. THE REASON WHY THE RICH SHOULD PAY MORE IS...

    ...because the top 1% of Americans controls 33% of the wealth (1/3 of the US GDP = approx. $5 TRILLION) and the top 50% controls a whopping 90% of our 15 trillion dollar GDP. It doesn't make sense to tax the income of the lower 50% if they're barely making enough money to get by...

    April 9, 2012 04:34 pm at 4:34 pm |
  11. cali girl

    Bring it on, fair share for everyone. The Ryan plan for taxes would have all millionairs get 150,000 back. Does that seem fair? All of the 99% out there don't even come close to that number for a family with 2 working adults in it.

    April 9, 2012 04:41 pm at 4:41 pm |
  12. Unkown

    Everyone should pay the same in taxes period! people wouldn't work hard to own business or become rich if they got taxed more heavily why not just stay middle class or poor and let someone else do it!

    April 9, 2012 04:51 pm at 4:51 pm |
  13. Ashe

    "And like most campaign planks, the Buffett Rule doesn't necessarily make for the best policy, at least from the perspective of many tax experts."

    This applies to all of Obama (the divider & chiefs) tax initiatives. His tax plan did not get a single vote in the House. He has no credability and he is tarnishing a great man, Buffett with all this class warfare. And by the way the wealthy that rely mostly on capital gains with just portion their taxable gains to the legal limitations of the law every year. They don't need the money after all they are rich. In the end all these wealth robbing taxes just limit the total amount of income or gains. This law is DOA and Obama knows it but as most things it is just a campaign tactic – US against THEM.

    April 9, 2012 04:57 pm at 4:57 pm |
  14. SUBS 4 VOTES

    Fascism is alive and well in America.

    April 9, 2012 04:58 pm at 4:58 pm |
  15. Claudia, Phoenix, AZ

    It's proven the Bush tax cuts did one thing only, made the rich richer when according to Republicans it was suppose to create jobs but it didn't. Water doesn't run uphill, it runs downhill but it never came downhill.

    April 9, 2012 05:05 pm at 5:05 pm |
  16. Another Day in the Idiot Mines

    "So will the Democrats and leftists just keep taking and taking from the few that pay income taxes in this country to pay for their never ending list of federla give-aways and wealth redistribution schemes? WHAT IS THE LIMIT?"

    According to US history, a marginal rate of 90% (during the Ike years) created a very vibrant economy and middle class. You don't know history, do you?

    April 9, 2012 05:12 pm at 5:12 pm |
  17. Larry L

    @Democrat Class Warfare – Destroying the economy, destroying the country

    "Will the leftists and Democrats demand that the rich pay more when 10% of the people are paying 90% of what they make to support the 90% who pay NOTHING???"
    ------------------------------------------------
    You should step away from right-wing hate media for a minute and Google-up "Mosca's Classic Elite Theory". See if that's what you really want – because that's what the Republican fat-cats deeply support.

    April 9, 2012 05:31 pm at 5:31 pm |
  18. Four and The Door

    Claudia, Phoenix, AZ
    It's proven the Bush tax cuts did one thing only, made the rich richer when according to Republicans it was suppose to create jobs but it didn't. Water doesn't run uphill, it runs downhill but it never came downhill.
    _______________________________________________________________________________________________
    After the 2003 Bush Tax Cuts, federal revenues increased $785 billion from 2004 to 2007 and the economy added 8 million new jobs. As an added plus, the wealthy paid a much higher percentage of taxes during those years than they had in the previous 40 years. I don't think they minded. The economy got a quick sharp boost.

    April 9, 2012 05:43 pm at 5:43 pm |