Sunday, September 18, 2011

'Class Warfare May Make for Really Good Politics But It Makes for Rotten Economics'

When I first saw Obama planned to institute a "Buffett Tax" I mistakenly thought he'd be levying taxes against his wife every time she bellied up to the all-you-can-eat buffet line. Instead, it's just more cheap class warfare. When in doubt, try to soak to so-called "rich" some more.
The White House signaled its approach Saturday by highlighting a proposal in the president's plan that would set a minimum tax rate for taxpayers earning more than $1 million.

The measure — Obama is going to call it the "Buffett Rule" for billionaire investor Warren Buffett — is designed to prevent millionaires from using tax-avoidance schemes to pay lower rates than middle-income taxpayers. Buffett has complained that he and other wealthy people have been "coddled long enough" and shouldn't be paying a smaller share of their income in federal taxes than middle-class taxpayers.

However, the proposal is certain to be rejected by Republicans, who have pledged to oppose any increase in taxes.

"It adds further instability to our system, more uncertainty and it punishes job creation and those people who create jobs," said Republican Rep. Paul Ryan of Wisconsin, the House Budget Committee chairman.

"Class warfare may make for really good politics but it makes for rotten economics," he told "Fox News Sunday."

Senate Republican leader Mitch McConnell, noting that a similar effort to raise taxes on the wealthy failed a few years ago, continued to push for revising the tax code and looking to increasing revenue through economic activity rather than taxes. He was dismissive of Obama's so-called Buffett Rule.

"With regard to his tax rate, if he's feeling guilty about it, I think he should send in a check," McConnell said of Buffett while appearing on "Meet the Press" on NBC TV. "But we don't want to stagnate this economy by raising taxes."
Indeed, any new revenue raising scheme by Obama should begin with his own donors. Instead of writing checks to this failed president, how about they just send the money to the Treasury Department?

Just wondering: Will anyone in the media bother to point out the "rich" are already paying more than their fair share?


FrankG said...

perhaps if Warren's fund just paid the $1Billion in taxes they owe?

fiatlux said...

Am I crazy?
When I file my incomprehensible tax retur, there are now about 20 pages of forms and arcane caluculations for something called the AMT.

I thought that was to make sure "millionaires" pay up. I guess millionaire is now defined as someone making $1m in any one decade.

So, his big plan is going to be to amend the AMT - the AMT seems to be the one thing evryone agrees is a total mess and has to go as par of any tax overhaul.

MOTUS said...

First of all, that's just mean. :'(

Second, a tax on the all-you-can-eat buffet, would just increase the deficit, because Lady M's dining expenses (including taxes) are rolled into her White House kitchen and organic garden of good & evil budget. :-D

Richard Butler said...

This could be Omama's hole card. By pitting the haves against the have-nots he is hoping to salvage his re-election. Either that or perhaps getting us involved in another hot war somewhere else. He's sure as hell not gonna run on his economic acomplishments. This may be all he has left and the dems are DESPERATE. Omama is NOT going to go quietly. Bet on it.