Buffett rule
 

This is the latest political gimmick...

..."A tax-the-rich proposal named after Warren Buffett has little chance of passing this year, but that hasn't stopped the debate over what impact it would have.

Some economists are skeptical that a 30 percent minimum tax on people with million-dollar incomes — known as the "Buffett rule" — would do much to reduce the deficit or boost the economy. But the Obama administration says the proposal is necessary to make the tax code more equitable."

..."he Buffett rule would apply to wealthy people, but not all wealthy people. Instead, it would affect the tiny number of taxpayers — some of the nation's wealthiest — who make most of their money from investments.

Rob Williams, a senior fellow at the Tax Policy Center, says the proposed rule would not affect many of the people we think of as "very rich."

"For high income people who get a lot of their income from wage and salaries — the George Clooneys of the world, LeBron James, the CEOs — those people would not see an effect from the Buffett tax, because they're already paying tax rates above 30 percent," Williams says."

..."But, he says, wealthy people who get their money from assets like stocks and bonds would feel the pain."

...""If you tax millionaires that are investing in, for example, municipal bonds, and they're enjoying the tax benefit of that interest, you could see a whole rash of investors moving away from buying bonds of our state and local governments," Ablin says."

The KEY above is the movement AWAY from municipal bonds and the buying of bonds of LOCAL government.


""If this tax were to go into effect Jan. 1 of next year," McBride says, "the stock market in December would not look pretty."

Over the longer term, McBride says, the law would do even more damage to the economy. Because people would have to pay more taxes on the profits they make, they would have less incentive to invest, he says."

Would The Buffett Rule Help The U.S. Economy? : NPR

Anything to pander and instead of actually helping the economy

The Obama campaign for 2012 is directed towards stupid people. It is directed toward people who feed off the government. It is directed toward people who believe that the rich are holding them down. Obama is pulling every class envy trick that he can't. He has nothing else that he can run on.

The reason we have so many conservatives in the villages is because most stupid people never acquire the resources to get here.

Just my opinion.

Everyone is entitled to their opinion...even if it is ludicrous and ignorant. :mad:

Despite your crude and personal attack on CMANN, you are correct..everyone is entitled to their opinion, but would love to hear how you can love what he is preaching and there is a story tonight about the President using almost the same words in speeches a YEAR APART. These are not ceremonial speeches but speeches on the BUDGET. While I know you will never read it, I leave you the link ...

Obama speeches ‘exactly same’ a year apart

Before you feel compelled to tell me that the source is RNC, it is STILL A FACTUAL statement...being noticed now around the world. And our media remains silent.

I have never posted conspiracy theories and doubt if I ever will , but I just wonder how anyone can still support this man despite the mounting evidence of his inexperience and incompetence.

If you are ok, with political games being played with the countries finances, so be it..you are right in that you have a right to your opinion, but I will stop there instead of personally attacking you

I'm a retired 65 year old that pays taxes....federal,state,sales and others.My federal tax rate is 28% and each year I pay at that rate. I have no real deductions so I use the short format 28%. If this President or any president wants millionaires to pay at 30% I am all for it. I do not care how they earn their money leg al or illegal. I want them to pay their fair share. Is this too much to ask? I don't care if itmeans nothing to the federal deficit,all I want is that they pay their fair share. And while we are at it how about all those job creating companies paying something,anything,a little some taxes.

If you read, it is NOT ALL millionaires...primarily those who invest in bonds...you know the bonds that finance our cities and states and such.

I totally understand what you say, TOTALLY..I agree and everyone wants the tax code fixed but this solves not one thing..NOTHING and will make those who are going to have to pay for it to switch investments and if you read the article, if this were to be passed this year (and it will not and the President knows it) the impact (NEGATIVE) on the stock market would be terrible as the investors will take their money out of any investment that might fall into this tax.

That is why I refer to it as just a political trick. That bothers me a lot.

BUT I understand your feeling...I want equal also, but this is a political move strictly !

see what I mean?

waynet
 

waynet, you must realize that the money in investments has already been taxed when earned originally! the low tax rate on investments is what keeps people investing and our economy healthy...this is not a good idea and will not pass, but is being used to sound good to those who don't fully understand the difference between earned income and investment income.
as for mr buffet, i believe he already is fighting owing millions in back taxes, so he is a fine one to stand up for this!

It's been said that Buffett's secretary earns between $200,000 - $500,000 per year. If that's the case, wouldn't she also have a lot of investment income by now? What is she doing with all of that money? She should have at least a million dollars invested in stocks by now.

If anything, this subject should be used as encouragement for people to save and invest rather than encouragement to punish savers and investors.

Wealthy people don't have all of their money in their pockets. Their millions & billions are at work in the economy; and it's for the betterment of the economy. It's the capital that makes capitalism work.

This is another AMT! When institued in the '70s the AMT was only supposed to affect 5-10 people, now practically everyone falls under it, or at least has to do the AMT calculations to prove that they don't. Not indexed for inflation. What was high income them is normal now due to inflation.

Do you want your investments, money you are living on in retirement, do be wiped out?

I thought FL had no State Income Tax? But FL shows up on lists of states to choose for State form on TurboTax.

Not at all, how about the almost half that basically don't pay anything? When are they going to start paying their fair share?

And the beat goes on and folks still defend this stuff...this from Jim Vandehei who runs POLITICO on the Buffet rule !

VANDEHEI: It's 1% of what you need to get, to actually take care of the deficit. And there's a big danger for President Obama in that they've become so insanely political in an insanely political culture. Almost everything they do now is either, is targeted at a specific sub-set of voters that they want to win. Everything's going to be about Hispanics and women."
"


"http://www.realclearpolitics.com/video/2012/04/12/politicos_vandehei_buffett_rule_is_total_gimmickry .html

"INSANELY POLITICAL" yep

And they dont seem to care if it is at the taxpayers expense, WHICH IT IS, nor do they care that they are playing these games and using all of us.

DK,please stay on topic. We are not talking about the poor here. And,by the wat,to say they pay no taxes is a lie pure and simple.

I was responding to a direct quote you made and also to that of your master regarding people paying their fair share.

Regarding taxes, I was referring to federal taxes, same thing we're talking about here.

Millions don't pay any federal taxes and in fact actually get more back in a refund than they pay especially if they have kids.

How about all those freeloaders?

The only lie here is your ideology. Your blind faith to Obama, big government and their willingness to steal other peoples money is disgusting.

Liberals love to hand out candy as long as its not theirs.

dklassen - Yeah, all those freeloaders paying sales taxes, excise taxes, phone taxes, meals taxes, social security taxes, medicare taxes.

It's easy to make 'the poor' look like freeloaders when you concentrate on the taxes they don't pay - like scolding someone who walks for not paying the gas tax.

Yes, 'the rich' are paying most of the income taxes - BUT they are paying a smaller percentage of their income in those taxes than they have in decades.