Tag: millionaire

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Politics Tax weekly address

President Obama Once Again Ask Rich America to Pay Their Fair Share

And yet another call to our elected leaders to do what’s right for the huge majority of Americans and not just the richest among us. President Obama once again called on Congress to pass the Buffett rule, a law that would make our tax system more fairer requiring the richest 2% of Americans – those making over $1 million in yearly income – to pay a more appropriate percentage of their income in taxes.

The President;

Over the last decade, we’ve spent hundreds of billions of dollars on what was supposed to be a temporary tax cut for the wealthiest two percent of Americans.  Now we’re scheduled to spend almost a trillion more. Today, the wealthiest Americans are paying taxes at one of the lowest rates in 50 years.  Warren Buffett is paying a lower rate than his secretary.  Meanwhile, over the last 30 years, the tax rates for middle class families have barely budged.

That’s not fair.  It doesn’t make any sense.  Do we want to keep giving tax breaks to the wealthiest Americans like me, or Warren Buffett, or Bill Gates – people who don’t need them and never asked for them?  Or do we want to keep investing in things that will grow our economy and keep us secure?  Because we can’t afford to do both.

Now, some people call this class warfare.  But I think asking a billionaire to pay at least the same tax rate as his secretary is just common sense.  We don’t envy success in this country.  We aspire to it.  But we also believe that anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead – not just a few.

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Mitt Romney Politics

Mitt Romney – “[I’m Worth] Between 150 and 200 some-odd million”

At an event sponsored by Univision, Mitt Romney was put on the spot and had to put a figure on his worth. Mr. Romney, a man who thinks his ticket to the White House in 2012 depends on how many voters he can fool into thinking he is “one of us,” tried to downplay his net worth for the Latino audience.

Jorge Ramos, who interviewed Mr. Romney, pressed him on his wealth and on his taxes, and asked him directly how much money he had.

“Between 150 and 200 some-odd million,” Mr. Romney said, looking a bit uncomfortable and referring Mr. Ramos to the financial disclosure reports that his campaign has filed.

Mr. Ramos noted that Mr. Romney’s father was born in Mexico and asked whether Mr. Romney could claim to be Mexican-American.

“I don’t think people would think I’m being honest if I said I was Mexican-American,” Mr. Romney said, laughing. But he added: “I would appreciate it if you could get that word out.”

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MSNBC Politics taxes

Poor Republican Millionaire Only Has $400,000.00 Left

So President Obama today made a proposal to raise necessary revenue through tax hikes. Not for the middle class, but for millionaires. Well today, one of these millionaires expressed his disgust with the president’s plan, saying that after he pays all his bills and reinvests in his business, he wouldn’t be able to support his family on the balance; $400,000.00

This poor millionaire, who simply cannot afford to pay the same rate middle class Americans are paying right now, just happens to be a Republican congressman, Rep John Fleming (LA). Today on MSNBC, Mr. Fleming had this to say;

“In my own case, I own LLCs. The income flows to my personal tax return and whatever is left over after taxes are paid, I feed my family on the one hand and on the other hand, I reinvest in my business.”

Chris Jansing, the MSNBC host pointed out to the poor millionaire that according to the Wall Street Journal, “your businesses, which I believe are Subway Sandwich shops and UPS stores — very successful — brought you last year, over $6 million.”

But Mr. Fleming was having none of it, and explained to the MSNBC host just how poor he is, and how devastating it would be if he is asked to pay the same rate working Americans pay.

“Yeah, that’s before you pay 500 employees, you pay rent, you pay equipment and food,” Fleming agreed. “Since my net income — and again, that’s the individual rate that I told you about — the amount that I have to reinvest in my business and feed my family is more like $600,000 of that $6.3 million. And so by the time I feed my family, I have maybe $400,000 left over to invest in new locations, upgrade my locations, buy more equipment.”

I don’t know how you small people do it. Working all those hours, paying all those taxes and still eking out a living on a helluva lot less than $400,000.00

You middle class Americans are just insane!!!

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Politics taxes

President Obama To Introduce The “Buffett Rule” On Monday – Taxing The Rich

The New York Times is reporting a new measure by President Barack Obama called The Buffett Rule. According to the news report, President Obama will announce on Monday plans to tax millionaires at the same tax rate middle class Americans pay today.

According to the Times Report, administration officials said the plan would require those making “more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers.”

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.

Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.

Although this is a great idea, suggested by many millionaires including Warren Buffett among others, there is one minor obstacle. It’s a small pledge signed by Congressional Republicans called the Grover Norquist Pledge. Republicans have promised Mr. Norquist that no matter what the situation is, no matter how much revenue the American economy needs, raising taxes would not happen.

So yes, Mr. Obama’s Buffett Plan will be a fair plan, but Grover Norquist and the Republicans will not have it.

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