The "Buffett Rule"
So it looks like Obama is going to create a new tax bracket for people earning over a million dollars. Calling it the "Buffett Rule". If he were to jack up the rates on millionaires it would probably be pretty tough for the Republicans to oppose it politically. Any thoughts?
I generally oppose any tax hikes, but this one makes more sense than $250k.
Here is his new tax increase plan:
http://hosted.ap.org/dynamic/stories/U/US_OBAMA_DEFICITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-18-23-33-29
Supposed to be making a speech today I think
Mankiw's take:
"You can read about it here. http://www.ndtv.com/article/world/new-obama-plan-to-tax-the-rich-134485
Disappointing, in my humble opinion, for reasons I discussed in this Times (http://www.nytimes.com/2007/07/15/business/yourmoney/15view.html) column. But not to worry: There is no chance it will become law in this congress. The proposal is about politics, not policy.
If the president were serious about tax reform, he would give his full-throated endorsement to the kind of tax reform ideas advanced by the Bowles-Simpson commission that he appointed, as I discussed in this column. http://www.nytimes.com/2010/11/21/business/economy/21view.html
'
If Obama really understood Keynesian economic theory he would have argued for lower taxes the last two years and with current economic indicators looking weaker by the week likely another lowering of taxes now. Now, the RIO (retard in office) continues to attempt and create a bigger pool of money for the govt to spend by burdening the rich with his pipe dream job creation plans that works to villanize anyone who opposes it.
Like the last couple years, we get a butchered version of Keynesian theory some have called Obamanomics, which clearly doesnt work and will not work. That is, of course, assuming your definition of work is something like ~ = creating sustainable jobs that Americans can compete at, lowering unemployment in the LR, increasing real GDP in the LR, or the lowering the debt burden that is being passed down to the next generation.
At least this time he is properly defining "millionaire" as someone who is making a million dollars a year. Previously, he would say, "Millionaires and billionaires aren't paying their fare share" and then implemented tax hikes on the "millionaires" and "billionaires" who make $200k/year. WTF?
This guy is a complete ass. I don't have much hatred for most other people. If Air Force One crashed the market would rally 5,000 points.
Yeah it seems like a bunch of bullshit class warfare. He needs something to try to save his sinking presidency. He's managed to alienate himself from just about everyone. Jon Stewart had a good quote in his rolling stone interview. "It seems like there are the Democrats, the Republicans, and then Obama and a couple of his friends." The guy commissions Simpson - Bowles which actually comes up with a halfway decent plan, and then he immediately reverts to tearing apart the "rich". At least now someone has explained to him that a "millionaire" generally earns at least a million dollars a year....
+1000
You know its bad when the Chicago Tribune calls for you to step down and the CBC lets you know that they wold be marching on the streets right now, if you weren't black.
It's really time to reform that piece of shit we lovingly know as the tax code.
I completely agree with Mankiw with broadening the tax base all the while lowering taxes.
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