Senate dems introduce the Buffet bill

[cutthemdown]

They want to lock in anyone over 1 million a yr in income at 30%. It's a 50 billion dollar tax raise by most accounts. Wow the dems really are starting a class war.

[Rigs11]

As obama said its common sense. Most americans will support this as well.

[bowtown]

Good.

[Smiling Assassin27]

I agree, this is good. Not because it's a good idea or good bill--it's not. But it more clearly defines the Democrat way for America to see with actions rather than words. Dead on arrival when it hits the House, if it somehow gets passed in the Senate.

[Rohirrim]

They want to lock in anyone over 1 million a yr in income at 30%. It's a 50 billion dollar tax raise by most accounts. Wow the dems really are starting a class war.

Please. Enough with the hysterics. It should be raised to, at minimum, 50%. Reagan knocked it in half from 71% and they've been raking in this country's wealth like rabid dogs every since.

First, that a system that works well for the very richest has delivered returns on labour that are disappointing for everyone else. Second, that the people at the top have made out like bandits over the past few decades, and that now everyone else must pick up the bill.
http://www.economist.com/blogs/dailychart/2011/10/income-inequality-america

http://media.economist.com/sites/default/files/imagecache/original-size/20111029_WOC689.gif

The supply sider argument has also been proved false.
http://www.huppi.com/kangaroo/L-taxcollections.htm

Here's the historical point to keep in mind: Societies do not hold together once this kind of wealth disparity is in place. They come unraveled.

[cutthemdown]

Be interesting to see what dems are scared to death of targeting the million dollar earners. Obama has decided to go total class warfare, very dangerous because if he wins he could be left with such a damaged and fractured Congress he spend his whole 2nd term mending fences.

He blames Congress, he blames rich people, he thinks hes the black robyn hood of the hood but you can't save the poor by destroying the capital gains tax loophole like this.

This is just going to make the banks lose even more money, and get even tighter with loans to the middle class. The poor? this will destroy them because you can forget about rich people giving to charity any longer.

[pricejj]

Hilarious!

$50 billion?

Where is the other $1.05 TRILLION in deficit spending going to come from? You guessed it...the middle class.


Happy now Democrats? Your grand class warfare plan may lead to $50 billion in additional revenues. Congratulations.

[bowtown]

Hilarious!

$50 billion?

Where is the other $1.05 TRILLION in deficit spending going to come from? You guessed it...the middle class.


Happy now Democrats? Your grand class warfare plan may lead to $50 billion in additional revenues. Congratulations.

Maybe we can gut NPR, PBS and the national endowment for the arts. That should get us there, right?

[Requiem]

Maybe we can gut NPR, PBS and the national endowment for the arts. That should get us there, right?

Add Planned Parenthood and AFLAC to that list and you got yourself a daggone deal!

[Garcia Bronco]

So this legislation will say the their income tax is locked at 30 percent with no deductions?

[cutthemdown]

So this legislation will say the their income tax is locked at 30 percent with no deductions?

If the deductions got you under 1 million in reported income you probably don't fall into this category.

[Rigs11]

Hilarious!

$50 billion?

Where is the other $1.05 TRILLION in deficit spending going to come from? You guessed it...the middle class.


Happy now Democrats? Your grand class warfare plan may lead to $50 billion in additional revenues. Congratulations.

yeah and yet you righties keep crying about the 500 million spent on solyandra.so 50 billion in revenue is not worth it, but crying about 500 million spent is?

[cutthemdown]

yeah and yet you righties keep crying about the 500 million spent on solyandra.so 50 billion in revenue is not worth it, but crying about 500 million spent is?

It wasn't that the money lost was such a killer to the big picture. It was the leadup, how even though people were saying watch out this company not going to make money, Biden, Obama, his Admin still pushed it like crazy to get a photo op, to tout it, to say look at how smart we are.

It just shows his lack of leadership when it comes to the economy. It's never one big decision, its all the decision he makes that add up to crap. The stimulus wasn't spent on infrastructure, like only 10% was, that is why it didn't help.

The push to say no to oil pipelines in favor of giving money to crappy solar companies is also suspect. As is his willingness to negotiate with the Taliban when he said his surge would beat them back. Remember that?

He killed bin laden, thats about it. Good job there though I love that, but its not enough.

[Rigs11]

It wasn't that the money lost was such a killer to the big picture. It was the leadup, how even though people were saying watch out this company not going to make money, Biden, Obama, his Admin still pushed it like crazy to get a photo op, to tout it, to say look at how smart we are.

It just shows his lack of leadership when it comes to the economy. It's never one big decision, its all the decision he makes that add up to crap. The stimulus wasn't spent on infrastructure, like only 10% was, that is why it didn't help.

The push to say no to oil pipelines in favor of giving money to crappy solar companies is also suspect. As is his willingness to negotiate with the Taliban when he said his surge would beat them back. Remember that?

He killed bin laden, thats about it. Good job there though I love that, but its not enough.

Thats BS and you know it. the righties keep screaming about the money.How many other companies aside from solyndara that have been funded have succeeded? You guys don't like to talk about that.economists say that the stimulus did help and should have been bigger. the iraqis were given money as well to quell the violence while dubya was in power.and they also got health insurance.

[pricejj]

Maybe we can gut NPR, PBS and the national endowment for the arts. That should get us there, right?

I could care less about your Democrat talking points. All I want is to balance the budget with a limited federal government. I have been calling for the exact kind of defense spending cuts that Obama is FINALLY implementing.

I thought you guys kept saying "tax the rich", then we would be okay? A measley $50B dollars? This is a joke right?

How the heck are going to balance the budget now?

Where is the additional $1.05T going to come from?

[peacepipe]

Be interesting to see what dems are scared to death of targeting the million dollar earners. Obama has decided to go total class warfare, very dangerous because if he wins he could be left with such a damaged and fractured Congress he spend his whole 2nd term mending fences.

He blames Congress, he blames rich people, he thinks hes the black robyn hood of the hood but you can't save the poor by destroying the capital gains tax loophole like this.

This is just going to make the banks lose even more money, and get even tighter with loans to the middle class. The poor? this will destroy them because you can forget about rich people giving to charity any longer.

where have you been? the last 30 yrs there has been class warfare against the middle class.

[cutthemdown]

Thats BS and you know it. the righties keep screaming about the money.How many other companies aside from solyndara that have been funded have succeeded? You guys don't like to talk about that.economists say that the stimulus did help and should have been bigger. the iraqis were given money as well to quell the violence while dubya was in power.and they also got health insurance.

You look at the way Obama makes decisions and you see a risk taker, that takes risks only to benefit himself politically at the moment. Everything with him is a campaign. Solyndra just one example of many. I can cite economists that say the stimulus may have actually hindered growth. But of course it did some good in some areas it was almost 1 trillion dollars. The point is for the buck, it lacked the bang Obama said it would. It was a bad deal.

Wars are a totally different subject. We can't just let Obama spend like crazy, tax like crazy, because Bush gave money away to keep terrorists from blowing up our troops and each other.

Obamas healthcare a nightmare. The fact he now says when he was a senator he didn't take the nations big picture into consideration just shows what a turd he is.

[cutthemdown]

where have you been? the last 30 yrs there has been class warfare against the middle class.

Obama has decided to try and say it's all Congress at fault, the rich people, before that it was Bush. Notice how he never takes any fault for anything? He's elitist. Romney can beat him and you are worried. What you wanted was for Gingrich or Perry to win, someone really right wing. Face it Romney enough of a flip flopper to make even some liberals like him. They are progressive right, they love change. How can you change if you won't flip flop?

Romney winning is better for the repubs then you liberals want to admit.

[peacepipe]

Obama has decided to try and say it's all Congress at fault, the rich people, before that it was Bush. Notice how he never takes any fault for anything? He's elitist. Romney can beat him and you are worried. What you wanted was for Gingrich or Perry to win, someone really right wing. Face it Romney enough of a flip flopper to make even some liberals like him. They are progressive right, they love change. How can you change if you won't flip flop?

Romney winning is better for the repubs then you liberals want to admit.

Hilarious! romney is a joke.

[Blart]

Guess who said this,

"A 90% tax rate on the wealthy is fair for America."

A libruhl? A soshalist?!

Nope, your grandpa.





http://upload.wikimedia.org/wikipedia/commons/e/e5/MarginalIncomeTax.svg
Top marginal tax rates in the USA from 1913 to 2011.

Call me crazy, but I seem to recall stories of America being prosperous. One income supporting an entire family and other such nonsense. How could that happen when we had class warfare and soshalism?!

[Rohirrim]

Be interesting to see what dems are scared to death of targeting the million dollar earners. Obama has decided to go total class warfare, very dangerous because if he wins he could be left with such a damaged and fractured Congress he spend his whole 2nd term mending fences.

He blames Congress, he blames rich people, he thinks hes the black robyn hood of the hood but you can't save the poor by destroying the capital gains tax loophole like this.

This is just going to make the banks lose even more money, and get even tighter with loans to the middle class. The poor? this will destroy them because you can forget about rich people giving to charity any longer.

Obama has decided to go total class warfare? The one percent declared class warfare in this country thirty years ago. Guess what? They won. Ha!

[Blart]

The one percent declared class warfare in this country thirty years ago. Guess what? They won. Ha!

Go 1%! :egbgb: They have won the class warfare superbowl for 30 years in a row.

http://www.awesomeyourlife.com/wp-content/uploads/2011/11/they-only-call-it-class-war-when-we-fight-back-occupy-wall-street-dirty-hippies.jpg

[Rohirrim]

Thats BS and you know it. the righties keep screaming about the money.How many other companies aside from solyndara that have been funded have succeeded? You guys don't like to talk about that.economists say that the stimulus did help and should have been bigger. the iraqis were given money as well to quell the violence while dubya was in power.and they also got health insurance.

Yeah. Let's talk about Solyndra:

Reporting from Washington — After the U.S.-led invasion of Iraq in March 2003, the George W. Bush administration flooded the conquered country with so much cash to pay for reconstruction and other projects in the first year that a new unit of measurement was born.

Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $2.4 billion in shrink-wrapped bricks of $100 bills. They sent an initial full planeload of cash, followed by 20 other flights to Iraq by May 2004 in a $12-billion haul that U.S. officials believe to be the biggest international cash airlift of all time.

This month, the Pentagon and the Iraqi government are finally closing the books on the program that handled all those Benjamins. But despite years of audits and investigations, U.S. Defense officials still cannot say what happened to $6.6 billion in cash — enough to run the Los Angeles Unified School District or the Chicago Public Schools for a year, among many other things. http://articles.latimes.com/2011/jun/13/world/la-fg-missing-billions-20110613

[cutthemdown]

Except that 6 billion was accounted for.

http://security.blogs.cnn.com/2011/10/26/once-thought-lost-and-now-found-6-billion/

[cutthemdown]

But of course reconstructing a whole country that is blown apart is a little different then just giving 500 million away at home to some campaign buddies.

[DenverBrit]

Except that 6 billion was accounted for.

http://security.blogs.cnn.com/2011/10/26/once-thought-lost-and-now-found-6-billion/

That's a relief. For a while, I thought it might be in the hands of some corrupt organization. Ha!

New evidence shows most of that money, $6.6 billion, did not go astray in that chaotic period, but ended up where it was supposed to be, under the control of the Iraqi government, according to a report from the office of the Special Inspector General for Iraq Reconstruction or SIGIR.

[Pony Boy]

Facebook to Create 1,000 Millionaires Overnight ............ That should make the "Obama Tax the Rich Nut-Huggers" happy.

It’s the “best investment ever!” It’s the biggest liquidity event ever! It’s about to unleash a new wealth wave in America! It’s a boon to wealth managers and Palo Alto realtors. It’s going to solve California’s budget problems, help fix our education system and feed the poor in Africa.

http://blogs.wsj.com/wealth/2012/02/01/will-facebook-really-create-1000-millionaires/

[Smiling Assassin27]

Facebook to Create 1,000 Millionaires Overnight ............ That should make the "Obama Tax the Rich Nut-Huggers" happy.

It’s the “best investment ever!” It’s the biggest liquidity event ever! It’s about to unleash a new wealth wave in America! It’s a boon to wealth managers and Palo Alto realtors. It’s going to solve California’s budget problems, help fix our education system and feed the poor in Africa.

http://blogs.wsj.com/wealth/2012/02/01/will-facebook-really-create-1000-millionaires/


Read up on what usually happens to lottery winners after they win and you'll see this will basically do nothing but postpone the inevitable for most of that 1000.

[That One Guy]

Find a way to prevent all those rich folk from shifting operations and companies elsewhere and I say you can take what you want from them.

Until you find a way to give the American economy a solid foundation, we have to find a way to prevent more businesses from going to China.

[Rigs11]

the rightards should get behind Romney. they value his views of screwing the poor.And they called obama an elitistHilarious!

[Fedaykin]

They want to lock in anyone over 1 million a yr in income at 30%. It's a 50 billion dollar tax raise by most accounts. Wow the dems really are starting a class war.

That's less total federal tax than I pay. Anyone who whines about this simply doesn't understand how taxes work.

[cutthemdown]

That's less total federal tax than I pay. Anyone who whines about this simply doesn't understand how taxes work.

Well basically the only real change is closing the capital gains loophole. Who knows maybe its a good idea but in reality its not that much money. You would think for all the whining about it that it would be more then 50 billion. Still I don't see how giving Obama more money to spend is supposed to make things get better economically. He already spent 1 trillion trying his stupid giveaways, they don't work.

Besides the rich people may just hold onto the stock until a new President lowers it back. Sometimes rich people can stick stock, investments away for a decade waiting. It might not raise as much as you think it will.

Best way to have high tax revenues, is having lots of people paying tax. You have to get the economy moving, and raising taxes doesn't often accomplish that.

[bowtown]

Well basically the only real change is closing the capital gains loophole. Who knows maybe its a good idea but in reality its not that much money. You would think for all the whining about it that it would be more then 50 billion. Still I don't see how giving Obama more money to spend is supposed to make things get better economically. He already spent 1 trillion trying his stupid giveaways, they don't work.

Besides the rich people may just hold onto the stock until a new President lowers it back. Sometimes rich people can stick stock, investments away for a decade waiting. It might not raise as much as you think it will.

Best way to have high tax revenues, is having lots of people paying tax. You have to get the economy moving, and raising taxes doesn't often accomplish that.

Hilarious!Hilarious!

Oh I see, rich people will just suddenly stop trying to make money because of a 30% tax rate. GENIUS! Too bad it's one of the stupidest things I've ever read and has absolutely nothing to back it up.

[cutthemdown]

Hilarious!Hilarious!

Oh I see, rich people will just suddenly stop trying to make money because of a 30% tax rate. GENIUS! Too bad it's one of the stupidest things I've ever read and has absolutely nothing to back it up.

No not at all. They will continue to make money and pay what tax they have to. I am only saying that on some big decisions. Like when to sell 2000 thousand shares of stock etc etc, could be put off until captial gains come back down, which they will. No way they stay at 30% for the million over crowd forever. Just won't happen. Hell I could even see a future dem president targeting that area for a tax decrease if Obama raises them. Good job not reading at all what I said.

My point was it won't raise as much over Obamas last 4 yrs as you think. Rich people like Romney can hold off selling certain assets. It's a valid point when discussing how much revenue this tax increase will achieve.

[Traveler]

Hilarious!

$50 billion?

Where is the other $1.05 TRILLION in deficit spending going to come from? You guessed it...the middle class.


Happy now Democrats? Your grand class warfare plan may lead to $50 billion in additional revenues. Congratulations.

Let the Bush tax cuts expire.

[cutthemdown]

That's a relief. For a while, I thought it might be in the hands of some corrupt organization. Ha!

Just wanted to update him that the money is not unaccounted for. Feel like people should have all the information out there. Would you prefer me just to let him go on thinking it was missing, or is it right to enlighten him?

[DenverBrit]

Just wanted to update him that the money is not unaccounted for. Feel like people should have all the information out there. Would you prefer me just to let him go on thinking it was missing, or is it right to enlighten him?

I could have sworn you once had a sense of humor.

This....Ha!.....means I found it funny.....not to mention ironic that it was first thought to be missing/stolen, but ended up in the hands if the Iraqi government.

[Fedaykin]

Well basically the only real change is closing the capital gains loophole. Who knows maybe its a good idea but in reality its not that much money. You would think for all the whining about it that it would be more then 50 billion. Still I don't see how giving Obama more money to spend is supposed to make things get better economically. He already spent 1 trillion trying his stupid giveaways, they don't work.

Besides the rich people may just hold onto the stock until a new President lowers it back. Sometimes rich people can stick stock, investments away for a decade waiting. It might not raise as much as you think it will.

Best way to have high tax revenues, is having lots of people paying tax. You have to get the economy moving, and raising taxes doesn't often accomplish that.

Once again you're just blowing smoke out your ass. The stimulus was only $500bn spread over three years, and Obama has lowered taxes by at least $750bn (see the data in this very thread) and renewed the Bush tax cuts which, as the CBO has said over and over again is the majority contributor to the current deficit.

And, he gets railed on for "spending" when the vast majority of the debt (around 3.5tn of the 4th) accrued under his watch has been due to loss in tax revenue, not spending.

How many times do we repeat an a failed action (lowering taxes for the rich) before you admit it doesn't work? We've been trying it for going on 15 years with nothing to show for it but a recession and a vast amount of debt.

Will you even have the honesty to acknowledge the numbers, run by the CBO, that show that the vast bulk of our debt is attributable to four things:

* Two Wars
* Doubling of defense spending IN ADDITION to the war spending
* Bush Tax Cuts
* Recession revenue losses

[pricejj]

Let the Bush tax cuts expire.

The tax rates that we have all been paying the last 12 years accurately reflect the economy we live in. Ridiculously high inflation over the last decade, wage stagnation, and high unemployment, have all contributed to less money in the pocket of the average American. Why on earth would we go back to the high tax rates of a booming economy?

The weak recovery would be fanned out, and GDP would go negative. The deficit would still be greater than $500B.

Cut federal spending, and balance the budget.

[Fedaykin]

The tax rates that we have all been paying the last 12 years accurately reflect the economy we live in. Ridiculously high inflation over the last decade, wage stagnation, and high unemployment, have all contributed to less money in the pocket of the average American. Why on earth would we go back to the high tax rates of a booming economy?

The weak recovery would be fanned out, and GDP would go negative. The deficit would still be greater than $500B.

Cut federal spending, and balance the budget.

An average of 2.5%/yr inflation rate over the last 12 years is insanely high? Even if you toss out 09 and 10, the worse of the recession years (in 09 there was actually deflation), the rate is still only 2.9%/yr between 2000 and 2011.

That's not insanely high, that's actually a lot lower than average of the 90s (3%/yr) or the 80s (5.5%/yr) or the 70s (7%/yr)

http://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx

Or some pretty graphs if you prefer:

https://www.google.com/search?q=u.s.+inflation+rate+history&hl=en&prmd=imvns&source=lnms&tbm=isch&ei=7JMrT67eAsbWiAL64PDFCg&sa=X&oi=mode_link&ct=mode&cd=2&ved=0CAwQ_AUoAQ&biw=879&bih=487


Now, I'd agree there's been wage stagnation, but that doesn't have **** to do with taxes, unless you want to argue that lowering taxes (the only thing that's happened to the tax rate in the last 12 years is it's gone down) causes wage stagnation.

Wage stagnation is about corporate greed. Execs have to find a way to fund their own massive wage increases after all.

[Rohirrim]

Once again you're just blowing smoke out your ass. The stimulus was only $500bn spread over three years, and Obama has lowered taxes by at least $750bn (see the data in this very thread) and renewed the Bush tax cuts which, as the CBO has said over and over again is the majority contributor to the current deficit.

And, he gets railed on for "spending" when the vast majority of the debt (around 3.5tn of the 4th) accrued under his watch has been due to loss in tax revenue, not spending.

How many times do we repeat an a failed action (lowering taxes for the rich) before you admit it doesn't work? We've been trying it for going on 15 years with nothing to show for it but a recession and a vast amount of debt.

Will you even have the honesty to acknowledge the numbers, run by the CBO, that show that the vast bulk of our debt is attributable to four things:

* Two Wars
* Doubling of defense spending IN ADDITION to the war spending
* Bush Tax Cuts
* Recession revenue losses

Add in the effects of this: http://www.huffingtonpost.com/dylan-ratigan/auction-2012-how-greedy-b_b_1250292.html

Which basically outlines how our national wealth is being sucked out and turned over to China.