President to propose “millionaire’s tax” to help balance the budget
This is either scraping the bottom of the ideas barrel or the president is light years ahead of the rest of us, and knows something we don’t:
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.
So for the second time in a month, President Transparency proposes a literal blank slate of legislation, and is encouragin its passage. Kings have had harder times in mandating edicts.
What is this nonsense if it isn’t class warfare, and a desperate attempt to start discord among Republicans? After a disastrous few weeks for Obama and the Democrats, this is most definitely be his desired goal. The president knows that the proposed tax is dead on arrival in the House. He knows this. And anyone with a brain knows that this does nothing to create jobs, and is a drop in the bucket with regards to deficit reduction.
But Republicans will have to defend not endorsing it, and the administration, along with Democratic congressional leaders, will go on the offensive. But as the weeks drag on, and the government continues to pump out report after dismal report on the state of the economy (the September NFP report is out in a little over two weeks), it might not make a difference for the administration.