Barack & Buffett on Your IncomeTaxes

ICE CREAM FREEZES BUFFETT BRAIN

Warren Buffett - Billionaire Democrat

Warren Buffett, one of the third-richest men in the country, wants to pay more taxes and thinks his super-rich friends should too. Buffett, who is estimated to be worth more than $47 billion, called on Congress to commit to "shared sacrifice" and raise taxes on people earning more than $1 million. Buffett said the rich are "coddled" by Congress "as if we were spotted owls or some other endangered species." 

Obama said Buffett's call for taxing the wealthy shows that his "balanced" approach to deficit reduction is the best option. Obama said Buffett enjoyed a lower tax rate because the majority of his income comes from capital gains, which are taxed at a lower rate. "You don't get those tax breaks," Obama told an audience and said, "You're paying more than that and I think you're a little less wealthy than he is."  

No doubt they are less wealthy, Mr. President, and they pay more taxes on earned income verses capital gains income. Did you remind them that they also sell their houses, have rental income property, sell stocks and securities, receive income from trusts, paid from retirement pension funds and get dividends from investments which are all considered "Income from Capital Gains".

"There you go again!"

In 1977, capital gains were taxed at up to 30% and the highest rate of income tax was 75%, when President Jimmy Carter, just elected, announced during his budget 1978 preparation that capital gains will be taxed at 50% from thereon and everyone else would also go up as the "rich" pay their higher tax hikes and "all the other boats of the not-rich will rise in the harbor" with their new tide of Federal taxes too. 

Their Capital Gains Tax rates were substantially lowered by President Reagan to 14%.

 Obama - Is in favor of the Higher Tax!...

Raise the 15% Capital Gains Rate to 28%!   

Super-Committee: The Commissions are made because members can't stomach making choices that could have electoral ramifications, more than 150 commissions created over the past two decades with questionable outcomes. Over the next three months, before Thanksgiving,  12 members of Congress will decide how to fix the country's fiscal crisis and cut at least $1.5 trillion from the 10-year budget deficit. Half of those committee members are from the Republican Party, which has vowed not to raise taxes but still are no guarantee about its member solidarity in the super-committee. Nevertheless, every GOP presidential candidate has spoken out against raising any taxes, if that means anything after they are elected except more empty campaign rhetoric as always in the past.  

Major Flaw:  This "Super-Committee" is not how our government was supposed to operate constitutionally.  What are the rest of the Congressmen to do while only twelve Representatives meet in secret about "a solution"? 

CHEER UP! ....There is still more "HOPE" on the horizon - Obama hopes for THREE NEW TAX PLANS:

1.)  Income Tax - will raise more "taxes on the rich" making over $200K on earned income. 

2.)  Wealth Tax* - based upon your accumulated assets in your current estate before death and is taxed annually along with Income Tax - Just like in France - Bon-Appetite' you "Rich" taxpayers.

*A Wealth Tax is generally conceived of as a levy based on the aggregate value of all household holdings actually accumulated as purchasing power stock (rather than cash income flow), including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension plans; investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts.

3.)  VAT Tax - Added Federal Taxes on all purchased goods poised to start low at 3% to be hiked higher as some Euro Countries have rates near 20%.  VAT has been expanded to include a monthly house tax, not considered a property tax.


Don't Forget: The Home Sales Tax for 2013 - 3.8% Already passed in Obamacare.

The Tea Party is Against Tax  Increases! 
 ~ Support The Tea Party Candidates ~

 

~  REMEMBER... 

VOTE 2012!  ~