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Obama would not have to pay higher taxes under ‘Buffett Rule’

Obama’s new signature tax hike initiative, the Buffett Rule, would not apply to him according to his 2011 tax return released by the White House.

The liberal proposal to raise taxes on the rich would only come into play had Obama made at least $1 million. His return shows that the President only made $789,674 last year – mostly from book sales.

The Obama’s tax bill came to $162,074 which means his effective tax rate was just over 20%.

The White House announcement contradicts both the initial idea of the Buffett Rule and the legislation built upon it – the Paying a Fair Share Act of 2012. In the announcement, the White House says, “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.”, but the Buffet Rule was to put a higher tax rate on those making $1 million or more and the Paying a Fair Share Act of 2012 has only that provision.

The Paying a Fair Share Act has no chance to pass the House and will likely fail in the Senate. The populist legislation will have the intended effect of characterizing Republicans to be protecting the wealthy when the GOP defeat Obama’s latest effort to redistribute the wealth of American citizens.

Democrats have positioned the legislation as a deficit-cutting move while no one actually believes that the ~$4 billion in annual revenue will go to anything but increasing the size of government – Congress has yet to meet a dollar that they cannot spend.

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  1. WillofLa says:

    The Socialists must have added those tax rates which violated the Reform Act sometime between the end of Clinton’s terms and after George Bush got in.

    They added to the Reform Act rates that were established, and let me mention here that the Act said that there would not be any rates added to or taken away no matter what!! But Democrats did it anyway. Why? Because Socialist hate Republican’s and conservatives. That’s why.

    The Reform rates were 15%, 28%, and 33%, that’s all! Democrats added 10%, 20%, and 30%, and went ahead and added 35%. Now they may have dropped the 30% and kept the 35%, but I know that there is a 35% after 33%. Why did they think that there needed to be a tax rate right after 33%? That doesn’t make sense, but what does Socialist do that makes sense? Nothing, that’s what!!

    So now there are all these rates which is why Reagan was trying to get rid of all the rates and that was so people could get raises without having what Reagan recognized as being called “bracket creep”. All you had to do was make just a little bit of an increase in your income and WHAM!! you were in a higher income tax bracket!! But Democrats, who were the ones who created all the brackets to begin with just couldn’t stand the fact that now there was only three!! So they just had to add all those other brackets in order to create “bracket creep” anyway!!

    So now we have 10%, 15%, 20%, 28%, 33%, and 35%! That’s just about everyone will pay a higher income tax no matter what you make, there is a tax that will pick you up!! Then millionaires will get the hell taxed out of them once they reach a million dollars a year. Obama is very close to it, and I’ll bet he made more than that $784 thousand a year, I’ll bet he made well over a million a year with all the criminal activity he is involved in all the time?

  2. WillofLa says:

    I was shocked when the news said Obama paid only a 20% tax rate! 20%??!! What?? He’s supposed to be paying that 35% rate the Democrats added to the tax rates.

    You do know that the Democrats violated the Tax Reform Act of 1986, don’t you? President Reagan worked hard and long, and against extreme Democrat opposition to get that bill passed in order to lower everyone’s overall tax bills, and to allow more people to move up the latter in incomes so to give them more money as they got promotions, raises, or bonuses. For some the tax went up a bit, but for the majority their taxes went down especially for those who make a million dollars a year. For them the tax code said that it would be a percentage not found on the regular tax rate schedule that everyone got in the mail.

    I made it my business to study the Tax Reform Act of 1986 to see if it was sound and I didn’t find anything wrong and if it had any back doors the liberals could get in and mess things up like they like doing to conservative economic bills that are Constitutional and actually help the American people.

    But what the Socialist Democrats did was what they always do and that is they get in power and over ride the Constitution or amend the bill until it’s so watered down it’s no longer affective. But in this case the bill was already passed, bipartisan, and they couldn’t do anything to it. So they just went over the Constitution and just passed a bill on top of the tax rate schedule the Tax Reform Act established and added more rates in order to suck in more taxpayers and more people whose raises wouldn’t have anymore tax coming out of it and their new rates picked them up. This is another travesty the Socialist always do upon the American people because they are doing what the Communist tell them to do.

    The Socialist Democrats therefore added below the bottom of the Reagan rate schedule of 15%, a lower rate of 10%, then the added a rate below the only next rate of the Reform Act and that was 28% for everyone making up to $110,000 a year and that was the only rate left on the entire schedule and that was 33%. But the Democrats wanted more rates to pick up more people. So they added a rate below the 28% which was for people making up to about $30,000 a year, and that was 20% to start at a lower income level of between $10,000 a year to the $30,000 where the only next rate began at 28%. But the new rate of 20% picked up those in between those two amounts between the 10 thousand and the thirty thousand a year.

    Then the Socialist Democrats decided that there needed to be a rate below the 33% which picked up everyone making more than $110,000 from $30,000. The Reform Act really gave people alot of room for raises and promotions before they had to pay taxes at the next rate of 33% which picked up everyone making beginning at the $110,000 up to 1 million a year!! Wouldn’t that be great? To be able to make $110,000 and work your way up to $5 or $7 or $800,000 dollars a year and still be paying only 33%? Obama should be paying this amount, not 20%.

    The only way they could be paying 20% tax is if they had such huge writeoff’s to lower their income tax that it cut out so much income with things they could reduce their income in order to reduce their income amount down to the amount that only required them to pay 20%? Man! They must have taken huge write off’s to cut their income down to on an amount that would require them to have to pay only a 20% tax? That’s almost impossible to do because they would have had to cut their income from $789,674 down to something between $50,000 and $75,000 that the Democrats had added to the rate schedule to pick up more income earners who made more than $50,000.

    So the Obama’s must have wrote off all the travel costs they incurred because Obama claimed since he was there to conduct business he could write off the cost of the entire vacation or ten’s of thousands of dollars worth of costs for Michelle and the two girls was all wrote off.

    Isn’t that some crap?? In other words Obama cheated on his taxes. But if his CPA said it was legal then I guess he could do it, but it’s still just some damn crap that he can do that but we can’t? We can’t write off our vacations if we do a bit of business while on vacation? It’s because we work for some company and aren’t in a position to do business while on vacation. We’re just on vacation and can’t write it off for anything. But he can. Smart, huh?