Regarding President Obama's oft repeated statement that he was pushing the "Buffet Tax" in order to "stabilize our debt and deficits over the next decade." That is clearly not the case as the tax is estimated at the best case to raise on average $4.7 Billion per year for the next ten years or one tenth of one percent of the deficit financing. As the article below makes clear - the tax will in fact reduce government revenues because the Alternative Minimum Tax is also being adjusted. The Joint Tax Committee estimates that the change will result in $793 billion more to the overall debt load.
The point continues to be that this is about trying to win votes from an ill-informed public and nothing to do with "stabilizing the debt".
What will they do with $4.7 billon per year? That is akin to saying - you were going to borrow $13,000 - but you got $47 in extra income - so now you only have to borrow $12,953 - or basically the question is what are they going to do with the $47 difference.
They don't have the money to begin with - it is borrowed. To argue that governments should simply spend as much as they can borrow completely ignores the financial consequences of that approach that are on display in southern europe right now. It is also ignoring the financial reality that is gripping Illinois, California, Stockton, CA, Detriot and so many other jurisdictions including Ontario.
This financial reality is a very difficult point to get for people who think politics first. But no worry, as we get into 2015 to 2017 period - the consequence of excess debts and deficits in the US will be front and centre. And give many the chance to learn lessons that have been repeated throughout history.
The Buffett Tax Loss - Wall Street Journal - April 13, 2012
Economist's Across the Political Spectrum Reject Buffet Tax
When one looks at the numbers , Buffet and all the other Millionaires and Billionaires combined would make no difference to the overall debt even if they sent all their assets to the government.
http://www.usdebtclock.org/index.html
Buffet is as phony as they come. Most of his income comes from dividends which are taxed at a far lower rate than wages.
"Buffet is as phony as they come. Most of his income comes from dividends which are taxed at a far lower rate than wages"
Exactly. Capital gains are taxed at 15% in the US, whereas the highest income tax rate is 35%. That's why the ultra hypocrite buffet paid 15% and his secretary (earning well over $100K) paid 35%. This is the tax non-issue croaked about, and added to the unending packet of lies by jugears and the rest of the DNC swill.
mhb23re
Funny no one ever seems to ask which rat hole all these trillions supposedly went down.
What did they buy besides wages for public sector workers, teachers, and others who
should have been laid off to cut expenses.
.
Sgt Lejaune,
Votes .
This is what his policies are doing. Its so sad its beyond depressing. At one time being an American citizen was a privilege. Now its becoming a liability God help America from fools like Obama. For the Love of socialism he makes a desolation for its people.
U. S: Tax rules push some Americans to take a hike
Hundreds of dual citizens opt to give up on American citizenship
The United States is one of the only countries to tax its citizens on income earned while they’re living abroad. And just as Americans stateside must file tax returns each April, an estimated 6.3 million U.S. citizens living abroad brace for what they describe as an even tougher process of reporting their income and foreign accounts to the IRS. For them, the deadline is June.
http://www.vancouversun.com/business/rules+push+some+Americans+take+hike/6500529/story.html
"Funny no one ever seems to ask which rat hole all these trillions supposedly went down.
What did they buy besides wages for public sector workers, teachers, and others who
should have been laid off to cut expenses.
.
Posted by: Sgt Lejaune at April 22, 2012 8:11 PM "
Let's not forget bankrupt greenie companies,and oh yeah.It cost BIG bucks to have the EPA etc. checking all those regs/red tape to make sure that your gubermint keeps sending your economic infrastructure overseas(both seas).
American citizens abroad are being put through the ringer despite that fact that few of them would ever owe any tax. By treaty they get to deduct foreign tax paid from their US taxes and most other countries have higher taxes. They never used to worry about it because there is minimal tax collected. Canada taxes its residents not its citizens. I had an American cousin who took out Canadian citizenship because they were making a mega hundred thousand dollar profit on the sale of a house not taxed in Canada.
Or in other words the yearly revenue received from the Buffet tax is about 4 days worth of interest on the existing debt.
A twenty sez Buffet pays less in tax this year than last - any takers?
Buffett has already lost credibility with his ill-fated love affair with Fannie Mae and Freddie Mac. Perhaps these neo-nouveau rich like him and Soros can explain why their ill-gotten economic profits shouldn't be confiscated, since a "fair" tax is now required? More taxation simply means more government interdiction in economic prosperity, and for that reason alone must be avoided.
Governments already collect ridiculous amounts of taxation worldwide, let them make due on that, or even better, cut them off further.