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Should the Buffett Rule" be made law?

Should the Buffett Rule" be made law?


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jamesrage

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Should the Buffett Rule" be made law?

Yes
No
other
I do not know

Obama to propose new tax rate for millionaires - CNN.com
The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday. Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan that President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who spoke on condition of not being identified. The information was first reported by The New York Times.




I pick other. I support making everyone pay he same percentage in income taxes regardless of income level and eliminating exemptions .
 
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I can't take Buffet seriously after he disowned his granddaughter for having equitable views about society that he disagreed with. The man is a petulant child who games the system in which we need to make a rule about.

Why is this guy even relevant and why does the Obama administration jack off to him?
 
Flat tax for all that make twice the Poverty level with no deductions, with a similar flat tax on business above a certain level and no deductions.
 
Flat tax for all that make twice the Poverty level with no deductions, with a similar flat tax on business above a certain level and no deductions.

We've gone over this in other threads .. the answer to the question is applying the definition of the word fair in order to determine what a "fair share" is.

Since some people cannot understand the concept of fair .. this gets difficult. Everyone know that the poor have nothing to give in the sense that they would be forced to go into debt or starve or live without a shelter were they to pay the same percentages as the top percentiles.

If you think one person being able to pay taxes which to them is "chump change" and another having to go into debt, starve or live without shelter is fair .. you must have some serious issues and should probably see a counselor (not saying this is you, but some people think this way).

The most "fair" way to calculate a fair share (and don't go off on that "life isn't fair" strawman as you yourself are trying to state that progressive taxation isn't "fair") would be to compare the average low level living costs (i.e. average costs to live without disease, malnutrition etc.) over a state and perhaps the whole country, depending on how you view it, and use those living costs in a predetermined ratio of average low level living costs to income level. e.g. use a formula set up below:

average low level living costs/income level

This would be the truest "fair" way to calculate a "fair share" - given one's ave. low level living costs to income level ratio, a tax could be created so that the actual burden of the cost is proportional across all income levels - that's fair

That's was my answer then and it still is.
 
Should the Buffett Rule" be made law?
Yes
No
other
I do not know
Obama to propose new tax rate for millionaires - CNN.com
The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday. Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan that President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who spoke on condition of not being identified. The information was first reported by The New York Times.
I have been posting on this for a a year or two. Too many posts/string starts to even cite here. 100? And other boards too.
I'm in favor of the Buffett Rule.
Let's forget the relative pikers and the "250k" debate and go where the most disposable income/affordability/dead money lies.
Buffett had proposed, I believe, 2 new brackets: 1 mil/10 mil and I support, in fact Advocated that for years.

Say 40/50 or 50/60 percent rates for those groups. Which would be completely normal, if not lower than the Century's average.
http://www.debatepolitics.com/economics/90108-truth-can-afford-pay-taxes.html#post1059220592 And of course the Whole string theme.
and PARTIALLY Reverse the 30 years of Class Warfare waged By the rich through their bought lobbyists and representatives.
Affirmation of one of my main themes here.

Let's see how it does Now with the GOP unable to say "1 mil a year isn't rich", as they did with 250k.
 
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I have been posting on this for a a year or two. Too many posts/string starts to even cite here. 100? And other boards too.
I'm in favor of the Buffett Rule.
Let's forget the relative pikers and the "250k" debate and go where the most disposable income/affordability/dead money lies.
Buffett had proposed, I believe, 2 new brackets: 1 mil/10 mil and I support, in fact Advocated that for years.

Say 40/50 or 50/60 percent rates for those groups. Which would be completely normal, if not lower than the Century's average.
http://www.debatepolitics.com/economics/90108-truth-can-afford-pay-taxes.html#post1059220592 And of course the Whole string theme.
and PARTIALLY Reverse the 30 years of Class Warfare waged By the rich through their bought lobbyists and representatives.
Affirmation of one of my main themes here.

Let's see how it does Now with the GOP unable to say "1 mil a year isn't rich", as they did with 250k.

Those are horrendous tax rates.I guess only a lib would think that the government should steal most of the money you earn. That said I have to wonder if any American actually paid those horrendous tax rates after deductions were made.
 
Well, like I have always said, the problem is not the stated tax rate, but the effective tax rate. Simply increasing the tax rate for the rich is not going to address the myriad loopholes that they use to pay little to no taxes at all. It might make some people feel better but it's not really doing anything.

If the Buffett rule closes the loopholes then I'm all for it. There is no reason why 1% of the population should hold the majority of the nation's wealth. We're supposed to live in a democracy where elected representatives control the country, not the super rich. Allowing people to hold that much money is only detrimental to the stated foundations of America's formation.

They should be paying their fair share, and that's that.
 
If Buffet wants to pay more, nobody is stopping him from sending in a check.
 
Well, like I have always said, the problem is not the stated tax rate, but the effective tax rate. Simply increasing the tax rate for the rich is not going to address the myriad loopholes that they use to pay little to no taxes at all. It might make some people feel better but it's not really doing anything.

If the Buffett rule closes the loopholes then I'm all for it. There is no reason why 1% of the population should hold the majority of the nation's wealth. We're supposed to live in a democracy where elected representatives control the country, not the super rich. Allowing people to hold that much money is only detrimental to the stated foundations of America's formation.

They should be paying their fair share, and that's that.
1) HYPERBOLE much??
2) Controlling what people have has never been part of America's foundation.
 
Should the Buffett Rule" be made law?

Yes
No
other
I do not know

Obama to propose new tax rate for millionaires - CNN.com
The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday. Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan that President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who spoke on condition of not being identified. The information was first reported by The New York Times.




I pick other. I support making everyone pay he same percentage in income taxes regardless of income level and eliminating exemptions .

Absolutely this should be implemented. $250,000 is too low to be our highest tax bracket. Having an additional bracket for millionaires will help ease the burden off of small business owners. I'm totally in favor of the Buffet Rule.
 
Why anyone would object to doing away with AMT and instead making sure that the wealthiest pay an effective tax rate comparable to the middle class is beyond me. There's a lot of stupid non-wealthy people, I guess !
 
If Buffet wants to pay more, nobody is stopping him from sending in a check.

Yea but, Buffet wants everyone to pay more. And he's trying to make his point. And billionaires usually get what they want (with enough determination).

Also, I think we should have lowered the top tax rate with legislation like this. I think the top bracket % is too high; I like the flat tax idea.

Can't decide what I think about this; all I know is that I make almost all of my taxable income from salary (as does my fiancee) because I am rather young and do not own a home yet, ect, and when they ask me to pay 30%, I pay most all of 30%.

Is it a big deal if people making $1MM have to pay the 30-35% too?

They can probably afford it more than I can....

Anyways.
 
The talk is always about tax increases and never about spending cuts.
 
The talk is always about tax increases and never about spending cuts.

That's bull****. There has been not just talk of spending cuts but actual spending cuts. In fact, Congress has made that supercommittee in order to find places to cut more spending.
 
That's bull****. There has been not just talk of spending cuts but actual spending cuts. In fact, Congress has made that supercommittee in order to find places to cut more spending.

that's bull**** in turn. there hasn't been a single major spending cut. there have been spending-increase reductions. that's like deciding you eat McDonalds everyday, ergo you need to go on a diet. so, you decide you're going to continue to eat McDonalds every day, but now every other day you're going to add an extra big-mac... not every day, though, so you're still on a diet.
 
Why anyone would object to doing away with AMT and instead making sure that the wealthiest pay an effective tax rate comparable to the middle class is beyond me. There's a lot of stupid non-wealthy people, I guess !

not-understanding-double-taxation-fail.
 
Yea but, Buffet wants everyone to pay more.

bingo. but he (like President Obama) is still going to do his best to minimize his own tax bill. It's never actually "I want to pay more", it's always "I want to f*** others". When Buffet actually gets' around to paying his back-taxes owed over the last decade or so (woops!), maybe he'll have a bit more moral authority in this area. Not much, but a bit.
 
No, I'm against this. I understand the detriment of some of the effective tax rates being what they are today, but you can't close many of these loopholes because they lead to positive externalities. There are still many businesses who are incentivized to keep jobs in America.

If you closed all corporate loopholes, charitable donations would not exist, scholarships and loan reimbursement would not exist, and many jobs still in America would go to the nearest third world hellhole. It would strictly be cost minimalization to maximize profit.

Close many loopholes and increase effective tax rate modestly? Yes. Shut it altogether? Absolutely not.
 
Wow, they pay the SAME... What a concept!!

Maybe now people will set aside the Fox lies and spin and realize how pooched they get every year compared to millionaires and billionaires.

We've got a couple hacks on DP that would like us to believe the rich pay their share... NO ONE who truly understand the tax code would say that.
 
bingo. but he (like President Obama) is still going to do his best to minimize his own tax bill. It's never actually "I want to pay more", it's always "I want to f*** others". When Buffet actually gets' around to paying his back-taxes owed over the last decade or so (woops!), maybe he'll have a bit more moral authority in this area. Not much, but a bit.

Sure. But on the flipside, it's not like Buffet will be exempt from these tax changes when they are passed, so it's not totally I want to f*** others. In fact, he might end up paying more than just about anyone else moving forward.
 
Buffet is a value investor, who can choose to take his profits and pay his taxes on them whenever he pleases. His behavior particularly lately with banks has been embarrassing. (1. invest in a flailing bank. 2. use money and power to get government to bail out flailing bank. 3. profit).

If Buffet wants to pay more, let him pay what he already owes and then send in a check for the difference of what he thinks he should have paid. then i'll buy it.
 
I was about to say that too. America has the 2nd highest effective corporate tax rate in the world, only behind Japan. To say that they're not pulling weight is ludicrous.
 
not-understanding-double-taxation-fail.


Please explain when cap gains or interest income was already taxed?


As to dividend income .... hm. Interesting question. Maybe they should be double taxed. Maybe they should come with a taxes already paid credit. Could be something worth looking into.
However, your comment is just a general economics fail response.



BTW, all 'income' by corps was already taxed .... when the consumers bought stuff with them from income they paid taxes on. Maybe dividend income should be the same. Pay taxes on it, offset with whatever expenses you incurred to generate that income.
 
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