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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.

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-cant-afford-to-keep-giving-tax-cuts-to-the-wealthiest-who-dont-need-them-and-didnt-even-ask-for-them

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."

— 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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