Senate Rejects Buffett Rule – Fighting Stupidity with Logic

Politicians do a lot of stupid things, but this “Buffett Rule” proposed by the administration practically takes the cake.  The measure, named after Warren Buffett for his observation that his effective tax rate was higher than that of his secretary, went to the Senate for vote today and flopped with a 51-45 tally, which shows there are at least 45 Senators out there who are dumber than I thought.  Well, really, the dumbest are the lemming voters who believe them when their upcoming campaign slogans claim their opponents “voted to give the 1% a tax break” by not voting for this screed.  It’s all political shenanigans.  The bill would have imposed a minimum 30% income tax on people making over $2 million annually and phased in higher taxes for those earning at least $1 million. While many might agree that the current tax system is not ideal, the rich should pay more, etc., trying to enact into law something so juvenile and poorly thought out is not only frustrating, but dangerous.  Our laws should not be constantly tinkered with based on the latest headline while distracting Americans from the real issues.  Let’s be honest, the few Billion dollars this bill would have raised over the next decade is a mere fraction of the deficit spending in the administration’s most conservative budget estimates.  It would do nothing to address our deficit issues, but threaten the capital formation and risk-taking entrepreneurial engine that drives this country.  Just like Obama focused all political capital on ramming through a critically flawed healthcare reform zombie while the economy cratered, he is now focusing all efforts on raising taxes rather than cutting spending.  Heck, he’s even criticizing the damn Supreme Court!  He’s truly off his rocker, but there are enough Americans willing to go along with it because it’s no skin off their back (so they think).  Here are a few very basic, non-political reasons why this concept is utter nonsense:

Different forms of Income Should and MUST be Taxed at Different Rates – Romney’s low tax rate came under fire when he released his tax forms after the “Buffett Rule” started getting attention in the media.  Pundits howled that a guy who reported millions in income paid a tax rate lower than many middle class Americans.  That was the headline.  Now for the facts: we need different tax rates for different types of income

Continue Reading About the Buffett Rule’s Stupidity

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DaveL
DaveL

Two tax rates. A number for individuals, a number for corporations. No deductions. Whatever those two numbers are that will raise the revenue necessary to cover the budget for what was spent in 2000 plus starting to pay down debt. Everybody pays.

TC
TC

How about a flat tax rate of 10% for everyone for all source of incomes, including cap gains, dividends, etc. Corporations would also pay a flat 10%. Bringing money back into the US from overseas would not be taxed (unless paid out in some form) but money leaving the US would get taxed at the same 10%. No more games or gimmicks or fucking with the tax code to give breaks to the most favored corporations.

Adjust the size of government to fit whatever revenues that 10% would bring. It really shouldn’t be any bigger than that.

Tampa Gold

How about NO TAX RATES?

The fraud….er….fed PRINTS WHATEVER FIAT IT NEEDS.

So please explain to me why we continue to have this debate when taxes are only there now to control us, steal our money for no reason anymore, and to play serfs against each other.

Wake Up!

crazyivan
crazyivan

” Let’s be honest, the few Billion dollars this bill would have raised over the next decade is a mere fraction of the deficit spending in the administration’s most conservative budget estimates. It would do nothing to address our deficit issues, but threaten the capital formation and risk-taking entrepreneurial engine that drives this country. ” -Darwin

So Ya wanna control the spending huh?

Whats say we get the rich and corporations pissed off about the tax rates. Us little folk can shit a kitty and nothing will change.

DaveL
DaveL

Like or Dislike: 0 3

Geez. What didn’t you like? The two numbers (they could be the same) going back to only collecting enough from the numbers to cover what was spent in 2000 (everything gets cut to that level of spending) or paying down our debt?

ASIG
ASIG

You can’t fix the problem with taxes.!!
Watch this video

Kill Bill
Kill Bill

Spending is the problem. However the more govt spends the more interest it pays.

Who collects that interest?

Colma Rising
Colma Rising

Taxes, cuts and inflation…

Gonna happen.

Our asses are pwned.

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