Jump to content
Sign in to follow this  
I AM NOT THAT GUY

'Buffett Rule' would raise less than $5 billion in taxes a year

6 posts in this topic

Recommended Posts

Filed: Timeline
The Buffett Rule won't do much for deficit reduction.

That's the verdict from the Joint Committee on Taxation, which provides the official Congressional analysis of tax legislation. In a report prepared at the request of Republican staff on the Senate Finance Committee, the JCT says requiring those who make more than $1 million a year to pay at least 30% of their income in taxes would generate $47 billion over the next decade, or an average of just $4.7 billion per year.

To put that in perspective, President Obama's budget forecasts a $901 billion deficit in 2013.

The Buffett Rule is named after billionaire investor Warren Buffett, who has repeatedly decried the fact that he pays a lower percentage of his income to the IRS than his secretary. The "Paying a Fair Share Act" would apply to anyone whose adjustable gross income exceeds $1 million. Those who itemize their deductions would get a credit equal to the value of their charitable contribution deductions, so as not to discourage charitable giving. To measure whether a millionaire is paying at least 30% of his or her income in taxes, the bill would take into account what the individual paid in federal income and payroll taxes, plus the new 3.8% Medicare surtax that goes into effect in 2013. In releasing their budget last month, the Obama Administration made clear that they are not pushing to implement the Buffett Rule now. Rather, it's a guiding principle for when -- or if -- Congress takes up tax reform. The White House has called for the Buffett Rule to replace the Alternative Minimum Tax, which would only exacerbate the government's deficit problem, Hatch said. The Alternative Minimum Tax is projected to raise roughly $2 trillion in revenue over 10 years.

http://finance.yahoo.com/news/buffett-rule-raise-less-5-004300332.html

Share this post


Link to post
Share on other sites
Filed: Citizen (apr) Country: Brazil
Timeline

maybe it won't do much, but it sure will help buy more hearts and minds of the weak.


* ~ * Charles * ~ *
 

I carry a gun because a cop is too heavy.

 

USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

Share this post


Link to post
Share on other sites
Filed: Country: United Kingdom
Timeline

It's not that hard to evade taxes.

I can send all my earnings (save for $10k - just enough to qualify for Medicaid and food stamps :) - to a corporation in the Caymans (which has a zero corporate tax rate) and just keep it there until retirement.

Since that income is not earned by me, but by the corporation, it's not subject to the personal US tax rate, as long as it stays within the corporation.


biden_pinhead.jpgspace.gifrolling-stones-american-flag-tongue.jpgspace.gifinside-geico.jpg

Share this post


Link to post
Share on other sites
Filed: Country: Vietnam
Timeline

maybe it won't do much, but it sure will help buy more hearts and minds of the weak.

No, the worst thing that could happen for Obama is for any of these tax hikes on just the wealthy to actually happen, and that's why they haven't.

Imagine if at the beginning of 2011 Obama would have pushed through his new proposed tax plan which kept all of the Bush tax breaks in place for all but the top 2%. What would have been the net affect?

Best case is that he adds about $60 Billion in income. The deficit for 2011 was 1.3 Trillion. So, assuming he doesn't get to spend this extra income on a jobs bill the deficit would have still been 1.24 Trillion dollars. So as the debt ceiling debate starts raging and debates about deficits continue, he no longer gets to blame the Bush tax cuts and he no longer gets to point his finger at the wealthy. He's pretty much out of excuses. So now he still has record deficits, higher than 8% unemployment, and a sluggish economy. The only thing he can do to back his argument is ask for even higher taxes on the wealthy and you can imagine where that would go.


20-July -03 Meet Nicole

17-May -04 Divorce Final. I-129F submitted to USCIS

02-July -04 NOA1

30-Aug -04 NOA2 (Approved)

13-Sept-04 NVC to HCMC

08-Oc t -04 Pack 3 received and sent

15-Dec -04 Pack 4 received.

24-Jan-05 Interview----------------Passed

28-Feb-05 Visa Issued

06-Mar-05 ----Nicole is here!!EVERYBODY DANCE!

10-Mar-05 --US Marriage

01-Nov-05 -AOS complete

14-Nov-07 -10 year green card approved

12-Mar-09 Citizenship Oath Montebello, CA

May '04- Mar '09! The 5 year journey is complete!

Share this post


Link to post
Share on other sites
 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...