The Buffett Gimmick

Focus on government's shameful spending, not soaking the rich

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Hope and change have been reduced to a Gimmick and a Lie.

It’s still early, but the Obama campaign so far is built on the “Buffett Rule” – a proposal to soak the rich with higher taxes because, hey, they’re not paying their fair share.

A couple of major problems with that.

First, even some prominent liberals admit a surtax on the rich is nothing more than a gimmick.

“It’s total gimmickry,” said left-leaning Politico.com executive editor Jim Vandehei.

“President Obama admits it: His proposed ‘Buffett Rule’ tax on millionaires is a gimmick,” wrote liberal Washington Post columnist Dana Milbank.

“The Buffett Rule is running into a dead end,” writes conservative Byron York in the Washington Examiner, “because a significant part of the political class in Washington has finally admitted the idea is little more than a gimmick that would do nothing to fix the country’s problems.”

Why is it a gimmick? And why does even the president know it? Because the math is simple: It would raise an estimated $4.7 billion a year – when the federal government’s annual deficits under this president are in excess of $1 trillion.

It is, in short, a sick joke. A joke, because it does next to nothing to solve our debt problems, and sick because the proposal is designed with one thing in mind: to divide America along class lines in order to benefit this president politically.

It may look like it, but proponents of the Buffett Rule didn’t flunk math. They know exactly what they’re doing. It’s an election-year diversion, a sop to voters weary of the Obama economy and willing and eager to buy the fable that the uber-rich and their greed are to blame for all our problems. And, of course, that the rich need to pay their fair share.

As the numbers above prove, it’s a lie that the rich are to blame for Washington’s spending problem. As the numbers below bear out, it’s a lie that they’re not paying their fair share:

• The top 1 percent pay nearly 37 percent of all federal income taxes;

• the top 5 percent pay nearly 59 percent of all federal income taxes;

• the top 10 percent pay over 70 percent of all federal income taxes;

• the top 25 percent pay over 87 percent of all federal income taxes;

• the top 50 percent pay almost 98 percent of all federal income taxes.

In addition, we are at the point where about 50 percent of American taxpayers pay nothing.

While this president wants you to believe the gimmickry and lies of the Buffett Rule, he also knows it has no chance of passing: It failed in the Democrat-controlled Senate this past week, and is a total nonstarter in the Republican-controlled House. So if he knows that – and surely he does – then the only reason he’s pushing it is for political effect – to whip up the peasantry, as it were, to revolt against its rich oppressors.

That’s called being disingenuous. And this president has taken that art to new heights.

The truth that Mr. Obama doesn’t want to talk about – other than his disastrous record on everything under the sun – is that all taxpaying Americans are going to be slammed with precipitously higher taxes next January: the expiration of $500 billion in tax breaks. Some are calling it “Taxmeggedon.”

If you’re wondering, experts say 70 percent of the new taxes will be on middle- and low-income taxpayers.

That, and Washington’s unchecked, depraved robbery of future generations, is what we should be talking about.

Not a Gimmick and a Lie.

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omnomnom
3964
Points
omnomnom 04/22/12 - 11:09 pm
7
0
"it’s a lie that the rich are

"it’s a lie that the rich are to blame for Washington’s spending problem" look at some of the people we elect. morally bankrupt millionaires.

omnomnom
3964
Points
omnomnom 04/22/12 - 11:11 pm
6
0
rhetorical hyperbole, of

rhetorical hyperbole, of course i don't really believe that, but seriously politicians (senators especially) shouldn't be moonlighting as investors. like we don't pay ya'll enough.

skeptic griggsy
39
Points
skeptic griggsy 04/23/12 - 12:00 am
0
0
The rule means fairness, and
Unpublished

The rule means fairness, and that's no gimmick but right- right on! That money could be used for poor children's food and such. Why the Spencer-Randism at the Chronicle? The Republicans don't really care about the deficit as ti's they who just love increasing it with tax cuts for the not the real job creators- those who buy most goods- the middle class and the poor! The Republicans all want to do away with our protections! Moderates just don't really exist, it seems, in that party.

Techfan
6461
Points
Techfan 04/23/12 - 03:33 am
7
5
You can tell the total

You can tell the total editorial is bull once you hit, "left-leaning Politico".

Techfan
6461
Points
Techfan 04/23/12 - 03:40 am
4
4
Nowhere does it mention WHY

Nowhere does it mention WHY such a percentage don't hit the threshold to pay federal INCOME tax (they pay plenty in other federal taxes). It's because the bottom 80% of people in this country earn only 12.75% of the income!

carcraft
25144
Points
carcraft 04/23/12 - 05:33 am
3
3
Well we now have Audi

Well we now have Audi building their new car plant in Mexico. I am sure with higher taxes they would have been sure to build the plant in the US or used some of VW's extra capacity in Tennessee! (sarcams off)

carcraft
25144
Points
carcraft 04/23/12 - 05:40 am
3
4
Techfan, for the sake of

Techfan, for the sake of Obama's fairness shouldn't the bottom 12.5% of wage earners also pay SOME tax? After all they have 50% of the voting power and recieve a lot of benefits from the Federal government, medicare if you are elderly, Social Security, education for the Children a secure country, College loan programs, unemployment benefits, jobs programs (remember Obama and Biden's shovel ready jobs?), you know the $800 billion that kept unemployment below 8%!

Techfan
6461
Points
Techfan 04/23/12 - 06:19 am
4
4
When you calculate payroll

When you calculate payroll and other federal taxes they pay a higher share of their salary than many millionaires.

Techfan
6461
Points
Techfan 04/23/12 - 06:25 am
4
2
The stimulus did create jobs

The stimulus did create jobs and help keep unemployment down. Probably not a wise thing to say that it would keep unemployment below a certain percentage without yet knowing the full extent of the crisis. Remember the war that would pay for itself and we would be greeted with flowers and chocolate?

Techfan
6461
Points
Techfan 04/23/12 - 06:35 am
4
1
The Audi plant will be built

The Audi plant will be built in Mexico because:
1. The cars will be mainly going to the South American market (especially Brazil).
2. Most of their parts suppliers are in Mexico so it's cheaper and more convenient.
3. Auto workers there earn $1.50-$3.50 an hour with skimpy benefits.

DuhJudge
206
Points
DuhJudge 04/23/12 - 06:39 am
0
1
Being an election year means

Being an election year means the minimum wage card will also get played. It is in progress now to raise it to $10 per hour. Big corporations are behind this because they want the rest of small businesses to close. Unions like it because their members work for corporations. The federal minimum wage card will be the end of Republican hope this year. But then those that still have jobs can pay their fair share.

copperhead
1035
Points
copperhead 04/23/12 - 07:01 am
3
3
Techfan,how do KNOW where

Techfan,how do KNOW where those autos will be sold? Why were the parts plants built in mexico? How do you KNOW what workers earn in mexico?

justthefacts
21246
Points
justthefacts 04/23/12 - 07:04 am
0
3
"When you calculate payroll

"When you calculate payroll and other federal taxes they pay a higher share of their salary than many millionaires." Ha, we've shifted into full spin mode now. They pay a higher share of their salary for most everything.

Techfan
6461
Points
Techfan 04/23/12 - 07:11 am
3
2
The editorial is discussing

The editorial is discussing taxes, not everything. I would say the full spin is only listing the income tax. If you want to play that game, you can get into the wage earner vs someone who sits on his rear end and inherited stocks so they face a max 35% vs 15% tax rate. Or you could mention payroll taxes where the sit in his rear guy pays 0% and those who earn over $106,800 pay 0% on those earnings.

copperhead
1035
Points
copperhead 04/23/12 - 07:19 am
3
3
Techfan,where is the other

Techfan,where is the other 996.3 billion going to come from? That 4.7 billion is just a drop in the ocean and is a gimmick to further divide us. Ten groups of 1000 are easier to control than onr group of 10,000 especially when they are squabbling with each other!

copperhead
1035
Points
copperhead 04/23/12 - 07:25 am
4
3
Techfan,please quote hussein

Techfan,please quote hussein on the buffet gimmick. Didn't he say it would NOT help pay our debt? Didn't he say it would DECREASE revenue? Didn't he say it was purely for the sake of "fairness"?

Riverman1
82000
Points
Riverman1 04/23/12 - 07:40 am
4
2
We should simply execute

We should simply execute anyone who makes a million dollars in one year and confiscate everything they have. It's only fair because they have lived a life with so much wealth and used up so many resources the people of the world could have utilized. They've lived enough.

Their property could go to help those in need. Divide up their big houses and give the homeless rooms. Let the survivors of the wealthy person stay and cook for the homeless. Afterall some of the them look like what Obama's son would look like if he had one.

Little Lamb
45167
Points
Little Lamb 04/23/12 - 07:41 am
3
3
Obama tells us minions that

Obama tells us minions that the current code is not "fair." Well, to a redistributionist nothing will ever be fair until the last vestige of liberty is wrested from us minions and total control of the economy has been vested into the Politburo.

This whole "Buffet Rule" is a redistributionist ploy. It comes straight out of Marx/Engels. It always fails because pretty soon you run out of other people's money.

Techfan
6461
Points
Techfan 04/23/12 - 07:43 am
3
0
I can't find anywhere Obama

I can't find anywhere Obama (Did you call Reagan "Wilson", or Bush "Walker" or is that just latent racism/xenophobia?) said it would reduce revenue. Since the CBO (2010-before they were extended)says extending all of Bush's tax cuts will add $2.7 trillion to the debt by 2020 and repealing the cuts on those earning over $250k will bring in an additional $700 billion by 2020, it's seems the facts don't support your theories.

copperhead
1035
Points
copperhead 04/23/12 - 07:45 am
2
4
Careful Riverman1,hussein has

Careful Riverman1,hussein has passed a mandate that allows him to do just that! If you make more than one million a year,you should be watching out for drones!

copperhead
1035
Points
copperhead 04/23/12 - 07:45 am
2
3
Careful Riverman1,hussein has

Careful Riverman1,hussein has passed a mandate that allows him to do just that! If you make more than one million a year,you should be watching out for drones!

Little Lamb
45167
Points
Little Lamb 04/23/12 - 07:47 am
0
4
Techfan posted: When you

Techfan posted:

When you calculate payroll and other federal taxes they pay a higher share of their salary than many millionaires.

A better "solution" (if we really need a solution) would then be to reduce the tax rate on the middle class down to the rates of the investor class rather than raising the rates on anybody. Of course, we have so much debt now that we would need to reduce spending when we reduce the middle class income tax rate.

Techfan
6461
Points
Techfan 04/23/12 - 07:51 am
3
2
I would suggest taxing all

I would suggest taxing all earnings (stock options, bonuses, everything)as income. That way a guy who works his rear end off and make $250 a year would pay the same rate as someone who sits on his rear end and brings in capital gains of $250k. Also removing the cap for payroll taxes and counting all earnings (stock options, bonuses, everything))for it would shore SS and Medicare and further reduce the defecit. Also, we can't continue to spend over a trilllion dollars a year on defense. For years we've spent almost 50% of the entire world's military expenditures. I think we're ahead now.

Techfan
6461
Points
Techfan 04/23/12 - 07:55 am
3
2
So when rates were 90% under

So when rates were 90% under Eisenhower and 50% under Reagan I guess that makes them REALLY bad redistributionist, Marx/Engles supporters. They should have been ashamed.

itsanotherday1
41719
Points
itsanotherday1 04/23/12 - 07:56 am
3
3
The poor pay a "higher total

The poor pay a "higher total rate" is pure, unadulterated spin. SSI, Medicare tax, etc are ENTITLEMENT contributions in which the contributor will get back every time and then some. That dog never has hunted, but the Dems keep trying.

Bizkit
30515
Points
Bizkit 04/23/12 - 08:03 am
2
3
The point is the president

The point is the president wants to raise taxes on the wealthy for personal reasons not because of rational. He simply hates the wealthy as his hero Saul Alinsky. He has admitted his motive of "fairness" (ruse word in his sick mind trying to rationalize his irrational hatred of the wealthy) outweigh rational thought. As long as your salary is over the poverty line then you should pay taxes (because you benefit and it has to be a group effort). IT IS CALLED FAIRNESS. The point is too "Why in the world would anyone in their right mind want to give our incompetent and fiscally irresponsible govt. more money to be irresponsible with". We need to reduce their income-its called wealth redistribution, but this time we are gonna take from them. I think all can agree with that-all this budgets are just ridiculous. I've lost count of the people I know who either now can't retire or were retired and back at work.We've all taken a hit-what has the govt taken (Your Money)and what do they want more of (YOUR MONEY). Get real

Riverman1
82000
Points
Riverman1 04/23/12 - 07:59 am
3
0
Techfan, I work hard and

Techfan, I work hard and invest a good bit. I'm not a Buffet, but I try to add to my little nest egg. When I have a good year I pay lots in taxes although the corporation I'm a part owner of also pays taxes on the profits. So taxes have actually been paid on the profits this group of people banding together to form a corporation make. Also, when I have a bad year and there are lots of them, heh, I only get a very small deduction. Keep in mind the money from my job that I put into the corporation was taxed already.

Riverman1
82000
Points
Riverman1 04/23/12 - 08:00 am
2
0
Techfan, you think Ike and

Techfan, you think Ike and Reagan wanted those high taxes?

Craig Spinks
817
Points
Craig Spinks 04/23/12 - 08:05 am
2
0
Only in Mammon could fairness

Only in Mammon could fairness have become a gimmick.

Only in Wonderland could Truth have become a lie.

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