Clinton wants to expand on ‘Buffett rule’ taxing the rich at 30 percent

[applegrove]

Clinton wants to expand on ‘Buffett rule’ taxing the rich at 30 percent

By Anne Gearan at the Washington Post

https://www.washingtonpost.com/news/post-politics/wp/2015/12/16/clinton-wants-to-expand-on-buffett-rule-taxing-the-rich-at-30-percent/

"SNIP.............


Hillary Clinton is hoping that Warren Buffett’s reputation for picking winners extends well beyond the boardroom. The “Oracle of Omaha” endorsed Clinton on Wednesday in, where else, Omaha, as she pledged to seek further tax increases on the very wealthy.

Clinton said as president she would expand on the Obama administration tax proposal nicknamed for the billionaire investor, who maintains that very rich people like himself are taxed too little. The “Buffett rule” would require that people earning more than $1 million annually be taxed at a minimum of 30 percent.

"I want to go even further, because Warren is 100 percent right, as usual," the Associated Press quoted Clinton as saying at a rally with Buffett. "I want to be the president for the struggling, the striving and the successful."

She offered no details of how she would expand on the 30 percent goal, including where she would set the top tax rate for individuals. Her campaign said specifics of her tax plan will be released in phases over the coming weeks.



...............SNIP"

[mcar]

1. A great plan!

Naysayers in 3, 2, 1...

[beam me up scottie]

2. #thingsberniesaidfirst

The Buffett Rule
Wednesday, February 1, 2012

People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay. The White House has called that concept the Buffet Rule, named for Warren Buffett, the billionaire investor. It is unfair, Buffett has said, that he pays a smaller tax rate than his secretary. Debbie Bosanek, Buffett's secretary, joined Michelle Obama in the first lady's box during the State of the Union speech last month when President Obama laid out proposals to make the tax code fairer. Under legislation introduced Wednesday in the Senate, those whose incomes come mostly from investments or hedge-fund partnerships, now taxed at 15 percent, would owe more. Sen. Bernie Sanders is an original cosponsor of the bill that would make the wealthiest Americans pay their fair share and help reduce the national debt.

"With a record-breaking $15 trillion national debt and a growing gap between the very rich and everyone else, it is absolutely absurd that the wealthiest people in the country are paying the lowest effective tax rate in decades," Sanders said. "There is no excuse for millionaires and billionaires to have an effective tax rate lower than middle-class families. If we are serious about addressing this deficit crisis, it is imperative that we have a tax system which is fair and which asks the wealthiest people in our country to pay their fair share."

The Paying a Fair Share Act would apply to taxpayers with incomes of more than $1 million - including capital gains and dividends. Taxpayers earning over $2 million would be subject to a 30 percent minimum federal tax rate. The tax would be phased in for incomes between $1 million and $2 million, with those taxpayers paying a portion of the extra tax required to get them to a 30 percent effective tax rate. The bill includes language to preserve incentives for charitable giving.

The chief sponsor is Sen. Sheldon Whitehouse. "As we continue working to restore our economy," he said, "it's more important than ever to make sure all Americans are paying their fair share toward our nation's success - and right now that just isn't happening. It's inexcusable that our tax system permits the wealthiest among us to pay a lower tax rate than a truck driver or a janitor, and this legislation would help fix that unfair system."

In addition to Sanders, other cosponsors are Sens. Daniel Akaka, Mark Begich, Richard Blumenthal, Tom Harkin and Patrick Leahy. "As we grapple with large budget deficits worsened by the Bush tax cuts and two wars overseas, it is just common sense that those who have benefitted the most shoulder their fair share of the burden," Leahy said.

http://www.sanders.senate.gov/newsroom/recent-business/the-buffett-rule

Based on Bernie's record I trust him to pursue this, Hillary's lip service during a campaign, not so much.

[NurseJackie]

9. #ThingsHillaryWillDoBetter

Apparently Warren Buffett agrees.

[beam me up scottie]

10. The only thing she's done better is tell them to cut it out.

How'd that work out for us again?

I trust the candidate who's fought the banks his entire career, not the one who took millions from them and is now pretending she'll follow his lead.

[NurseJackie]

11. He'll have to win the nomination first. That's looking less and less likely every day.

How's that "surge" working out for Bernie?

[beam me up scottie]

12. Will you still be laughing when she gives banks a pass if she wins?

Somehow I doubt it.

I'm supporting someone I can trust, not someone who'll say and do anything to win.

If he loses so be it, at least I'll be able to hold my head up because my candidate won't be bought and paid for.

[NurseJackie]

13. Oh the drama of it all!

A-a-a-and, SCENE!

[beam me up scottie]

14. Says the person who trusts Trump more than Bernie.

http://www.democraticunderground.com/?com=view_post&forum=1251&pid=852163

Like I said, I'll be able to hold my head up. Will you?

















* Note to jury it's not a personal attack to link to posts to prove a claim

[NurseJackie]

15. HA!!

Sarcasm tags suck. (It's funnier to see who doesn't get it!)

[beam me up scottie]

16. If it was sarcasm why did you delete your original posts?

[NurseJackie]

17. Oh you, silly! :-p

To protect my account from aggressive alerters, of course! (The same reason you add "note to juries" in your posts.)

[beam me up scottie]

18. You edited your posts in the past, but sure, whatever you say.

[NurseJackie]

19. #WhoCares #AncientHistory #HoldingGrudges

Note to Jury: These are my sarcastic personal opinions only and are not to be interpreted as a personal attack against any candidate or candidate's supporters.



(Also a personal opinion.)

[beam me up scottie]

20. #mmhmmwhateveryousay

Note to jury: she started it and Family Guy trumps Trump

[NurseJackie]

21. You say. I laugh.

(Because it's FUNNY!!!)

"...she started it..."

But THAT'S even funnier!!

Oh, you SLAY ME!!

[beam me up scottie]

22. .

Note to jury: who doesn't love horses? All in good fun, and better than trading insults.

[NurseJackie]

23. HA!! Funny photo!

Note to jury: Who doesn't love laughing?

[hr]

(I guess people who take themselves and the opinions of anonymous strangers too seriously, but other than THAT, who doesn't love laughing?)

[hill2016]

3. the only difference here

is on long-term capital gains as short-term capital gains and dividends are already taxed at the highest marginal rates.

LT capital gains tax is about 24% (including ACA tax) for the highest bracket. So basically it's a 6% increase on LT capital gains at the highest bracket.

[SunSeeker]

4. I hadn't heard that Warren Buffet had endorsed Hillary. That's awesome!

He knows how to pick a winner.

[Agony]

5. He knows how to invest in Tar Sands! yeah some winner...

JFC look at that shit. almost a billion dollars of it, Warren owns… WTF? why do people sucker for this asshole?


there are much worthier people to advocate for economic justice than this tool who is trying to buy ""goodwill" while he adds to his pile of wealth.

here is what Suncor brags about… Buffett owns a nice chunk of this…
"Oil Sands
Our oil sands operations are the focus of Suncor’s business. We were the first company to develop the oil sands, creating an industry that is now a key contributor to Canada's prosperity.

Suncor holds one of the largest positions in the oil sands. We are committed to delivering safe, reliable, low-cost production, while being leaders in growth, technical innovation and environmental sustainability.

Oil sands is a mixture of bitumen, sand, fine clays, silts and water. Because it does not flow like conventional crude oil, it must be mined or heated underground before it can be processed. Suncor produces bitumen in two ways, mining and in situ."

[AgingAmerican]

6. Person A makes claim: X

Person B attacks person A, therefore X is false

[SunSeeker]

8. Warren Buffet advocates for the Buffet Rule and supports Democratic candidates. nt

[catnhatnh]

7. It's like a Tale of Two Cities...

Bernie helped create the bill and follows the ideology of one Warren (Elizabeth), whereas Hillary merely refers to the bill and follows the ideology of another Warren (billionaire Buffett).