Obama to propose ‘Buffett tax’ on millionaires

[trueblue2007]

YES !!!!!!!!!!!!!!


By Reuters
Saturday, September 17th, 2011 -- 8:11 pm

WASHINGTON (Reuters) - President Barack Obama, in a populist gesture designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

Such a proposal, among suggestions to a congressional Super Committee expected to seek up to $3 trillion in deficit savings over 10 years, would appeal to his Democratic base ahead of the 2012 election but likely not raise much in revenues.

White House Communications Director Dan Pfeiffer said in a tweet on Saturday the tax would act as "a kind of AMT" (Alternative Minimum Tax) aimed at ensuring millionaires pay at least as much tax as middle-class families.

The "Buffett Tax" refers to billionaire investor Warren Buffett, who wrote earlier this year that rich people like him often pay less in tax than those who work for them due to loopholes in the taxcode, and can afford to pay more.

Obama will lay out his recommendations in White House Rose Garden remarks at 10.30 am on Monday and is expected to urge steps to raise tax revenue as well as cuts in spending.

http://www.rawstory.com/rs/2011/09/17/obama-to-propose-buffett-tax-on-millionaires/

[trueblue2007]

1. YES THIS IS WHAT WE ALL WANT. you are rich.... pay your fair share of taxes

**SOUNDS GOOD TO ME. I DON'T KNOW ANYONE WHO'D HAVE TO PAY MORE TAXES BECAUSE I DON'T KNOW ANY MILLIONAIRES**

[Alhena]

2. Meh, he had his chance TWICE to veto tax cuts for the rich ...

and he didn't do it. They are now the Bush-Obama tax cuts AFAIC. He should have grown a pair a long time ago and used his veto pen. Empty words and proposals with no chance of becoming law are meaningless.

[Modern_Matthew]

5. Damned if he does, damned if he doesn't...maybe President Perry will see the light. nt

[trueblue2007]

9. Oh stop being so dam critical. YOU CAN DO A BETTER JOB?

RUN FOR PRESIDENT YOURSELF .... LOLOLOL

[femmocrat]

3. Can't wait to see the reaction on Capitol Hill.

Should be entertaining to see those repukes defending millionaires.

[napoleon_in_rags]

11. Exactly, Its all about hearing them explain why millionaires should sacrifice less than middle class

I think its good, lets give Republicans a chance to explain why they support that...It sure doesn't make any sense to me.

[Amonester]

13. I predict they will shout "Leave the JOBS CREATORS alone!"

Very predictable. I cannot predict if the President will counter-attack, though, or if he will just say nothing in return, but if I could write well enough in English, I would send him a letter suggesting to say they R JOBS CREATORS OVERSEES.

[napoleon_in_rags]

14. LOL! plus one.

That's exactly what he needs to do. And laugh. And repeat the first question, why millionaires who aren't creating jobs need to pay a lower tax rate than middle class families? Or make an offer the Republicans HAVE to refuse: "Okay, well there will be a tax break IF they create US jobs. Otherwise they have to pay the tax." There are so many ways to go forward.

[lonestarnot]

4. Good, now what about defense spending, and what's the wars costing these days?

I'll be listening carefully on Monday.

[littlewolf]

6. it would be nice if Buffet actually PAID his taxes ... nt

[DJ13]

7. I hope this isnt just to soothe bad feelings over slashed a safety net

[ixion]

8. "would appeal to his Democratic base ahead of the 2012 election but likely not raise much in revenue

so it's just so much fluff. :grr:

[COLGATE4]

12. Exactly. He didn't veto the tax breaks for millionaires when he

had opportunities to do so - now, he's campionining a higher tax (no definition, however) when he knows that there's no way in hell that it will ever pass in the House. Just puff for the gullible - try and pump up the dispirited base by showing us that "he gets it":grr: :grr: :puffpiece:

[Countdown_3_2_1]

10. It will die in the House.

until the election this is just political posturing.

Better than a new tax is to remove the loopholes.

[trueblue2007]

17. marching on wallstreet? we might be rioting. the gops will be so scared

they will xxxx their pants

[hulka38]

15. He's in campaign 2012 mode now.

[upi402]

16. bullshit.. do not bite

unless you're a fish that just loves getting cooked again, and again.


obama will never allow it to transpire

[SixthSense]

18. If inflation keeps going

we'll all be millionaires soon

and it'll take the whole million to buy a loaf of bread