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.