Shockingly, Obama Calls For Taxation On Millionaires, Refuses To Send Check To IRS Himself

Yeah, I guess I should say something about Obama’s “Buffett tax,” though I really, really, really didn’t want to link the NY Times, thanks to that despicable 9/11 op-ed by Krugman. Alas,

President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. …

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.

So, a little more than a week since Obama gave his big speech on creating jobs, and less than a week since he actually submitted his plan to Congress, and we can formally and officially see what his “jobs” bill is about (as I’ve stated): class warfare and taxation, playing to his unhinged base which sees profit (for some people) as evil. Not bad, not mean, not wrong, but evil. And rather than voluntarily paying more, then want everyone else to suffer.

We can expect to hear about this Buffett Rule for weeks on end. Perhaps an enterprising reporter can ask Obama about job creation. The deer in the headlights from Obama will be priceless.

Powerline explains just why this whole tax the rich idiocy will fail.

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6 Responses to “Shockingly, Obama Calls For Taxation On Millionaires, Refuses To Send Check To IRS Himself”

  1. The Watcher says:

    I think folks are mispronouncing when they call it the ‘Buffet tax’. I think it’s pronounced ‘boo-fay’ tax: the Administration gets to walk past and pick and choose which of the rich folks they want to ‘eat’.

  2. gitarcarver says:

    If I were the Republicans, I would trot out the fact that the income tax rate on people who make over $350K is 35% while the middle class’ income is taxed at the rate of 25%.

    Source: http://www.taxfoundation.org/publications/show/151.html

    I would then start beating Obama about the head and ears with commercials and advertising saying “this is why he has to go….. his economic policy is based on 35% being less than 25%.”

    It would be the “new math.”

  3. Word says:

    Taxes and capitalism and free markets dont get along very well. But the problem I see developing for the GOP is their incessant harping on entitlements (READ SOCIAL SECURITY).

    This is going to destroy them in the 2012 and make it very hard to win back the senate and the White House. I am starting to become concerned for the GOP in general as they continue to harp on entitlement reforms and are now bringing back the private pensions etc.

    This is a HUUUUGGGGEEEEE mistake on the GOP’s part as they vie for the tea party votes. The tea party is right in that we need entitlement reform but Social Security does not need private accounts…It simply needs a few tweaks and its good for the next 70 years.

    This is such a bad move on the GOP’s part that its going to cost them HUGE in the 2012 elections if they continue on this path, and NOW……

    NOW….

    Obama is doing everything he can to force the GOP to talk about nothing but entitlement reforms by the way hes structuring his speeches and ideas.

    Do not count out Obama. The NY contest was lost because of the economy………NOT ENTITLEMENTS…….

    I am afraid the GOP is fielding a really BAD field right now and they are all vie’ing for the out of the main stream tea party Libertarian voters to win the NOMINATION but will cost them the general because of the bizarre ideas they embrace to win this vote.

  4. david7134 says:

    Word,
    I am not so pessimistic on the SS discussion. I talk to a bunch of old folks daily and they will do anything to get rid of Obama. The SS fears have been stoked too many times, people are now a bit more informed and most realize that something does have to be done. Besides, the old folks have not had a raise in over 3 years. This despite the fact that inflation is alive and well despite the fact that the govenment does not acknowledge it. The elderly seem to blame Obama for both the inflation and the lack of increase in their monthly checks.

    My problem with the Republicans is that they don’t have a good candidate. Perry is a Bush on steroids and likely a liberal. In fact, they all are fairly liberal from my standpoint. My guy is Paul. But the media will not let him in even if they have to lock the door.

  5. captainfish says:

    Exit question: Anyone remember when tax rates for the very rich were upwards of 90%?

    Yeah, want to bet how many actually paid that amount? It was also mysterious that during that same time, there were very few “millionaires” around.

    You start raising taxes on the rich, you will see fewer rich. Raise an increased minimum tax on millionaires, you are going to start seeing people only making $999,000 a year.

  6. […] friend William Teach over at the Pirate’s Cove takes note of President Obama’s plan to raise taxes on income of those making over one million dollars a year from all income to a […]

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