White House Official: Obama Will Call Jobs Plan Tax Hike The “Buffett Rule”…
Obviously the fact that Buffett’s effective tax rate is low is because he lives mainly off of dividends which are taxed at only 15% makes no difference. Millions of middle-class retired Americans also live off of dividends, will all of them fall under Obama’s new “Buffett rule”?
(The Hill) — President Obama will call for a new higher tax rate on millionaires to ensure they pay at least the same share of income in taxes that middle class families do.
A White House official confirmed the president will unveil the plan Monday at the White House as part of a broad proposal with recommendations aimed at deficit reduction.
The plan will be called the “Buffett Rule” in reference to billionaire investor Warren Buffett, who has long called on lawmakers to increase taxes on the wealthiest Americans.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” Buffett wrote in a New York Times op-ed published on Aug. 15th. “It’s time for our government to get serious about shared sacrifice.”
Posted by ZIP on Saturday, September 17, 2011, at 10:37 pm | 
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This is really ironic since Buffet is disputing his taxes going back to 2002.
the “Buffett Rule”
———-
So does that mean we don’t have to pay the tax?
Obama sure has class envy. He always wants to take from the rich. Pits the poor aginst them.
Somebody just pass a law targeting Buffet and be done with it. He has been clamoring for it for years. Give the Democrat lover what he wants.
Republicans, party of the rich. What a joke.
Sure it isn’t the ‘Buffoon Rule”?
Now BHO’s pouncing on gimmicks. Weak.
By ‘Buffett Rule’, that’s really code for “Buffet Rule”, as in money buffet.
A money buffet ( [bəˈfeɪ] in USA) is a tax system of gouging taxpayers in which said taxes is then placed in a public area where the govt and freeloaders generally serve themselves. It is a popular method for socialism to ensure a large number of people have free monthly checks with minimal staffing and oversite.
Buffett can write a check right now and share some of those sacrifices. What’s stopping him?
so not only destroying america, but removing any level of respect people had for warren buffet.
I’ll betcha buffet has no clue that his number one fan was going have a law called “buffet’s law”, buffet is still the ceo of bershire, and has to look out for his shareholders, wonder how much this will cost him in terms of investments in his funds. Here you have a man a ceo of a big investment firm, and you have his biggest fan wanting to tax everyone “rich”, which will no doubt be many of the shareholders of berkshire.
Yup, this bast#*d is in your face and doubling down on tax
increases. He’s gonna be dragged into the rubber room by
the jackals in his own party. Chris will be interviewing the
genius in a padded cell. Chris will have to hurry…. visits are
only 15 minutes long.
The “Buffet Rule” is….if you pig out too much, you’re not
invited back.
YOU TOO FAT! YOU EAT TOO MUCH! YOU LEAVE NOW!
The Buffett Ride is more like it.
Idiot Deluxe!
We all know Buffett owes back-taxes since ’02!
…LAUGHABLE!…
Buffet is the master of structuring his company so that you only pay cap gains when you sell — no dividends on the shares, all profits are reinvested and rolled into the value/price of the each share. When my Dad was 75 he bought one share at $10K and it was selling for $100K when he passed away 12 years later. Buffet may be worth $B’s but it’s in great part his cleverly structured stock. He’s a salaried employee of his own company and pays nothing in taxes on his shares of BH due to the structuring (Part of why his shareholder love him — they amass tax-free wealth and sell when it’s to their advantage, tax-wise. Essentially everything but Warren’s house in Omaha and his BH stock (lots of it) belong to BH corp.
Dear Warren,
Sell 100 of your shares of BH (A) a year and make the settlement check out to the US Treasury. Be a role model for other uberwealthy and keep your opinion on the rest of us paying more taxes to yourself. Volunteer to give more to your country.
Yes, YOU Can!
If money means nothing to Liberals, why do they want so much of it from others?
Warren is an interesting character. Proposes higher taxes for folks like him, but he certainly will spare no effort with his accountants making sure his investments are structured for maximum tax efficiency and will not pay a penny more than he has to. My guess is he already has it figured out how to beat any tax increase and only the superrich who have tax inefficient sources of income are going to get hit. Dare I say Warren B is a hypocrite, I actually like and respect the guy.
I am glad Obama is calling this the “Buffet” rule. Now maybe conservatives can point out to the idiots the difference between income tax and capital gains tax.
More to the point, this issue demonstrates the typical Obama bait ‘n switch. Of course Buffet pays a lower tax rate! He makes money on capital gains, i.e., returns on money that has ALREADY been earned and taxed as income. But Obama certainly isn’t proposing to raise capital gains tax rates. That would devastate the economy and he knows it. Rather, he gets all the idiots pissed off about the cap gains rate as an excuse to raise rates on INCOME (money that working people actually earn).
In the end, Warren Buffet still pays 15% while those who work and EARN decent money are left scratching their ass and wondering why they now pay an even higher rate than Buffet.
The intellectual dishonesty of this is shameful.
Irrespective of the fact that the company Berkshire Hathaway has an ongoing dispute over the corporate tax obligation of the corporation, everyone in media loves Buffett because he makes his shareholders rich. For some crazy reason they are impressed because Berkshire Hathaway shares never split so the astronomical price of the “A” common shares are (closed Friday at $107,100 ea.) impossible for anyone but the super-rich to invest. All the while his worshippers (most who will never be able to afford even one ["A"] share) never realize that this “value investor” is actually the world’s most prolific bottom feeder.
Buffet and partner Charlie Munger, through parent Berkshire have made their business specializing in buying very large privately held companies that are in distress predominately because the principle shareholder has passed away and the estate taxes force the sale of the company; which is when the buzzard Buffett, et al swoop in and get a sweet price. So some other poor schmuck can pay the government.
Also, he and his cheerleaders brag that he only pays himself a wage of $100,00 per year. Big deal, as he nevertheless enjoys all the perks of a billionaire on the tab of the parent corporation; yet he gets away with paying the taxes of a person who is well UNDER the $250,000 millionaire/billionaire demarcation point.
Buffett’s a big fat scumbag and the media dip-shits who think he’s a hero need to be boiled in a vat of liquid dog vomit.
Oh great.
Obama: pass the buffett rule. We have to pass the buffett rule
now how many weeks do we get to hear this?
The “Buffet Rule” will follow the same procedures as the “Geithner Tax Plan” .
It’s time to start a NATIONAL BOYCOTT OF COMPANIES OWNED BY BERKSHIRE HATHAWAY!! Buffet has made many of his billions by buying companies which rely on the patronage of American citizens in all income brackets. Companies like Dairy Queen, GEICO, Benjamin Moore Paint Co., Clayton Homes, Fruit of the Loom, Helzberg Diamonds, Borsheim’s Fine Jewelry, NetJets–and many, many others. Mr. Buffett has decided, since he’s rich beyond comprehension, that he will now embrace the most deliberately destructive President in history. He’s openly endorsing the first of many more to come tax increase schemes which will hurt honest tax-paying Americans at every income level.
Buffet is a deranged rich dude. He needs to be institutionalized.
Why don’t all those sons of bitches just give all their money to the Fed and be done?
I still cant find the law that prohibits that
Postcards from the Oval Office
http://www.youtube.com/watch?v=FYJ3SKwaKg8&feature=player_profilepage
Marxist Community Organizer meets Capitalist Billionaire. How can someone so smart be so stupid about the effect of Marxism on Capitalism? If Buffet applied his own investment guidelines to Obama’s profligate spending habits, he would not invest a dime in Obama’s company. What is really going on here? Why has Warren Buffet bought into Obama’s disastrous economic programs?He has to know that any additional money he pays in taxes is going to be wasted by Obama’s Socialist’s redistribution of his shareholders’ wealth. None of this makes sense. Something is really rotten in Omaha.
If Obuma really wanted to be “fair”, he’d call for an end to the income tax, repeal the 16th Amendment, and replace it with a consumption tax; a “Fair Tax” or something modeled on the Fair Tax concept. While he’s at it, he’d eliminate ALL Federal taxes except the consumption tax. If somebody is “rich” they tend to spend more money than someone who is middle class or poor. Under a consumption tax, they’d pay more in taxes.
Of course, SCOAMF does not want to be fair. He wants to promote class warfare and soak corporate America so he can redistribute wealth to Democrat constituent groups. It’s about consolidating power in the hands of the government.
Is Barry talking about Warren Buffet or Jimmy Buffet? Because I can`t afford a cheeseburger, and this sure isn`t paradise.
Or maybe Moochelle thinks everyday is an all you can eat buffet.
Boy, I can’t hardly imagine what the rich people will do once we raise their taxes? They will most likely gladly pay them and our problems will be solved. Or, they will simply take their business and the jobs and prosperity that go with them out of this country. I wonder which they will choose?
Just more of the same class warfare bullshit… he doesn’t want it passed. He wants this to become part of his campaign.
He’s trying to equate Capital Gains taxes to Income taxes; a sure way to kill even more jobs.
It will NEVER pass Congress and he knows it. He is just giving his Union buddies more fuel for their riots.
You can put lipstick on a pig, but it`s still Moochelle Obama
Wth? I thought the “buffet rule” was not to load up on rice.
get ur billionaire buddies together and start writing stinkin checks to gov., jeez
when you have all the wealth you can dream of and your family hates you , you find someone as lonely as yourself. obama and buffet are made for each other a brown turd with bad breath and a senile billionaire make a hell of a pair.
Obuttma can propose all the wealth re-distribution taxes he wants to because none of it will ever clear the House and he knows it. This is just pandering to his hard core communist base in the democrat party and Buffet also knows this will never pass which is why he ran around in the first place saying he doesn’t pay enough in taxes. Buffet was just currying favor in the finest crony capitalist sense.
This is just more of this evil communist president trying to stir up class warfare because he knows that he destroyed the economy which will sink his aids ravaged ass in 2012 and he has to run on something else. The real question is how many ignorant, lazy Americans will swallow this swill which will be pumped out 24 hours a day in a never ending stream by the propaganda media non-stop the closer it gets to the election.
By the way, rumor has it that Obuttma is turned on by rich old white guys. Is he crossing his legs like a woman in the photo to hide his excitement?
How about the fuckett rule. Go fuck yourself Obumma
@Marco
as oilfield7550 pointed out, beating me to the punch
buffet is a bottom feeding slime,
corporations have a character that is similar to an individual’s character, but the corporations derive their ‘vision’ usually from their CEO and board
raise your hands if you think geico wants to pay their customers back ANY OF THEIR INSURANCE PAYMENTS when a claim arises,
Buffett is not a Capitalist and he doesn’t care that obongo is a marxist destroyer of wealth, he kind of Digs it,
He is one of those useful idiots, similar to the corporatists in Nazi Germany, who were All Connected with the politicians, had been oiling the wheels of government with their lobbyists(bribes) in order to get the government contracts and lucrative boondoggles
using their connections to put their Competitors out of Business instead of a better product for a better price
because they have the politicians ‘ear’, so Buffett will tell ANY falsehood necessary to maintain his protected status, what he thinks is protected anyway
Protection money, photo ops, endorsements, Buffett and GE(Imelt) and others are BUYING their corporate profits while the rest of us starve
it’s like dealing with gangsters, greedy gangsters, you think you can keep making just enough to pay that it will be okay until One Day you realize that they want EVERYTHING
for all his billions,
Buffett just isn’t that smart,
Won’t make a sliver of difference. This is not about raising any discernable revenue, this is about upping Obama’s re-election odds — millionaires and billionaires are always ten steps ahead of the tax man…politicians promising to go after the wealthy on behalf of the little guy is an old worn out con job.
When states implement this ‘go after the wealthy in the name of fairness’ crap –think California, New York, Maryland…the wealthy move out. They vote with their feet and financial planners.
This “jobs” bill is a complete farce. It won’t be passed, the tax hikes won’t be passed, Nobody knows that better than Obama who has little else to run on besides:
“Congress is protecting millionaires.”
“Congress wont let us repair and rebuild our schools and roads and inner cities”
“The GOP makes tax breaks for the rich, their top priority —Obama priority of providing for children and the poor is kicked to the curb.”
“Tea Party barbarians dash noble Obama dreams”
So we’re going to let the insane ramblings of an 88 yo man dictate national economic policy?
Yeah, that’s a sound financial plan.
I don’t remember electing Warren Buffett to anything, do you?
“So we’re going to let the insane ramblings of an 88 yo man dictate national economic policy?”
———-
Buffet is an 80 year old man who may owe as much as $1 billion in back taxes.
He doesn’t mind a hike in the tax rate because he doesn’t intend to pay it anyway.
.
the people really getting killed in this economy are small businessmen.
there is no tax relief for them.
i know, i’m one of them.
Why is it so many rich assholes want the system changed, AFTER, they’ve amassed their nestegg?
At the same time, none of them have confidence in allowing our beauroRATS, to handle their tidy sums.
Fuck Buffet, Gates, and the rest of their liberal asses.
I bet he meant the all you can eat Buffets…. It’s what the Wookie eats from daily off the taxpayer’s backs….
I bet he thinks with what they use to have to pay for the Wookie to eat, and this was a GREAT plan….
We would be better off if the dick head went after all those high ranking Democrat supporters and campaign donors, plus his administration to pay all their back taxes, we would be flush with cash… But NOOOOOOOOOOOOOO. That’s not the Marxist way.
I hope the wookie eats him in his sleep.
Higher taxes more regulations more red tape under the demacRATS
Does any one remember this was part of Clinton’s platform in ’92? “The Millionaire Man Tax.” It was sold as only “millionaires” would be taxed. What we got instead in his very first year from him and his Democrat congress was the biggest ACROSS THE BOARD tax increase in history. Clinton then pulled his, ‘ah shucks what are ya gonna do’ horseshit…and then, what did he do? He signed it. According to the 2008 IRS report the most wealth exists in the range of about $50K-$1.5M of taxable income. It is like one big, fat, F U middle finger just sitting there taunting the tax & spending assholes on both sides of the isle.
@Rufus: “I don’t remember electing Warren Buffett to anything, do you?”
I don’t remember electing his wife either, but there you go. I see a lot of people now days forgetting that is why no one liked Hillary back in the day because she was always sticking her nose where is didn’t belong – like in her push for the individual mandate and socialized medicine – in their rush to now thinking she’d have some how been a better president than the lama. Most of our ME problems are occurring because of her and Bubba’s and their socialist/commie ilk, such as Samantha Power, et al. She is nothing more or less than Obama in a colored pant suit.
Buffett knows that the taxes proposed are taxes on income and not wealth. He earns little, $100K, as CEO of Berkshire Hathaway. Not much income tax there because it is not over the $200,000 threshold that was at one time $250,000 for individuals.
Buffett needs to put-up or shut-up. He may be one of Obama’s boot-lickers, but he is a capitalist first and foremost. He will do what is right, legal or questionable, for himself.
Write the check to the IRS, Warren… that would be a good start to enhance your show of concern, then just stay the hell out of MY finances.
This whole thing stinks no matter how they turn/spin it.
How about we have the 50% of people who pay no income tax pay some tax.
We can dub it ‘The Skin In The Game Rule’.
No one seems to pick up on that pesky little fact that Buffet’s 15% tax is CAPITAL GAINS TAX, not Income Tax. He compares his lesser percentage of tax burden to his fricking secretary’s tax. She is paying Income Tax. His 15% tax is from Capital Gains from stock sales.
Typical Left-tard way to spin out an explanation.
A direct assault on small business and struggling middle class citizens with a job. Scumbag holier than thou liars such as Buffett will always find a loophole and snicker at those who pick up their tab.
I made mine, now all you bastards better be ready for the waves of penalties and taxes coming your way, suckas.