Buffett Rule an Election Year Gimmick? (9/11, voting, Congress, millionaire)

[michiganmoon]

The Buffet Rule that can't even pass the Democratically controlled Senate under Obama's leadership doesn't make any dent into the deficit.

The Buffett Rule Is Built On The Myth That Some Get To Keep Too Much Of The Money They Earn - Investors.com

[bale002]

Of course it's an election-year gimmick.

First of all, as you mention, it would have negligible impact on government revenue and the budget deficit.

Regardless of the propaganda, most people's effective tax rate (look it up) is around 15% or less, including social security and medicare.

The best possible tax reform would be to end all shenanigans and introduce a flat tax on gross revenue at around 20% (that includes social security and medicare contributions) - no deductions, no credits, no exemptions (except maybe the first $20,000 at 5% for low-income people), a half-page tax return, all IRS efforts focused on accurate reporting of taxpayers' gross revenues.

The government would be swimming in money and wouldn't know what to do with its excess employees.

But, you see, the purpose of the tax code is not government revenue anyway, is it?

You figure it out.

Good Luck!

[tmsterp]

Originally Posted by bale002

Of course it's an election-year gimmick.

First of all, as you mention, it would have negligible impact on government revenue and the budget deficit.

Regardless of the propaganda, most people's effective tax rate (look it up) is around 15% or less, including social security and medicare.

The best possible tax reform would be to end all shenanigans and introduce a flat tax on gross revenue at around 20% (that includes social security and medicare contributions) - no deductions, no credits, no exemptions (except maybe the first $20,000 at 5% for low-income people), a half-page tax return, all IRS efforts focused on accurate reporting of taxpayers' gross revenues.

The government would be swimming in money and wouldn't know what to do with its excess employees.

But, you see, the purpose of the tax code is not government revenue anyway, is it?

You figure it out.

Good Luck!

I can't rep you again but this post is 1000% my thoughts exactly!

[cw30000]

Originally Posted by bale002

Of course it's an election-year gimmick.

First of all, as you mention, it would have negligible impact on government revenue and the budget deficit.

Regardless of the propaganda, most people's effective tax rate (look it up) is around 15% or less, including social security and medicare.

The best possible tax reform would be to end all shenanigans and introduce a flat tax on gross revenue at around 20% (that includes social security and medicare contributions) - no deductions, no credits, no exemptions (except maybe the first $20,000 at 5% for low-income people), a half-page tax return, all IRS efforts focused on accurate reporting of taxpayers' gross revenues.

The government would be swimming in money and wouldn't know what to do with its excess employees.

But, you see, the purpose of the tax code is not government revenue anyway, is it?

You figure it out.

Good Luck!

Agreed with you 100%, but you miss something.

Without cutting down the size of the government, no amount of tax will able to solve the problem. (Of course, instead of cutting, the government is growing at a rate never seem before. New agency are are coming up every month).

[rikoshaprl]

Originally Posted by bale002

Of course it's an election-year gimmick.

First of all, as you mention, it would have negligible impact on government revenue and the budget deficit.

Regardless of the propaganda, most people's effective tax rate (look it up) is around 15% or less, including social security and medicare.

The best possible tax reform would be to end all shenanigans and introduce a flat tax on gross revenue at around 20% (that includes social security and medicare contributions) - no deductions, no credits, no exemptions (except maybe the first $20,000 at 5% for low-income people), a half-page tax return, all IRS efforts focused on accurate reporting of taxpayers' gross revenues.

The government would be swimming in money and wouldn't know what to do with its excess employees.

But, you see, the purpose of the tax code is not government revenue anyway, is it?

You figure it out.

Good Luck!

So true that the purpose of the tax code is to steer people into doing what the government wants. Deductions effect behavior. I like the flat tax or at least flatter. By not taxing the first 20g's it is still progressive. I could be happy with three rates like Romney wants, to make it a little more progressive. Even if you threw in a couple of writeoffs, like charitable contributions and mortgage interest it would be an improvement.
Obama says he wants tax reform. Did he do it when he had total control of government? NO. Is the Buffet rule tax reform? Give me a break! Even Buffet was only talking about the super rich billionaires.

[gomexico]

Buffett Rule an Election Year Gimmick?

Everything an incumbent office holder or challenger does in an election year is considered a "gimmick." Whether it's an accurate portrayal or not. Take yesterday, for example. The President showed-up unannounced in Afghanistan to sign an agreement which could have been signed in Washington, D.C. Mitt Romney showed-up at a New York City fire station from which 11 first responders perished on 9/11. Both were political posturing. And the President out-Postured, surprised the Romney campaign. Unfortunately, posturing is what we see 24/7/365 ... election year or not.

[tmsterp]

Originally Posted by gomexico

Everything an incumbent office holder or challenger does in an election year is considered a "gimmick." Whether it's an accurate portrayal or not. Take yesterday, for example. The President showed-up unannounced in Afghanistan to sign an agreement which could have been signed in Washington, D.C. Mitt Romney showed-up at a New York City fire station from which 11 first responders perished on 9/11. Both were political posturing. And the President out-Postured, surprised the Romney campaign. Unfortunately, posturing is what we see 24/7/365 ... election year or not.

You make a very good point and I will definitely rep you for it. Just about anything either side has put forward in this divided congress has been political posturing - getting the other guys on record as voting for/against something controversial. Because the partisan legislation from both sides (some of which I support, mostly from the GOP side) had no chance of passing both houses and being signed, and few attempts at serious compromise were made

[jaybb]

Since the Buffet Rule has no impact on the deficit nor on taxes--what we see is the need to mislead the public into thinking something is important rather than get down to real business. This is just an example of attempting to mislead the public and a coverup for failure to achieve meaningful results. It is nothing more than smoke to sidestep the important issue that are addressing this country and ultimately will be its demise if not corrected

[Sunny-Days-in-Florida]

A gimmick that will back fired on dumbo Obama.

He asked the millionaires to all pay their fair share of no less then 30% in taxes.

This scam artist thought he was going to really get away with this and expect people to do something he does not do himself?

What an idiot moron this man is.

All the years he made over 1 million dollars he never paid HIS FAIR SHARE of 30%.

Last year he only paid 20% I believe and scammed his returns by gifting major money so he could get down below the 1 million mark himself.

Last he he also filed a change for a mistake he made on his tax form and ended up getting a huge refund for revising it.

This man is a total liar and a scam artist and cannot be trusted.


Why is Obama expecting people to pay 30% of their income when he does not?

[Sunny-Days-in-Florida]

The Obama crickets went to bed on answering this question.

I hope Romney nails him to the wall on his tax cheating.

Romney paid 50% on the same dollar while Obama gets off with 26%.