Wednesday, September 22, 2021
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The Buffet Rule? Are you kidding me?

mil·lion·aire


 /ˌmɪlyəˈnɛər/ Show Spelled[mil-yuh-nair] Show IPA

noun

1.

a person whose wealth amounts to a million or more in some unit of currency, as dollars.
     This jobs/economy/budget shuck-and-jive being put on by Barack Obama is arguably the most laughable and embarassing performance by an Occidental/Columbia/Harvard grad in the history of the nation, and most certainly by a President of the United States.  You do not tax “millionaires” in this country, any more than you tax “hundred thousandaires”.   I will stand corrected by tax lawyers and accountants in the readership, but wealth is not taxed in this country.  Never has been.  What is taxed at the federal level is income, be it income from salaries and wages, dividends and interest or capital gains.  This is basic.  We all know this.  All the President’s economic advisors (the first couple of waves of which have already left the administration) know this.  Even Tim Geithner, although he had a momentary brain freeze for a couple of years, knows this.
     So when B.H. Obama comes out today and says he’s proposing ‘the Buffet Rule’, whereby “millionaires” will be taxed at a higher rate (which he won’t specify at this time, because he’s saving that for another campaign speech) he is presenting to the American people a falsity.  If  you do not have a million dollars at your disposal,  you are not a millionaire.  Good grief, even Jake Tapper knows this, though modesty and strict reporting requires him not to call Barack Obama and Warren Buffet liars.  There are a lot of Republicans out there asking for donations from people whose incomes might exceed a million dollars but who are not millionaires.  These Republicans are under no such restraints.  They need to speak up.
        The second thing about this whole farce is that in Tapper’s blog he quotes Buffet as saying there were 236,000 ‘households’ whose incomes exceeded a million bucks in 2009.  Now, you and I, and Warren, and Jake, know that once this idiotic Buffet Rule gets in the code (which it won’t), there’s not going to be 236,000 people reporting incomes in excess of a million dollars.  Be lucky to get half that.  So if, say, 100,000 pony up, and if Obama throws a dart at his board and says “Let’s try to get an extra hundred grand out of each one of them”,  how much is that?  10 billion.  (Spits in bucket).  What’s the deficit?  1.5 to 2.5 trillion, depending on who’s running the figures at OMB, CBO, and Treasury that day.  What’s the debt?  14 trillion on it’s way to 20 trillion, even if anything comes out of that unconstitutional ‘Supercommittee’ (which it won’t).  Mind you, I’m just a street urchin, but this is not rocket science.  As that TV commercial goes, even little kids know when they’re being taken for a ride.
     So here’s the deal.  Pelosi said when she appointed her members to the S. Committee that they were going in with the idea, indeed her orders, of raising taxes.  Our guys have been pretty firm in saying that’s a non-starter, except for the squish Fred Upton, who needs to have his other testicle removed and banished to the Upper Peninsula.  So that whole thing is a joke, even if it was a Constitutional joke (which it’s not; constitutional, that is.  Ask Newt.  Ask any street urchin).   What to do?  How about the Republican Party growing a set of their own and saying we’re not going to play these games anymore, and if the Blue Dog Democrats want to join us, we’ll fix this thing, but we’re not giving the clown in the Oval Office the time of day.  We will spend the next fourteen months earning our ‘representatives pay’ by going out and explaining to the people exactly what a millionaire is and what a billionaire is and how taxation works and what a trillion dollar’s worth of deficit means and we will see the results of our labors, one way or the other, in November 2012.
   The other thing that needs to happen, and it needs to happen real, real soon, is that some Republicans need to stand up and say “This country is not governed by ‘the Buffet Rule’ and it is not governed by ‘the Obama Rule’, it is governed by a constitutional arrangement in which laws are passed by the people through their representatives, and oh, by the way, Article One, Section Seven says that “All bills for raising revenue shall originate in the House of Representatives…” and not in Omaha, Nebraska.  “Oracle” my rosy red urchin derriere.

bobmontgomery
Poor. No advanced degrees. Unorganized. Feeble. Disjointed. Random. Past it. .... Intrigued, Interested, Patriotic and Lucky.

4 COMMENTS

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4 COMMENTS

  1. You are dead on Bob. Eat the rich won’t work. If we took ALL their money and assets, it might make a dent in the debt, but what then? The annual deficits would be ongoing and worse because it would kill the productive people. That’s proof that the issue isn’t revenue, it is the insane spending.

    Buffet is a hypocrite of the highest order. His company has been fighting for years to avoid a billion in taxes the government says he owes.

    Dang, if he really felt the way he says, he just tell his financial people to pay it. BTW, when he is going to get around to to giving all that 56 billion away. He keeps saying he wants to die broke. He’s older than dirt… he better get about it.

    Truth is this stuff is just a sham, fronted by class warfare rhetoric. Want to raise the tax on dividends? Fine, go ahead but it will destroy an already fragile economy.

    Take the dividend rate to ZERO and we might just see an explosion of transactions that would get the money flowing. Then we might see some jobs. Don’t hold your breath while these Marxists are in charge.

    • Right. Almost all of Buffet’s “income” is from cap gains and qualified dividends – he therefore only pays 17.5% taxes.

      But the craven liars (Obama, Buffet, et al) won’t tell people the truth about that. They will instead run around mouthing their demagoguery for political gain. And if by some kind of fairy magic this turkey got through congress (which they know it won’t), the top rate on self employed in California will rise above the already catastrophic rate currently of 48.5% including the payroll tax federally and state taxes. Yes, 48.5% is too low, isn’t it? We really need to take more money out of them.

      Now gee, I wonder why self employed high earners are fleeing California like their junk is on fire?

      And this is all being done not because dunces are in charge of the WH. No, it is all being done in order to win Obama re-election.

    • What I want to know is, what does John Boehner and Co. have to fear from Warren Buffet? Obama has trotted him out, so in my book, he’s fair game. Buffet has said he wants to give away his fortune, so why doesn’t Boehner go on thge stump demanding Buffett write a check to Treasury for fifty billion? Same thing with Gates? As for Obama, I’m so sick of him and his cult of personality, or personalities, it’s not funny. This appealing to a grade-school level of intellect and emotion in re matters of fiscal policy is wearing real thin. he appeals to the basest of instincts, and does so by propping up the robber baron Buffet, who refuses to invest his billions in industry which would put tens or hundreds of thousands back to work. Why didn’t Obama get Buffet to invest in Solyndra?

  2. Hey Bob. Why don’t you tell us how you REALLY feel??

    Great article. The morons camping out in NYC this week are after the people who create the jobs and invest in the economy. *One dollar, one vote* is their mantra.

    I’m all for the *one vote* schtick. But despite all their rhetoric, they are nothing more than Communists.

  1. You are dead on Bob. Eat the rich won’t work. If we took ALL their money and assets, it might make a dent in the debt, but what then? The annual deficits would be ongoing and worse because it would kill the productive people. That’s proof that the issue isn’t revenue, it is the insane spending.

    Buffet is a hypocrite of the highest order. His company has been fighting for years to avoid a billion in taxes the government says he owes.

    Dang, if he really felt the way he says, he just tell his financial people to pay it. BTW, when he is going to get around to to giving all that 56 billion away. He keeps saying he wants to die broke. He’s older than dirt… he better get about it.

    Truth is this stuff is just a sham, fronted by class warfare rhetoric. Want to raise the tax on dividends? Fine, go ahead but it will destroy an already fragile economy.

    Take the dividend rate to ZERO and we might just see an explosion of transactions that would get the money flowing. Then we might see some jobs. Don’t hold your breath while these Marxists are in charge.

    • Right. Almost all of Buffet’s “income” is from cap gains and qualified dividends – he therefore only pays 17.5% taxes.

      But the craven liars (Obama, Buffet, et al) won’t tell people the truth about that. They will instead run around mouthing their demagoguery for political gain. And if by some kind of fairy magic this turkey got through congress (which they know it won’t), the top rate on self employed in California will rise above the already catastrophic rate currently of 48.5% including the payroll tax federally and state taxes. Yes, 48.5% is too low, isn’t it? We really need to take more money out of them.

      Now gee, I wonder why self employed high earners are fleeing California like their junk is on fire?

      And this is all being done not because dunces are in charge of the WH. No, it is all being done in order to win Obama re-election.

    • What I want to know is, what does John Boehner and Co. have to fear from Warren Buffet? Obama has trotted him out, so in my book, he’s fair game. Buffet has said he wants to give away his fortune, so why doesn’t Boehner go on thge stump demanding Buffett write a check to Treasury for fifty billion? Same thing with Gates? As for Obama, I’m so sick of him and his cult of personality, or personalities, it’s not funny. This appealing to a grade-school level of intellect and emotion in re matters of fiscal policy is wearing real thin. he appeals to the basest of instincts, and does so by propping up the robber baron Buffet, who refuses to invest his billions in industry which would put tens or hundreds of thousands back to work. Why didn’t Obama get Buffet to invest in Solyndra?

  2. Hey Bob. Why don’t you tell us how you REALLY feel??

    Great article. The morons camping out in NYC this week are after the people who create the jobs and invest in the economy. *One dollar, one vote* is their mantra.

    I’m all for the *one vote* schtick. But despite all their rhetoric, they are nothing more than Communists.

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