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What are your feelings on the Buffet Rule?

Your opinion of the Buffet Rule

  • It will hurt job creators

    Votes: 11 29.7%

  • It will raise revenue and help the economy

    Votes: 19 51.4%

  • It will promote laziness

    Votes: 7 18.9%

  • It is the definition of socialism

    Votes: 6 16.2%

  • It will help close the gap between the middle class and rich

    Votes: 16 43.2%

  • It punishes the upper tier of social darwinism

    Votes: 5 13.5%
  • Total voters
    37
TheLastIndependent

TheLastIndependent

DP Veteran
Joined
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Location
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Gender
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Political Leaning
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As you know, Congress will be taking a look at the Buffet rule in the upcoming days. How do you feel about it?
 
None of the above. Raise revenue maybe a bit, but not significantly. All it does is try and ensure that if you make more, you pay a higher effective rate.
 
Redress said:
None of the above. Raise revenue maybe a bit, but not significantly. All it does is try and ensure that if you make more, you pay a higher effective rate.
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I personally think that this has the potential to being good. I personally believe that this country has been making it easier for the rich to stay rich but harder for the poor to move up. That was one of the main causes of the Great Depression.
 
TheLastIndependent said:
As you know, Congress will be taking a look at the Buffet rule in the upcoming days. How do you feel about it?
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Its based on lies and disinformation and is designed to promote class warfare and divert attention for the piss poor efforts of Obumble.
 
TheLastIndependent said:
As you know, Congress will be taking a look at the Buffet rule in the upcoming days. How do you feel about it?
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None of the above for me, too. I've thought about it a bit. At first glance, I thought, "Go ahead and pass it." On second thought, I don't think it solves any problems....raises not-much-revenue...and further complicates a system system in need of drastic reform from the ground on up.

A Band Aid to a slit throat.
 
TurtleDude said:
Its based on lies and disinformation and is designed to promote class warfare and divert attention for the piss poor efforts of Obumble.
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How exactly does it promote class warfare? Putting the tax burden on the poor and taking it off the rich is class warfare IMO
 
TurtleDude said:
Its based on lies and disinformation and is designed to promote class warfare and divert attention for the piss poor efforts of Obumble.
Click to expand...

Ya' just gotta' laugh....Obumble. Haven't heard that one before.
 
MaggieD said:
None of the above for me, too. I've thought about it a bit. At first glance, I thought, "Go ahead and pass it." On second thought, I don't think it solves any problems....raises not-much-revenue...and further complicates a system system in need of drastic reform from the ground on up.

A Band Aid to a slit throat.
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how many middle class people pay an EFFECTIVE rate of 30% in federal income taxes? almost none if any at all. its an idiotic idea

now if the purpose was to make EVERYONE pay the SAME effective federal income tax rate I'd BE ALL FOR IT
 
TheLastIndependent said:
How exactly does it promote class warfare? Putting the tax burden on the poor and taking it off the rich is class warfare IMO
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its based on the false premise that the rich aren't paying their fair share or that its wrong that a few people who have nothing but high amounts of earned income are paying a higher effective rate than those who have only investment income. It ignores the fact that those who have dividend income have had the money they receive often taxed TWICE by the government before they get it
 
TurtleDude said:
how many middle class people pay an EFFECTIVE rate of 30% in federal income taxes? almost none if any at all. its an idiotic idea

now if the purpose was to make EVERYONE pay the SAME effective federal income tax rate I'd BE ALL FOR IT
Click to expand...

Why would someone who is struggling to stay afloat with the current taxes be forced to pay more? And we practically are all paying the same rate since there are so many loopholes
 
TurtleDude said:
how many middle class people pay an EFFECTIVE rate of 30% in federal income taxes? almost none if any at all. its an idiotic idea

now if the purpose was to make EVERYONE pay the SAME effective federal income tax rate I'd BE ALL FOR IT
Click to expand...

Well, that's what I couldn't find today, actually. Is it an effective rate? I'm not sure. (I'd be amazed if it passed anyway, wouldn't you?)
 
Socking it to the rich might make people feel better and probably won't hurt the rich much but it will do nothing to fix our economy, obama is just in campaign mode, getting the troops fired up. Anyone ever notice how I never capitalize obama, I refuse to give him that much respect. I truly hate this man.
 
I am libertarian, which means that I don't have feelings. ;)
 
sawyerloggingon said:
Socking it to the rich might make people feel better and probably won't hurt the rich much but it will do nothing to fix our economy, obama is just in campaign mode, getting the troops fired up. Anyone ever notice how I never capitalize obama, I refuse to give him that much respect. I truly hate this man.
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It can't be a campaign move because he has wanted to raise their tax from the start. He just has a big name behind it now.
 
TheLastIndependent said:
Why would someone who is struggling to stay afloat with the current taxes be forced to pay more? And we practically are all paying the same rate since there are so many loopholes
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how do we all pay the same rate when the effective federal income tax rate for the top few percent is well over 20% and those in the bottom QUINTILE are paying maybe 3% at most and many are paying a negative rate? remember this discussion is about FEDERAL INCOME TAXES-not what state sales taxes etc does

with all those supposed loopholes (the biggest being people who pay NO FEDERAL INCOME TAXES have exactly the same vote as those who pay MILLIONS) how is it that a group that makes 22% of the income ends up paying almost 40% of the income tax and all of the federal death/estate taxes?
 
sawyerloggingon said:
Socking it to the rich might make people feel better and probably won't hurt the rich much but it will do nothing to fix our economy, obama is just in campaign mode, getting the troops fired up. Anyone ever notice how I never capitalize obama, I refuse to give him that much respect. I truly hate this man.
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Not actually true

you have more than a few retirees-often widows who took the life insurance policies etc left to them by their late husband who have no earned income. Obama wants taxes on dividends to go from (35%) + 15% to (35%) + 40%

that would hurt big time.
 
Everyone from Boehner to Obama, from Reid to Obumble's press secretary have admitted this proposal is DOA. So why is Obumble pushing for a vote other than to play class warfare?
 
TurtleDude said:
how do we all pay the same rate when the effective federal income tax rate for the top few percent is well over 20% and those in the bottom QUINTILE are paying maybe 3% at most and many are paying a negative rate? remember this discussion is about FEDERAL INCOME TAXES-not what state sales taxes etc does

with all those supposed loopholes (the biggest being people who pay NO FEDERAL INCOME TAXES have exactly the same vote as those who pay MILLIONS) how is it that a group that makes 22% of the income ends up paying almost 40% of the income tax and all of the federal death/estate taxes?
Click to expand...

I apologize. I ventured away from Income tax only
 
TheLastIndependent said:
How exactly does it promote class warfare? Putting the tax burden on the poor and taking it off the rich is class warfare IMO
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If you define poor as the bottom 50% of the income earners, and the rich as the top 9%, then the rich pay 50% of what it costs to run the government (discounting the 40% that nobody pays and we borrow), and the poor pay none or very little, then how exactly does the tax burden fall on the poor?
 
jimbo said:
If you define poor as the bottom 50% of the income earners, and the rich as the top 9%, then the rich pay 50% of what it costs to run the government (discounting the 40% that nobody pays and we borrow), and the poor pay none or very little, then how exactly does the tax burden fall on the poor?
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and more importantly, if people don't pay much if any taxes why would they ever want taxes to be lower and government spending to be less?
 
TurtleDude said:
Everyone from Boehner to Obama, from Reid to Obumble's press secretary have admitted this proposal is DOA. So why is Obumble pushing for a vote other than to play class warfare?
Click to expand...

It probably wont pass, but those who it will affect can easily afford it so why is it a big deal? If I had a wealth, then I would be more than happy to give it to the government. It is the "Gospel of Wealth". We should take an example from Carnegie and Rockefeller and the other weatlhy big-wigs of the 1890's who had no poblem giving back. Yes I understand that that was before income tax
 
1. It won't raise revenue. People are dynamic actors who seek out ways to minimize their tax exposure in direct relation to their incentive to do so.

2. It will reduce economically productive behavior, as people now will spend more time avoiding taxation and less time producing.

3. I'm willing to raise rates. Effective rates. In the context of tax code simplification. But increasing the complexity and negative effects of the code are the precise opposite of the direction we should be traveling in.
 
The argument that I dont understand is how lowering their taxes will help "job creators". If they were creating jobs, then why were we losing 3 million jobs a month at the presidential interchange? That is what does not make sense. I am all for reducing the complications. What I am not for is reducing the rates on the people that don't need it reduced.
 
TurtleDude said:
Not actually true

you have more than a few retirees-often widows who took the life insurance policies etc left to them by their late husband who have no earned income. Obama wants taxes on dividends to go from (35%) + 15% to (35%) + 40%

that would hurt big time.
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That is a very good point, Reps should bring that up.
 
TheLastIndependent said:
It probably wont pass, but those who it will affect can easily afford it so why is it a big deal? If I had a wealth, then I would be more than happy to give it to the government. It is the "Gospel of Wealth". We should take an example from Carnegie and Rockefeller and the other weatlhy big-wigs of the 1890's who had no poblem giving back. Yes I understand that that was before income tax
Click to expand...

you do realize you are talking out of your six if you claim it won't hurt anyone. BUFFETT's rant was about a few hundred Billionaires who only have INVESTMENT income and pay an effective rate of around 15%. Some high earning upper middle class people (ie those making 350K or so in only earned income with say no real deductions) pay a HIGHER effective rate.

YET OBUMBLE has interpreted the Buffet rule to being one that anyone making more than a million a year should pay an effective rate of 30%-which is an effective rate that almost no one in the middle class pays those those on the very top of the upper middle class pays at the MARGIN

(many dullards think that because someone making 90K a year has a Marginal rate higher than 15% they are paying a higher actual rate but trying to correct the stupid is a waste of time).
 
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