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Obama says US can’t afford tax cuts for richest
By The Associated Press
This article was published April 14, 2012 at 9:49 a.m.
PHOTO BY CAROLYN KASTER / AP
In this Feb. 15, 2010, file photo President Barack Obama congratulates Warren Buffett after presenting him with a 2010 Presidential Medal of Freedom in an East Room ceremony at the White House in Washington. In his weekly radio and internet address Saturday April 14, 2012, Obama urged Americans to ask their member of Congress to support the "Buffett Rule," named after the billionaire investor who says he pays a lower tax rate than his secretary. Obama says the nation can't afford to keep giving tax cuts to the wealthiest, "who don't need them and didn't even ask for them."
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WASHINGTON — President Barack Obama says the nation can’t afford to keep giving tax cuts to the wealthiest, “who don’t need them and didn’t even ask for them.”
Obama is using his weekly radio and Internet address to urge Americans to ask their member of Congress to support the “Buffett Rule,” which is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.
The plan would require that people earning at least $1 million annually, whether in salary or from investments, pay at least 30 percent of their incomes in taxes.
The Senate is expected to consider the proposal on Monday.
In the Republican address, Rep. Fred Upton of Michigan says the administration’s policies are making gasoline prices worse. He says energy legislation pushed by the House is being blocked by Senate Democrats.
Comments on: Obama says US can’t afford tax cuts for richest
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LevyRat says... April 14, 2012 at 2:41 p.m.
I don't see Mr. Buffett or the President paying their "fair share". Both are liberal liars who talk about taxing everyone but themselves. Millionaire Obama only paid 20% on $800,000 income. Buffett paid even less. STAND UP AND PAY UP OR SHUT UP YOU LIARS.
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DontDrinkDatKoolAid says... April 14, 2012 at 2:46 p.m.
Looks to be a bad idea. More of a gimmick. Why not a flat tax. No tax breaks, no B.S., no problems. This would include every body.
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NoUserName says... April 14, 2012 at 2:56 p.m.
What CAN the US afford these days?
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DontDrinkDatKoolAid says... April 14, 2012 at 3:08 p.m.
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
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Reason says... April 14, 2012 at 4:34 p.m.
Faux News gives you wingers a line and you run with it.
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Republicans don't believe the oil companies are making enough profits at the pumps but do you see them paying the oil companies more? You would think that they would send in that money or shut up with their lies.
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And yes, Obama has proposed the Buffet Rule.
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DontDrinkDatKoolAid says... April 14, 2012 at 4:48 p.m.
And we all have a vested interest in this Country, no matter ones pay scale. All should pony up and pay in.
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Reason says... April 14, 2012 at 5:35 p.m.
T4: Aren't your SS and VA exempt from income taxes?
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DontDrinkDatKoolAid says... April 14, 2012 at 7:51 p.m.
I'm not drawing SS.
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All earned income should be taxed. V.A. benefits are part of a contract (long term) with the government. However, there is a means test that has to be conducted each year, and there are eight levels of disabilities.
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Note I said, "pay scale" as in income earned under employment. However unemployment benefits are taxable on Federal tax forms, you would know that if you paid taxes, or do you?.
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I do pay taxes on my retirement stipend.
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Reason says... April 15, 2012 at midnight
I draw a retirement and it is fully taxable, except for the portion that I paid into my retirement that I had already paid taxes on. At a much higher rate than Obama or Romney. Why would I know about unemployment taxation, since I have never drawn unemployment?
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One of these days, you might figure out that investors do not invest due to taxes. They invest when they know the consumers have money to spend.
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aimee says... April 15, 2012 at 12:27 a.m.
ToG:
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You Republicans just love to spew half-truths... The $48,000 would be money for the girls college fund...and it IS tax free for EVERYONE..!!!! It's called a 529 Plan...!!!
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businessmanagementdaily. com/30237/section-529-plans-for-education-only
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AND it is EVEN available in ARKANSAS..!!!!
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marketwatch. com/story/arkansas-529-college-savings-plans-lead-way-in-program-innovation-2012-03-29
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Now where is your PHONEY outrage at the president's commendable action - saving for his daughters' college education..????
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aimee says... April 15, 2012 at 12:31 a.m.
LevyRat:
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Our country cannot rely on "donations"...!!! Taxes need to be legally binding so that projections can be made about revenue...
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RonalFos says... April 15, 2012 at 9:39 a.m.
A flat tax will never be a go in this country. To set a level high enough to fund the government at any acceptable level would destroy the poor and lower middle class. You would have the jails filled with people who choice would be to feed their kids or pay their taxes. This country fared best when the wealthy were taxed at much higher levels then they are today.
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DontDrinkDatKoolAid says... April 15, 2012 at 2:10 p.m.
Aimee, do you not see that Obama is a hypocrite.
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RonalFos
Government would have to become smaller.
Our jail are already full here in Arkansas from real criminals.
"This country fared best when the wealthy were taxed at much higher levels then they are today." That is really stupid. From 1945 to the mid 1970's or so, the United States was an industrial might. But in that same time frame the countries that were involved in WWII had rebuilt their industrial infrastructure giving the United States a more complex competition in the world market. Just remember their wealth is not your money.
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RonalFos says... April 15, 2012 at 3:15 p.m.
It really doesn't matter what the economy was based on between 1945 and 1970's. What counts is taxes on the wealthy didn't hurt the economy. Everyone, including the wealthy did very well. Sorry, it is my money! Who do you think they are stealing from to get rich? You, me and every other American!
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Reason says... April 15, 2012 at 3:26 p.m.
Their money used to me "our money". If it were not for consumers and government "they" would not have the money. The GOP would like for everybody to believe that the seniors, the poor and working people do not pay any taxes but that simply is NOT true. Corporations and business attach their taxes onto their products and it is the consumer who is the paying their taxes. The consumer also pays payroll taxes, income taxes, property taxes, state taxes, excise taxes, fees... And the GOP would also have you believe that if we use our tax dollars to subsidize these businesses and corporations in the form of tax credits, tax deductions, grants, loans, and their employee wages that they will pass that savings along to the consumer. Heck, there is NO POSSIBLE WAY that any business man would stick the money in his own pocket or pass those savings on to stockholders nor even think about giving it to a CEO.
The republicans proposed a flat tax in HR 25 that calls for 23% sales tax. Apply the math to it and it is really a 30-34% tax that falls on people earning between $15,000 and $200,000 per year. Oh, yes, and you still must pay state and local taxes but it would be a tax break for the most wealthy. The average American must spend basically their entire earnings, just to pay for basic necessities which makes their earnings a 100% taxable at a much higher rate.
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The monopolized corrupt markets are price gouging and squeezing the life out of the average American. Corporations like this do not earn it, they steal it. Legalized by congress.
The US tax code needs an overhaul but stay away from republicans!
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Packman says... April 15, 2012 at 4:44 p.m.
The Buffet Rule exemplifies classic libealism at its worst - symbolism over substance. The Buffet Rule will do nothing to shrink the federal deficit, even by its projected .002% impact over 10 years, without spending restraint. It will, however, make useful idiots feel good about themselves for mandating their idea of "fairness". The fact that the Buffet Rule is irrelevent in dealing with the federal deficit is lost only on the useful idiots of the world.
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T6 says... April 15, 2012 at 5:36 p.m.
The Buffett Rule of taxing millionaires and billionaires will only bring in at best between 3 to 5 Billion a year....The revenue from the Buffett Rule in the best case scenario will cover two whole days of deficits in Obama’s proposed FY2013 budget, $5 billion against a $900 billion deficit. The Democrats KNOW that the Buffett Rule WILL NOT lower the deficit. IT"S a gimmick. Just like ALL of Obama's other smoke and mirror gimmicks. This gimmick is aimed at rich people who make most of their money from capital gains, which are taxed at a lower rate than ordinary income in order to encourage investment.
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Reason says... April 15, 2012 at 8:33 p.m.
No proof that lower taxes encourages investments. They will invest when consumers have money in their pockets to spend. The revenue generated would be $20 billion which is 3% of a $609 billion budget deficit. Plus it levels the playing field for fairness.
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Most Americans know it is just wrong to be paying a higher percentage of taxes than millionaires.
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aimee says... April 16, 2012 at 10:16 a.m.
ToG:
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Mitt Romney is the hypocrite, or rather, the FLIP FLOP Grand Champion of the World..!!!
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Packman:
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Every little bit counts when you are trying to shrink the deficit... We need revenues not JUST spending cuts..!!!
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T6:
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You talk of gimmicks... Like Romney getting all irate about the comment that his wife "has not worked a day in her life" and he HIMSELF insisted that stay at home moms (who rely on welfare SO they can make that CHOICE) go out a FIND A JOB to continue their benefits... What kind of gimmick was that...??? Oh, no, wait..!!! That was NOT a gimmick...!!! It was just another one of Romney's many FLIP FLOPS..!!!
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