The Buffet rule

[MTUpower]

I think Obama has a good idea with taxing the rich with the same minimum % that lower earners pay. Imagine that. I do not think it's class warfare. We all know that the upper earners have widened the gap in the last 20 years, and if you earn more than a mil a year you can afford to hire more employees and still live a comfortable life. As an independent I see the right seems to be very much against this and I think it will hurt them in the coming elections. I do not have cable TV so I do not get FOX news, but a FB friend posted this and I agree with it. While I have done little study on the actual proposal, the gist of the highlights seems to make common sense. What do you think about the proposed "Buffet rule" tax?

[BobK]

let's see, end the deduction for mortgage interest on their mansions, and charitable giving and and everything else and then put on a flat tax. Oh, and this applies to everybody. make the tax say 10%. then the rich will pay at least as big a percentage as the middle class and will pay more $$ too.
You make $10,000; you pay $1,000 Federal income tax.
You make $1,000,000; you pay $100,000 Federal income tax.
Is this what you mean?

[Botnst]

Amen, Bob.

[Botnst]

But think of all the poor IRS agents and accountants, lawyers, tax consultants and lobbyists who will be out of jobs! It's too horrible to contemplate.

[Billybob]

Originally Posted by BobK

let's see, end the deduction for mortgage interest on their mansions, and charitable giving and and everything else and then put on a flat tax. Oh, and this applies to everybody. make the tax say 10%. then the rich will pay at least as big a percentage as the middle class and will pay more $$ too.
You make $10,000; you pay $1,000 Federal income tax.
You make $1,000,000; you pay $100,000 Federal income tax.
Is this what you mean?

It will never happen, the parasitic under class is incapable of assuming that type and degree of responsibility.

[The Clk Man]

I thought this thread was about Buffet style restaurants.

[tbomachines]

Originally Posted by The Clk Man

I thought this thread was about Buffet style restaurants.

Glad to see I was not the only one! Its lunch time...

[The Clk Man]

Originally Posted by tbomachines

Glad to see I was not the only one! Its lunch time...

I'm thinking Chinese Buffet, what are you thinking?

[Emmerich]

If you read the data published by the IRS, the idea that the higher income earners pay a lower percentage than lower income earners is total BS. Look up:
IRS's 2009 Table 1.1 "Selected Income and Tax Items." The link is:

http://www.irs.gov/pub/irs-soi/09in11si.xls

[raymr]

What's an FB friend?

[sjh]

Warren Buffet is an extremely unusual example.

The average millionaire pays a 29% tax rate, almost twice what the average middle-class family pays.

Source

[jcyuhn]

Buffet derives the majority of his income as dividends from Berkshire-Hathaway. Dividend income is taxed at 15%. However, B-H paid the 35% corporate tax rate on profits before distributing them as dividends. Hence the money is taxed twice at a net overall rate of approximately 45%.

[tbomachines]

Originally Posted by The Clk Man

I'm thinking Chinese Buffet, what are you thinking?

We've got an amazing place around here called Shady Maple, which is a "food market and smorgasbord". Fantasizing and drooling all I want, I'm not going anywhere in reality though, I got a bum ankle and can't walk for a couple days.

[The Clk Man]

Originally Posted by tbomachines

We've got an amazing place around here called Shady Maple, which is a "food market and smorgasbord". Fantasizing and drooling all I want, I'm not going anywhere in reality though, I got a bum ankle and can't walk for a couple days.

How about I bring some Chinese Buffet Food over to your house for lunch.

[tbomachines]

Originally Posted by The Clk Man

How about I bring some Chinese Buffet Food over to your house for lunch.

That would be awesome but considering that you generally aren't allowed to bring food out of buffets I'd be very concerned where you'd hide it . I actually called the local take out place to order yesterday and they were closed on Mondays, total bummer (and kind of odd too, but whatever).