WASHINGTON — 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.
As we all know, according to Obama’s math, this is anyone who makes $200K a year.
With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.
Nice attempt by the NYTimes to pin the cuts on Republicans. Do they remember that Obama and the Democrats stole $500 billion from Medicare to pay for ObamaCare. The double-counting scheme that HHS Secretary admitted to during Congressional hearings. It is also interesting that the NYTimes didn’t report about the Democrats being angry with Obama, who wants to cut even more from Medicare and Medicaid.
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.
Yes, these idiots are comparing capital gains tax to income tax. Nobody is stopping these spread the wealth leftist from spreading their own wealth.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.
Typical Obama. He never supplies relative information that tells taxpayers what his plans are and he never provides a plan to cut back on his record spending. Typical tax and spend liberal.
Mr. Obama’s proposal is certain to draw opposition from Republicans, who have staunchly opposed raising taxes on the affluent because, they say, it would discourage investment. It could also invite scrutiny from some economists who have disputed Mr. Buffett’s assertion that the megarich pay a lower tax rate over all. Mr. Buffett’s critics say many of the rich actually make more from wages than from investments.
Republicans believe no taxes should be raised on anyone. It is the left who tries to use class warfare with their claims that the rich don’t pay their ‘fair share.’ Often they forget that 47% of Americans pay no federal income taxes at all and still receive a tax rebate.