The President's Buffett Rule will not yield significant revenue for the federal government, but he's going to push class warfare anyway. Even under his rule, Mitt Romney, for instance, would not pay a higher marginal rate than Buffet's secretary because Romney gives huge amounts to charity. These donations, while laudable, will also become more valuable under Obama's proposal because while he insists on raising rates, he does nothing to close loopholes. In fact, the President has done nothing to reform our execrable tax code, just one more reason he doesn't deserve re-election.
So here is a Buffett rule that would help everyone. Tax all sources of income, including corporate profits at some number around 18%. Allow a standard deduction and no other deductions and voila, Buffett is paying more than his secretary. Real tax reform would broaden the base of taxpayers, and result in a more efficient system. Under my proposal, the federal government would see rising revenue as tax avoidance strategies are nullified and as the benefits of a simple tax code with low rates translates into real economic growth; as opposed as to what we have seen under Obama.
The fact that taxing investments at a higher rate would harm the economy means little to the President. The fact that the tax will do little for closing the deficit means little to the President. The fact that this proposal is pure politics that does nothing to fix the long standing problem of a too complex tax code is more evidence that the President is not fit to be re-elected.
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Baracka is starting to get downright scary. We have 10% or more of real umemployment, gas prices so high that those of us who have jobs might not be able to afford to get to work, and this man is spending all his time on something that will do little to reduce the deficit, or create jobs, or do anything to alleviate the cost of fuel and food.
ReplyDeleteBy the way after his little speech today about the Buffet rule he flew off on our dime to two fund raisers.
We need a leader to help us through these most troubling of times, instead I sometimes get the feeling that this guy is stoned or mentally ill or both,
he's in over his head. he has so many problems and can't focus on one, let alone actually solve any.
ReplyDeleteand when one is flustered, one goes to their comfort zone. obama's is cheap, divisive politics.
people need to wake up.
Though I would argue that not supporting a flat tax is an automatic disqualifier, I would suggest that to create a tax that only has 1 purpose..to punish one group of American's solely because they've earned more..is. There is not even an attempt by Obama, his minions or the media to claim this is really anything but just that...a fine for having excess excess.
ReplyDeleteThis isn't about taxes. Obama has now formed a pattern. When he makes a mistake on some really serious issue, he brings up the Buffett rule, or something else of minor import. Stirs things up,gets everyone's mind off his incompetence. Presidential sleight of hand. Bush did it,too,but he preferred to bring up abortion. We need to stop playing his game. Stay focused on the big issues.
ReplyDeleteThe most unserious President of my lifetime.
ReplyDeleteAfter admitting the Buffet Rule wasn't about reducing the deficit, he claimed it was about "fairness" and "shared sacrifice". What is it about our current tax code that is fair and is about shared sacrifice?
Dean
So Obama is incompetent, we all agree, but he is a clever politician. I think he is beatable if Romney goes after his obvious flaws. Unseriousness on tax policy is certainly one such area.
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