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.
The Sage of Omaha thinks he should be paying more in taxes:
Billionaire Warren Buffett said that rich people should pay more in taxes and that Bush-era tax cuts for top earners should be allowed to expire at the end of December.
“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further,” Buffett said in an interview with ABC’s “This Week With Christiane Amanpour” that is scheduled to air on Nov. 28. “But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”
Let’s bear in mind that Mr. Buffett is one of the wealthiest people in the world. So much so that he is privy to the sort of preferential business transactions that only those in the upper stratosphere of wealth can enjoy. Let us also not forget that he is a big supporter of President Obama, and was on his short list for Treasury Secretary early in the transition.
That being said, these kinds of statements by the richest of the rich, are so disingenuous, they border on insulting. Buffett can say these things, because he and everyone else knows it will never happen. People like Buffett are relatively immune from the ruinous nature of our tax codes, especially in the age of Obama.
If Buffett was really serious about what he’s saying, then I’d expect to see news that he has voluntarily mailed in a check for several hundreds of millions of dollars, payable to the US Treasury. Until then, thanks for the advice Warren, but no thanks.
UPDATE. What Fausta says.