BREAKING NEWS: Obama to propose a "buffet tax" on people earning $1 MILLION+ a year (legal, suspect)
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1. Actually more than 50% of the cost to his jobs plan is tax cuts for small businesses and the average employee, which would be paid for by allowing the Bush Tax Cuts on the wealthy expire.
2. You can't cut us into prosperity. Countries such as Canada and Australia are doing 1000x better than the United States and both have much higher taxes on the wealthy.
3. If you are serious about cutting our deficit, you can't just cut your way out of it. You have to cut spending and increase revenue. We spent a decade fighting two wars during a time when taxes were cut, the first time in our country's history.
The story is still developing on CNBC, "Obama to propose a 'Buffet Tax' on people earning more than $1 million a year (story developing)"
You'll see it probably in a couple hours on CNN, FOX etc. Once it develops into an article I'll post it here if I can still use the edit feature.
I think the Super Committee should pass a tax hike on people making $1 million or more and cut spending by another $2 trillion.
Do you really think that the Super Committee can do anything about taxes? Surely you know that they can suggest only and then the Congress has to take care of the legislation. I am amazed at the number of you people who keep talking about the super committee as if it could ever get any agreement at all with the people on it from both parties.
Get it through your head that that group of 12 just can't do the Congress's job for it. Sure Obama wanted it to work that way but it won't.
Here's how to settle the question of who does or doesn't create jobs and who does or doesn't make an economy grow.
Tax anyone who makes over $200,000 at 99.9% and confiscate all their assets. Raise the minimum wage to $25 an hour.
bob, I read that whole thing and did it although I nearly puked more than once. I love to read things from the al Times about Social Security because I know they will never admit to the fact that the Congress has spent nearly $3 trillion of what was paid in by workers and their employers over the past 60 years. I never see them talk about that. That article did talk quite a bit about the fact that recently we have spent more paid out to SS recipients than has been taken in in taxes. I wonder how much different this would look if we had a few more employed people in the country. Obama has done so many things to destroy jobs and that has cost we old people a pile. The people who wrote that one did say something about the COLA payments we haven't had in the past two years but it didn't mention one penny of the Medicare raises we have been required to pay the past two years. They are such fine people when it comes to avoiding so many truths
The Obama proposal has little chance of becoming law unless Republican lawmakers bend. But by focusing on the wealthiest Americans, the president is sharpening the contrast between Republicans and Democrats with a theme he can carry into his bid for re-election in 2012.
I took this quote from the piece so I could call your attention to the real reason that Obama wants to talk and talk about taxing the hell out of wealthy people. See, it never was to get money but only to try to box the GOP into a corner for 2012.
I think that he and Sunstein have already determined how they can keep him from losing in 2012. Have you ever heard of martial law. A few race riots will be enough for him to declare it and just call the elections off so he can remain in power. They are trying to dot all the i;s and cross all the t's to keep The One in power.
Why not tax em until they leave?? Yeah that's the ticket. Get those evil rich people outta the country.
Once they are gone or broke they will have to go to work on their vaunted middle class to support the non-taxpayers. Yep, that is where they are headed if we are stupid enough to eat their crap.
This is a great idea! I know a lot of moderates who think $250,000 is too low of an income to increase taxes. However, I think any reasonable person would agree to increasing taxes on people who make $1 million or more per year. I doubt Republicans will be okay with this, but I'm sure the majority of independents will support this idea.
Do you support it and why?
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This should be on major media websites soon. It's a breaking alert sent from CNBC to my phone.
I see no problem with it. A 1 million dollar tax is less controversial. I can see a little controversy with the 250k minumum. And frankly, opposing this too stridently isn't good PR. Still, I don't know how it will pass the Republican house.
What's funny though is Norquist during the debt ceiling debate said, "allowing the bush tax cuts to expire would not be a tax increase and would not break my pledge"
Are you saying that our taxes won't automatically go up when the Bush cuts are allowed to expire? If so I would wonder what side of the mountain you live on.
Are you saying that our taxes won't automatically go up when the Bush cuts are allowed to expire? If so I would wonder what side of the mountain you live on.
There are no Bush tax cuts. They are Obama's tax rates now. These tax rates have been the norm now for nearly 11 years.
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