Posts Tagged ‘rule



04
Oct
11

‘class warfare’ turns out to be pretty popular

Steve Benen: The latest CBS News poll asked national respondents whether they’d support higher taxes on millionaires to lower the deficit. The results weren’t exactly close:

….it appears “class warfare” is pretty popular with the American mainstream … Why are Democrats, from President Obama on down, so unafraid of this issue? Because they’ve seen polls like this one, and know most Americans agree with them.

Full post here

Warren Buffett (2006): “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

19
Sep
11

monday

****

Washington Post: When President Obama unveils his deficit-reduction plan this morning in the Rose Garden, the proposal sure to draw the most attention is his call for people making $1 million or more to pay more in taxes.

And there are (smart) politics everywhere in it. Here’s why.

1. Polling: The numbers on taxing the wealthy are very clear. In a July Washington Post/ABC poll, 72 percent of those tested supported raising taxes on those making $250,000 or more as a means of reducing the debt …. In our 50-50 political world, those numbers are as close as you can get to a political slam dunk.

2. Populism: Obama is an awkward populist, at best, but if ever there was a time when populism could sell, it’s now….

3. Middle class: These earners are, without question, the swing vote of the 2012 presidential election …. and at a time when many members of the middle class are feeling more and more squeezed economically, the idea of getting the wealthy to pay more will seem to many of them like a political no-brainer.

…. Make no mistake: President Obama has picked a political fight on the most solid ground on which he has to stand at this turbulent time. Winning it would help turn around his political fortunes as the calendar turns to 2012.

Full article here

****

Warren Buffett says he’s absolutely “fine” with President Obama calling the new plan to establish a minimum tax rate for individuals making more than $1 million a year the “Buffett Rule.”

….. the billionaire told the FOX Business Network the administration “asked me if they could use my name (on it) and I said, ‘Sure. It’s what I believe.'”

Buffett has long argued that the wealthiest Americans tend to pay a smaller portion of their income in federal taxes than middle-income earners because some millionaires and billionaires often get much of their income from capital gains, which are taxed at a lower rate than basic wages.

Buffett has argued that the “billionaire-friendly Congress” has coddled the wealthy and that that practice should end.

…. When asked if he’s heard complaints or gotten friendly jabs from his wealthy friends about the Buffett Rule, Buffett quipped:

“Well, I’ve employed a food taster, but other than that…”

17
Sep
11

the ‘buffett rule’ ….. genius

NYT: President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.

…. the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule”, in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.

… The Obama proposal has little chance of becoming law unless Republican lawmakers bend. But by focusing on the wealthiest Americans, the president is sharpening the contrast between Republicans and Democrats with a theme he can carry into his bid for re-election in 2012.

It could also reassure Democrats who have feared that Mr. Obama would agree to changes in programs like Medicare without forcing Republicans to compromise on taxes.

Full article here




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