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The Buffett Rule Would Not Apply To Obama

April 16, 2012 by  

The Buffett Rule Would Not Apply To Obama
OFFICIAL WHITE HOUSE PHOTO BY PETE SOUZA
The President and the first lady watched their income shrink from $5.5 million in 2009 to $789,674 in 2011.

On Friday, the White House released the President’s tax returns. Apparently, the Obamas have been hit by the bad economy. In 2009, they brought home $5.5 million. In 2010, they earned $1.7 million. And in 2011, they made $789,674.

President Barack Obama has been adamant that America’s wealthiest should pay higher taxes. Under the Buffett Rule, those making more than $1 million would be heavily taxed.

Obama pushed the plan during a year in which he earned less than $1 million.

But White House Press Secretary Jay Carney said the President would feel the effects of his own proposals.

“Under the president’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it,” Carney said.

Bryan Nash

Staff writer Bryan Nash has devoted much of his life to searching for the truth behind the lies that the masses never question. He is currently pursuing a Master's of Divinity and is the author of The Messiah's Misfits, Things Unseen and The Backpack Guide to Surviving the University. He has also been a regular contributor to the magazine Biblical Insights.

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  • FreedomFighter

    The Buffet Rule is just another criminal HOAX perpetrated by OBAMA on Americans

    Laus Deo
    Semper Fi

    • securityman

      I’m with you. Did anyone truly believe that ob would let any of his money get away? If you did, you are an idiot. Michelle wouldn’t let him do something that would lessen her pocketbook. She likes her high-dollar snacks too much for that.

    • J. Dexter Smith

      As the country folk say: “If’n his lips is a movin’, he’s a lying!”

  • eddie47d

    2008 and 2009 were the big years for the sale of his two books so naturally 2009 would be his biggest income year and somewhat in 2010. If he sold another book or had a major outside income his wealth would probably go up again and that would place him within the Buffet Rule.

    • Jeremy

      If, is the imperative word there.

  • Dad

    2009 to 2010, down to 60%; 2010 to 2011, down 53%… lets hear more about the “recovery.” Good proof that the economy is tanking.

    • vicki

      Or that his popularity is.

      • Carl Casino

        I am at a loss to figure out how O is still such a popular president. What has his administration done to HELP anyone but his political cronies?

  • Power To The People

    Did anyone actuaally think Obummer would include himself in the deception to garner more votes from the result of class warfare? I think not.

    • vicki

      That is why the rule is set to 1 million instead of 250 thousand.

  • Ted Crawford

    I was talking with my tax preparer the other day and I ask him about the effect of this rule. He chuckled and said ” At least they were smart enough to increase it from the $250,000 range”. I asked him why that was ” Smart “. He told me because if it were at that level and structured anything like this proposal, he could have had most of his clients in that income range actually paying an even smaller percentage of Income Tax, within 18 months to a year!
    The hypocracy of these Progressives is outlandish! If Obama or Buffet, or Gates were trully interested in “paying their fair share” there is allready a place for them to do so. Instead Obama takes every deduction he possibly can, and Buffet is currently fighting the IRS to keep from paying nearly a Billion dollar tax liability. Not to be out done in the hypocracy department, ole Gore, who in his movie ” An Inconvient Truth” railed that ” Sea levels will rise by 25 feet”, bought a seaside mansion two years ago. It’s highest point is at 15 feet above sea level ! Perhaps he intends to open the first ” Underwater Bed and Breakfast!

    • Flashy

      Paired with the Bush tax Giveaway to the Wealthy expiring in 2012…and ask him again. now…other than continuing from 1981 to today the most massive wealth redistribution in the History of Man, why would anyone be against the Buffet rule and discontiuing the tax giveaway aka Bush tax cuts?

      • Ted Crawford

        The ” Bush Tax Cuts” were valued by the CBO at $4.3 Trillion. Even the Progressive sources value the cuts for the “Wealthy ” at $700 Billion, given that 50% pay ’0′ Income Taxes that leaves $3.3 Trillion cut from the remaining 40% of us who do pay Income Taxes and are not “Wealthy “. Who then really benifited the most here?

      • http://www.mototcarsfinancial.com Brad

        Because Flashy it does nothing but takes the American voters minds off the elections and bad that is coming pout of ths administration. What it collects over a years time the government spends in about two hours every day. What’s the use nin this law?

      • Flashy

        Hmmmm I have to build a house. Well..there is so much to a house, hammering a board to another doesn’t affect anything. So why should i hammer anything together?

        So you’re adviocating doing nothing eh? Not even a beginning?

        So why cut anything in the budget since one program cut won’t be much in the overall scheme of things.

        Jeesh…some very deep thinkers today eh?

      • vicki

        Flashy writes:

        why would anyone be against the Buffet rule and discontiuing the tax giveaway aka Bush tax cuts?

        If I were a democrat might say cause it is cause the government wastes it on wars in my name. If I were a republican I might say it is cause the government wastes it on welfare.

        Being a libertarian I say cause the federal government wastes too much money on everything it does AND it does way to many things that are outside of the limited powers granted to it by the supreme law of the land.

  • Karen

    Is the income stated before or after taxes…..if its the latter, he’s maximizing his deductions in order to minimize his taxes…..and who wouldn’t? Paying taxes is like burning money. And he has the audacity to campaign against exactly what he himself is guilty of….but that’s Obama….rules apply to everyone else.

    • Flashy

      how is he not playing by the rules? he’s said time and again…the tax brackets his income falls in are too generous and the tax rates should be increased. His taxes were filed and made public.

      He’s supported the Buffet Rule and the end of the Bush Tax Giveaway to the Wealthy. It will affect his taxes…either today or in a few years.

      how is that not playing by the rules?

      And you support continuation of Welfare for the Wealthy ?

      • http://www.mototcarsfinancial.com Brad

        Flashy welfare is when you take something from those that have and give to those that don’t have. How does stealing from the wealthy fit anywhere in that equation??

      • Flashy

        no one is stealing anything from the wwealthy. only saying they should pay their fair share for the benefits they receive instead of making money off the State as they do now and having us pay for their subsidized benefits.

        Ever read The Commons by Barry Commoner?

      • securityman

        But you notice that his income dropped down below the point that he set. That should raise a few qs.

      • Flashy

        Actually, he has been promting the Buffett Rule for some time, well before this year. And he’s not carving out any exceptions from what he has previously set for the expiring Bush Tax Giveaway

      • vicki

        Flashy says:

        no one is stealing anything from the wwealthy.

        Tax is mostly on income and not wealth. When you die THEN the government comes in and steals a large and ever changing % of your wealth.

        only saying they should pay their fair share for the benefits they receive instead of making money off the State as they do now and having us pay for their subsidized benefits.

        They provide jobs for people so those people can be independent of government. That alone is more than enough but liberals want more. Lets take it all and ignoring all those people who will no longer have a job and see how we as a society do.

        http://www.youtube.com/watch?v=661pi6K-8WQ

        So what exactly did you plan to do for the next year?

    • DavidL

      I usually agree with you, Karen, but this time I don’t share your view that “paying taxes is like burning money.” Are we burning (waisting) money when we have things like our military, police, fire departments, public education, public libraries? I don’t think so, and I don’t believe you do either. The tax code certainly needs to be reformed. But what do we get when only wealthy people can run and hold public office? We get policies that favor rich people.

      I would add that the title to todays blog, “Our government, our enemy”, is as ignorant, irresponsible, and as self-destructive as it gets. The responsible person discusses,debates and attempts to influeunce policies which help our ship of state. The
      fool, and I’m being kind here, punches holes in its hull and calls the act patriotic.

      • Ted Crawford

        Slight problem here DavidL, Our Police and Fire Protection Services are a function of the State Governments , as should be our education and library systems, not the Federal Government!!
        It seems that our Founders also disagree with you on the smaller government issue. ” The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first ” Thomas Jefferson

      • Barney

        You’re all forgetting the “Golden Rule”. Those who have the gold Rule. And I guarantee they didn’t get it honestly.

        Barney

      • GiveMeLiberty

        DavidL…yes, in most of your examples we are WASTING money! Yes, the military is essential but used more as a global police force than true protector of American interests.

        Police and fire departments…big-time wasters of our cash. I just got off the road mere hours ago after driving 900 miles ACROSS our beautiful country. You might not believe this but I saw various police forces using spruced-up CAMEROS and CHARGERS on the interstates…are THEY frigging serious…give US a break. If they are going to spend that much money at least HELP the government and buy a VOLT. Fire departments…good Lord, how many times have you called a fire department in your life? In my 45+ years, that answer is ZERO…in my parents 65+ years that answer is ZERO…not much return on OUR investment. Good example, a house across my street catches fire last year, total loss. One fire dude showed up and after his ladders fell off his truck at the station he couldn’t find the street hydrants! Are police and fire services essential? Yes but not at the levels of spending they currently consume.

        Public education…I don’t have enough time for that one. One comment though…my thought on the 2011 $77B Department of Education (DoE) budget…REALLY?! And I would submit this question to them clowns, what was so wrong with our education prior to 1980 when the DoE was born? Here’s some MINOR examples of national accomplishments of students who attended school BEFORE DoE….the people who invented the airplane, mass production, light bulb, telephone, radio, TV, atomic power, microwave, lunar landing equipment, etc, etc, etc….ALL these fine folks attended schools without a $77B federal monster who is more concerned with social justice than actual education.

        Public libraries…come on “my friend” (McCain all of 2008), I can count on two hands how many times I’ve visited a public library. Although I wouldn’t advocate total elimination, I would submit, instead of extensive public libraries with volumes of paper books and thousands of OUR dollars in newspaper and magazines subcriptions, let’s consider slimmer and leaner methods. For example, how about smaller, more efficient facilities with internet access and quite possible some electronic access to books and various other publications. Another words, they need to get with the times….the days of Harry Truman reading all the paper books in a library are gone.

  • Raggs

    “The buffet rule” is yet another “legal” theft…
    Why should it apply to king oblama, he is not going to steal his own money.

  • MAP

    What did anyone expect from our corrupt Liar-in-Chief?

    • Flashy

      MAP…try and at least try to have cognitive thought.

      We need to deal with spending and we need to increase revenues…there is no way around that fact.

      So…what is your proposal? Raise taxes on the Middle Class?

      • Raggs

        Dumby… Who do you think will pay for the tax increase on the “rich”? certainly not the “rich”

      • MAP

        How ’bout, Flashy, we cut spending. Let’s begin by cutting out all the useless spending on the left’s pathetic agenda and the overgrown government that such idiocy requires. Let’s put the government back within the bounds set by the Constitution, out of our lives and out of the marketplace. So now what? You begin to weep for those you really care nothing about? Or you begin blaming the GOP? Let’s trash-can the entire leftist agenda and all their ruinous programs.

      • Ted Crawford

        Couple of problems here Flashy. You once stated that you were a part of your companys Financial Policy Team, if that’s true then you are well aware that throughout all of history every attempt to gain revenue from an increase in Capital Gains Taxes has followed the same pattern, short term, between 12 and 18 month, revenue increases, followed by dramatic revenue decreases. Within no more than three years the result of the tax increase is always a net negative to revenues!
        What has the answer always been to this negative revenue issue? You guessed it an increase to the taxes of the middle class, to cover the short fall!
        Even if this was not to occure, again by CBO numbers the increase would only amount to between $4.5 and $4.7 Billion per year or about $46 Billion over the next decade, Obama’s own budget projections for that same period is over $7 Trillion in increases. If the full amount were collected it could only cover the expenses of 17 days out of the 3,650+ days! It’s clearly not an economic issue! It’s nothing more than a class warfare issue!

      • http://www.mototcarsfinancial.com Brad

        No Flashy stop big government wast is the best palce to start

      • Flashy

        Ted..i advise the team on a horizontal level, not part of it.

        But…you are correct. When the rates on cap gains went up, after a lag period revenues from that area decrease. This has been almost invariable with a tweaking of the definition and parameters of what qualifies as “capital gains”. You will note investment does not decrease…tax revenues do as the investment cycle is followed through and less “investment” income is subject to a capital gains instead being ordinary income.

        Moreover, investment usually takes a long view and less of a short view and the money is not churned for tax advantages.

        i should ask…do you think someone will not invest if there wasn’t a favorable tax advantage? That they will simply keep their assets liquid? i should say that whomever is holding those liquid assets invests those to make the spread on interest paid and income received.

        I favor a complete elimination of any across the board captial gains. Tax income as ordinary income and use any tax treatment to favor emerging industries or areas which are viewed as favorable to the nation as a whole. New energy, infrastructure, housing, R&D. space technologies etc.

        i take the view that if someone will not keep their money on the sideline if the tax rate when they cash in will be ordinary income. they will invest using normal market strategies…will it make money. And investment will be used in a more productive way and not because of any tax consequences.

        But as i was stating…when you look at those revenues…look also as to whether investment dropped. you’ll find it didn’t.

      • Flashy

        Raggs who else would pay? I’m not talking about a company which can pass off a portion to the bottom line pricing. (and that is not a typo…for the most part, any tax increase is not passed on 100% to the consumer. Economics doesn’t work that way.)

      • Ted Crawford

        There is no need to keep our money on the sideline at all! For example the Asian market is growing at a rate of 5% to 7%, Munies are tax free as are several other investment insturments. The Capital will simply be withdrawn from the American market and invested elsewhere! Net gain to the investor, net lose to the American economy!

      • Flashy

        ummmm Ted…doesn’t matter what country it’s made in…it is still income and taxed as such.

      • vicki

        And no matter what country it is invested in a “tax free” investment such as municipal bonds is still tax free thus reducing the revenue taken in by the government.

  • KevinP

    No we don’t need to increase revenues,Its called not spending more than you take in. I do it every day!

  • Flashy

    OK…you’d do it by cutting the budget and not by in part raising revenue. What would you cut out? Not some huge statement such as “Welfare”… what programs? it’s easy to make broad generalizations which don’t say anythng…heck, the GOP does it every day. but notice they never say WHAT programs they would cut?

    • Ted Crawford

      The Department of Education, that is a Tenth Amendment function, the Department of Energy, The EPA, and by a complete, commonsense restructure of the Tax Codes about 75% of IRS, would at least be a good start!

      • Flashy

        So Ted, you’d keep/transfer none of those programs in those agencies?

      • Ted Crawford

        Once again Flashy. The Federal Governments enumerated responsibilities are listed in Artical 1, Section 8 of the Constitution, if it’s not listed there it falls under the juristiction of the Tenth Amendment!

      • Flashy

        Ted….let’s pretend we’re in the real world where it is viewed as legitimately within the bounds of the Constitution..instead of fantasy where the Consitution has been ripped to shreds and past SCOTUS decisions tossed out.

        Now… if you had a say in the matter…what cuts would you implement with a realistic viewpoint of the economic impact? And would you try to allevaite some of that impact with raising revenues? And if so…where would you look for those revenues?

      • vicki

        Ted answered you Flashy. None of the things listed have any SCOTUS precedents that make them a power granted to the Federal Government.

      • Flashy

        Vicki…I suggest you read and consider J.W. Hampton, Jr., & Co. v. United States (1928)

      • Vicki

        Flashy writes:

        I suggest you read and consider J.W. Hampton, Jr., & Co. v. United States (1928)

        Read and considered. Now explain why you think it is relevant that the supreme court sustained a tariff act since tariffs are part of what Congress is allowed to do.

      • Carl Casino

        :You are right on . I love a good debate but debating with a progressive is like pig wrestling. The pig loves it but I prefer to swim in a clean body of water not my own body excretions, a progressive can’t tell the difference…

    • http://www.mototcarsfinancial.com Brad

      They say cut food stamps and welfare to the abled people would be a great place to start. How about 99 weeks of unemployment as long as every business in Dallas TX and it’s surrounding cities has now hiring signs hanging in the windows and no one wants these jobs except the illegals. As long as the able have free Obama money they will just wait another month and see if anything better comes their way. Stop the free entitlements and possibly we can get rid of some wetbacks in out businesses.And a few free loaders can get off the government tit

      • Flashy

        Who decides what people should be cut? What would be your criteria AND how many do you think it would affect? got news for you. I believe you will find that the “savings”, if any, will be negligible using your criteria.

      • GiveMeLiberty

        Flashy, how about I decide who get’s cut! Here are some of my thoughts from an article I recently wrote…

        “We have become a society that asks the ‘producers’ to pay for and give ever more to the ‘non-producers’. Before THEY ask the ‘producers’ to give even more, shouldn’t THEY first cut-back on a few ‘benefits’ for the ‘non-producers’? Non-producers be damned, if it was up to me, I would not birth you, cloth you, house you, school you, feed you, medicate or doctor you, school you…again (can’t forget secondary), or birth and raise your 6 kids! As I had to do, you would find an independent will to survive, you would work hard and make the tough choices in order to survive.”

        Another words…stand-up, pull your boots up and STRIVE to survive! Handouts ONLY to get you on your feet. There are exceptions to this, I will grant you but typically those are folks confined to a wheel chair, hospital or total care situations. Otherwise, get off your butt!

        Small, Limited Government (with a STRONG Military) + Individual & Fiscal Responsibility + Free Markets = TRUE LIBERTY
        ~ GiveMeLiberty

      • Carl Casino

        If I could have been paid to be a couch potato during my working years you can bet I would have taken a pass. In my generation the embarassment would have been to much to bear.
        I have dug ditches (with a shovel) to feed my family, and any person with dignity would do the same thing. The problem with todays youth ( <50 yrs) is a gimme mentality.
        I have seen the start of avation/television/computers/etc. If technology continues at the same rate I have witnessed in 75 years what will occur in the next 75 will be amazing.
        The big question is can America survive another 75 yrs given the path we are on ?
        I think not..

    • securityman

      You could start by cutting out some of the freebies for the group in dc. they get a yearly salary that would do ,for most of us, for 3 or more years.Then they get all their cars, gas, haircuts,clothes,medical,and everything else,free or o so lowpriced that it should be called free. and guess where the difference is made up from.Flashy, you can kiss the rear of ob if you want, but i think that he should be ousted.

      • Flashy

        As to members of Congress…I agree. Too many “untouchable” bennies and not operating in the real world.

        OK…so vote against the incumbent. I am. Or are you only going to vote against the incumbent if it is a Democrat and return any GOP incumbents..even though they also voted for and are enjoying those bennies?

  • Mirage

    As an independent, I’m not happy with Obama kicking the can down the road like he said he would not do … just like ALL politicians are doing these days.
    It has been 4 years since the Great Recession, and no one of consequence has gone to JAIL.
    However, in reading about what the Obama’s pays in taxes, there were something interesting things learned.
    Last year, apparently President Obama gave more TO CHARITY than any of the presidential candidates he’ll be running against!
    Last year, President Obama gave 22% of his house-hold income to a charity for veterans … he put his money, where his mouth is.
    By comparison, apparently Rick Santorum, the guy that loves to go on and on about his Christian faith, and doing the honerable thing; GAVE ONLY 2% OF HIS HOUSE-HOLDS INCOME TO CHARITY! WTF?
    Money talks, BS walks … game, set, match.

    • Ted Crawford

      Nice try again Mirage! Santorum, however, isn’t a candidate!

      • eddie47d

        That’s like saying Ralph Nader wasn’t a candidate or numerous others over the years !

    • http://www.mototcarsfinancial.com Brad

      Mirgae is what you are in. I think Santorum’s income goes to feeding his family in very tough times. He does have a few more mouths to feed and a sick child that is most liely a drain on his charitable givings.

      • Flashy

        you know what Santorum made last year and in the years he has been out of office? look it up…afterwards see if you’d agree with what you just said.

    • securityman

      Mirage, I bet you still believe in santa claus to. I can say that I gave all that money to something “I don’t care about” too. That doesn’t mean that I really gave it. With obs’ record on paperwork, it’s not something I would believe. Do you really think that michelle would let that much money slip through her fingers? I would believe it if I saw the check to the vets and the deposit slip from the bank. Oh, I’m sorry, it was cash.HA,HA

      • Mirage

        Apparently Obama giving 20=% of his income to a veteran’s charity last year is public record??????
        If that is indeed true, and it probably is, sorry you’re not a big enough man to acknowledge anything decent about the Prez. For people like you, the guy could walk on water and you would bitch that he got his feet wet … nothing is ever good enough.
        The problem with being Ultra conservative, Ultra Liberal, or belonging to any one party is … it makes you a radical.
        The great thing about putting country first and being an independent voter is …. I’m interested some adherence to the truth, versus a party winning because I’ve sworn allegiance to it.
        Wanna piss off a right or left wing radical? THINK!

        • securityman

          , I give credit where credit is due, he just doesn’t have due him. Have you really swore allieagance to this country! Tell us where you have been to try and help this country. I spent 2 and a half tours fighting for this country.in Viet Nam. It wasn’t popular then as it is now, but we did it because “our country ask us to”. We fought for the right to our way of life and this guy wants to be king of all. I’m not going to ask if you would have been with us or would you have gone to canada. I already know the answer to that q…

  • an old guy

    Cutting out the “Foreign Aid” welfare would help. Especially to China and our other ENEMY NATIONS.
    Flat Tacx no deductions would seem most fair. 10 cents on the dollar is 10 cents on the dollar.

    • Flashy

      What ‘foreign aid’ to China do we give? And what is an “enemy nation”? have any for examples? Have you thought through the ramifications of cuting that aid to whatever you see as an “enemy nation” ?

  • J. Dexter Smith

    Libertarians believe that “least government rules the best.” Dr. Ron Paul ran 3 times in the past as the Libertarian choice for president, now, he is mixed in with the Republicrats. You know, seriously, a 4 year term with him at the helm might not be so bad. All the troops would be home world wide. He would tell North Korea and Syria and iran that if any of our ally nations come under an attack which is deemable as war, then, they will simply be
    wiped off the map. We wouldn’t have to worry about their saber rattling any longer. Dope and prostitution would be legalized and taxed as his idea is, if your neighbor want to commit suicide, tell him that he is wrong and the reasons why, then hand him the gun or knife and let him/her make the final choice. Children could go to school at whatever school they wanted, or become street urchins, their choice or their parents choice. Children could eat whatever they wanted to or at least whatever was prepared at school lunch, without the government telling the kids what to eat. The stock market could make whatever profits they wanted. Everyone would pay the same tax rate 10% at the checkout register/p.o.s. Freedoms to do or not do whatever you wanted to would abound. But I really don’t know if the American public could handle that, people are now so used to being told what to do, it has become second nature to call or write some government bureauracy or local police that they can’t decide anything on their on any longer.

  • Doc Sarvis

    I guess he is more like the 99% of us and less like the 1%.

    • securityman

      I think it’s bull. he makes more than that in intrest. with his track record on paperwork, he just is not telling it like it is…..

      • Doc Sarvis

        You know this how? He and his wife probably have the most public income tax return in the country.

        • securityman

          Doc, don’t start a fire in your fireplace next christmas eve. You don’t want to roast santa.Him and his wife will put out what they want you to believe,and you will believe it.They are residing,illegaly, in the white house , so you think that they are upfront about things. Where did you become “doc” at.?

  • Barney

    Anyone who can properly manage a household budget knows you can’t borrow your way out of debt. The two things that you can do are increase your income and/or cut your spending. Buffet rules or redistribution of wealth or all this rhetoric are not going to change a thing. We are in financial trouble. Why are we borrowing money from other countries and giving away untold billions in foreign aid to countries that hate us. Think before you vote in November and remember the answer does not start with an O. There are also many changes needed in the house and senate. Educate yourselves on the beliefs and values of the candidates.

    Barney

  • http://www.facebook.com/profile.php?id=1673686634 June Gagnon

    Since obama-soetoro lies about, absolutely, everything else, why would you even “imagine” he’d file an “honest” tax return?

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