Obama to Propose Millionaire Tax

[Trench]

From the LA Times:

Obama to propose millionaire's tax to cut the deficit

By Jim Puzzanghera, Los Angeles Times
September 17, 2011, 11:11 p.m.

The president will propose that those earning more than $1 million annually pay at least the same rate as middle-class earners. The idea is likely to be strongly opposed by the GOP.

President Obama's proposal is to be called the "Buffett rule," after Warren E. Buffett, the billionaire who criticized the tax code because he pays a lower rate than his secretary.

Reporting from Washington? President Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit, according to administration officials.

http://www.latimes.com/news/nationworld/nation/la-na-obama-millionaires-tax-20110918,0,7251514.story

Republicans are NOT going to like this. No doubt they're already circling the wagons on behalf of their corporate sponsors and wealthy campaign donors. :0003

 

[Mags]

From the LA Times:

Obama to propose millionaire's tax to cut the deficit

By Jim Puzzanghera, Los Angeles Times
September 17, 2011, 11:11 p.m.

The president will propose that those earning more than $1 million annually pay at least the same rate as middle-class earners. The idea is likely to be strongly opposed by the GOP.

President Obama's proposal is to be called the "Buffett rule," after Warren E. Buffett, the billionaire who criticized the tax code because he pays a lower rate than his secretary.

Reporting from Washington? President Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit, according to administration officials.

http://www.latimes.com/news/nationworld/nation/la-na-obama-millionaires-tax-20110918,0,7251514.story

Republicans are NOT going to like this. No doubt they're already circling the wagons on behalf of their corporate sponsors and wealthy campaign donors. :0003

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

 

[Trench]

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

A fair response, Mags.

Go Pack... :toast:

Mr. Newton, meet Mr. Matthews (ooohhh, that's gotta hurt).

 

[Mags]

A fair response, Mags.

Go Pack... :toast:

Mr. Newton, meet Mr. Matthews (ooohhh, that's gotta hurt).

Yep, I kinda think (and definitely hope) that this one gets ugly today.

Gotta think that they'll pick Newton twice, maybe 3 times today.

 

[Lumi]

Well,

Barry finally got to me :SIB

 

[Mags]

Yep, I kinda think (and definitely hope) that this one gets ugly today.

Gotta think that they'll pick Newton twice, maybe 3 times today.

There's the 3rd pick of Newton I predicted.... coiuld very well be more before this is done....

 

[WhatsHisNuts]

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

:toast:

 

[Duff Miver]

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

Good thinking:0074 ...................Okay now, where is the real Mags, and what have you done with him?

 

[JT]

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

I agree with this. However, they should do something like increase exemptions in regards to medical insurance also.

 

[The Sponge]

Good thinking:0074 ...................Okay now, where is the real Mags, and what have you done with him?

I just hope Mags can stand up against his very own pack with a comment like that. That statement is gonna kill DTB. although it will benefit the country and DTB he still will feel that u can't take money away from the producers in the country even if it is fair for everyone..

 

[StevieD]

It's a start. It is late but it's a start.

 

[ssd]

If Mr Buffett (or any millionaire on up) wants to pay more in tax, they can just list all their income as ordinary income on their 1040a.

Secondly - after the crash in 1929, Congress raised the top marginal rate from 25% to 63%. Didn't help the economy too much.

REVISE the tax code. Flat tax. Remove all deductions. People on here wanting it to be "FAIR" - fine - call it the FAIR tax - everyone pays the same damn percentage regardless of income yet put a value added tax (VAT) on purchases so people who consume (buy things like planes and yachts and mansions) pay more.

 

[Duff Miver]

I

Secondly - after the crash in 1929, Congress raised the top marginal rate from 25% to 63%. Didn't help the economy too much.

You will note that Bush cut taxes. How'd that work out, trickle-down, economy-wise? opcorn2

 

[Cie]

For the first time, I like where obama is headed.

 

[Cie]

I think it is a great idea. Only makes sense - why should the last tax bracket be at $250,000? I've never understood that.

The only problem with this idea - it is only being done for politicial points. It doesn't bring in much additional revenue (although anything helps admittedly).

All brackets need to go up to reduce the deficit - which is why I believe the Bush tax cuts should be alllowed to expire, along with all the additional exemptions, etc they put in the past few years. Of course, with this expiration, they will need to put in a hard cap on government spending, so this money does actually go towards reducing the deficit, and not towards even more government spending.

But, in concept, I do like this proposal by Obama.

we are eye to eye, mags. Except I would want the death tax applied only to estates in excess of $5mill, rather than the $1mill it will go to when the bush tax cuts expire......

 

[pd1]

If Mr Buffett (or any millionaire on up) wants to pay more in tax, they can just list all their income as ordinary income on their 1040a.

Secondly - after the crash in 1929, Congress raised the top marginal rate from 25% to 63%. Didn't help the economy too much.

REVISE the tax code. Flat tax. Remove all deductions. People on here wanting it to be "FAIR" - fine - call it the FAIR tax - everyone pays the same damn percentage regardless of income yet put a value added tax (VAT) on purchases so people who consume (buy things like planes and yachts and mansions) pay more.

Your best post ever.

 

[UGA12]

I am all for having the wealthy pay their share and I think that discussion has been covered here numerous times, but the degree for which that is going to solve things is very small. Give him all the credit you want for his "announcement", but at the end of the day he refused to bring up real entitlement cuts or the inevitable tax increases on the middle class because of an election that is fast approaching. Same shit different day in the land of politics.

 

[WhatsHisNuts]

I am all for having the wealthy pay their share and I think that discussion has been covered here numerous times, but the degree for which that is going to solve things is very small.

:facepalm:

 

[UGA12]

:facepalm:

Feel free to share what these loophole closings will do to a 14 trillion dollar debt. If it will put more than a very small dent in it then I will gladly retract the statement.

 

[Trench]

Feel free to share what these loophole closings will do to a 14 trillion dollar debt. If it will put more than a very small dent in it then I will gladly retract the statement.

Who's talking about reducing the debt UGA?

First, we've gotta balance the budget. Then we've gotta create a $300 billion budget surplus just to cover the annual interest on the debt. "Then" we can begin discussing ways to actually reduce the debt.