Politicspoliticsbuffettrulehillaryclintonwarren

Wed Dec 16, 2015, 10:01 PM

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

The Buffett Rule makes a great deal of sense https://www.washingtonpost.com/news/post-politics/wp/2015/12/16/clinton-wants-to-expand-on-buffett-rule-taxing-the-rich-at-30-percent/

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.



Even without any numbers, Clinton’s backing for the Buffett proposal is notable, because she has already proposed billions in new spending for education, infrastructure, health care and other priorities.

She has simultaneously pledged not to raise taxes on the middle class, defined as those earning less than $250,000 annually, while fending off a primary challenge from liberal populist Sen. Bernie Sanders.

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Reply Clinton wants to expand on ‘Buffett rule’ taxing the rich at 30 percent (Original post)
Letmypeoplevote Dec 2015 OP
moneyshot Dec 2015 #1
Dr. Hexagon Dec 2015 #5
moneyshot Dec 2015 #6
Roger Cavu Dec 2015 #2
Jack Burton Dec 2015 #3
Sundogs_Place Dec 2015 #9
Woman On Fire Dec 2015 #22
Magyar Heidinn Dec 2015 #4
Dr. Hexagon Dec 2015 #10
Magyar Heidinn Dec 2015 #18
Dr. Hexagon Dec 2015 #19
Magyar Heidinn Dec 2015 #27
Dr. Hexagon Dec 2015 #29
Magyar Heidinn Dec 2015 #34
Dr. Hexagon Dec 2015 #37
Lefty Dec 2015 #7
Dr. Hexagon Dec 2015 #11
New Deal Democrat Dec 2015 #8
Carlos W Bush Dec 2015 #20
New Deal Democrat Dec 2015 #21
magdrop Dec 2015 #12
Scary Red Dec 2015 #13
Sassyspop Dec 2015 #14
New Deal Democrat Dec 2015 #28
Sassyspop Dec 2015 #30
New Deal Democrat Dec 2015 #33
Sassyspop Dec 2015 #35
New Deal Democrat Dec 2015 #36
bpilgrim Dec 2015 #15
Cave Dweller Dec 2015 #16
bpilgrim Dec 2015 #17
pavulon-lives Dec 2015 #23
bpilgrim Dec 2015 #24
pavulon-lives Dec 2015 #26
Sassyspop Dec 2015 #31
Cave Dweller Dec 2015 #39
bpilgrim Dec 2015 #40
Lira Dec 2015 #25
wisbadger Dec 2015 #32
SavannahMan Dec 2015 #38

Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:07 PM

1. Well, I don't know about this part:

"I want to go even further, because Warren is 100 percent right, as usual,"

In my experience Buffett is only right 99.2% of the time.

But he is still the greatest capitalist in history.

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Response to moneyshot (Reply #1)

Wed Dec 16, 2015, 10:13 PM

5. His secret is that he's not greedy

When the market plunges he buys and holds onto it for the long term. He lives in the same house he bought in 1965. He eats at a hamburger restaurant. He is a patriot who wants a strong nation not a poor nation.

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Response to Dr. Hexagon (Reply #5)

Wed Dec 16, 2015, 10:15 PM

6. He is a great patriot and capitalist - that is why conservatives hate him.

And he is an atheist.

DOUBLE DOOM FOR CONSERVATIVES!

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Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:10 PM

2. Her whole platform is "er"

She, today said in response to trump, "I think Amercia is great and I want to make it greater"


And what a shocker. Wall Street endorsed the Clintons. Didn't see that one comin'

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Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:11 PM

3. What a shocker.

A Democrat wanting to raise taxes? Who woulda thunk it?

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Response to Jack Burton (Reply #3)

Wed Dec 16, 2015, 11:49 PM

9. I'm sick of hearing what they're going to do if we elect them. It's all lies. When they get

elected they claim they can't get anything done because of the partisan politics. Hillary already knows this, so if she doesn't come up with a plan that already takes this into consideration she's either an idiot or liar, maybe both.

And I'm talking about all of them, not just Hillary. I want to hear a plan they can actually make happen, so when they're lying we can hold them accountable.

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Response to Jack Burton (Reply #3)

Thu Dec 17, 2015, 04:17 PM

22. I'm fairly certain the taxes being discussed here wouldn't effect you.

It might actually help you.

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Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:12 PM

4. If she gets it done

The extra revenue will be pissed away social feel good rainbow and unicorn programs.

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Response to Magyar Heidinn (Reply #4)

Thu Dec 17, 2015, 12:20 AM

10. Investing in Americans and our infrastructure is better than spending it on the MIC

We already spend more on the military industrial complex than all other nations combined.

And waste at the Pentagon is in the $100's of billions, while making Boeing and other defense contractors filthy rich. Lots of that money goes to buy the Republicans to get more contracts. So the war machine continues. Bombs dont feed people. They kill them.

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Response to Dr. Hexagon (Reply #10)

Thu Dec 17, 2015, 01:57 PM

18. Like I said, a waste.

Why do you think everyone wants their extorted dollars wasted on people who cannot feed themselves, work or whatever their excuse is? I have no problem spending money on defense, and real, not fantacy land infrastructureI. I will yield that military spending needs more oversight, however, defense is what keeps Americans from being forced into praying ass up face down. The real problem is self reliance, somthing that is seriously lacking, the can's are soon to be outnumbered by cannot's and that is unsustainable.

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Response to Magyar Heidinn (Reply #18)

Thu Dec 17, 2015, 02:12 PM

19. What about children, retired, disabled, underpaid workers?

Should they be more self-reliant? Or do you want children have to get their meals from garbage dumps like in 3rd world countries while billionaires live in castles? U Republicans really do want America to become a banana republic with a very small upper class and very large lower class.

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Response to Dr. Hexagon (Reply #19)

Thu Dec 17, 2015, 06:02 PM

27. Fail, not a Rebublican.

Yes, they should be more self reliant, but most are incapable of doing so.

Had this discussion yesterday so I will post what I said there.

61. What I would like happen

Is for these people to be phased out. 

You are incorrect, it's not a (self reliance) skill, however, it it can be taught. It must taught and reinforced constantly from a very young age for it to take hold, its called parenting. There has always been stupid and unfortunately it was allowed to flurish. The result is, a magnitude of those that lack the fortitude and mental capacity to learn anything beyond dependance. 

There is not enough resources to support the world population today in a manner that would make those that care about the supposed disenfranchised happy. So this means that there will never be enough jobs to provide what you would consider a livable wage let alone self reliance for these people. Population reduction is the only answer and Eugincs is the long term solution. 

I am very aware that this solution will never happen in my lifetime. However at a time in the future a tipping point will come when the inleligent and self reliant will have to make it happen. 

So, in my lifetime all I can do is vote and tell charities that I gave at the IRS.

67. Stupid is not a curable condition,

To have jobs, there must be a need for products and services, and those two things must make the person producing them a profit. Without profit there is not jobs, and extorting money from the do'ers to support the can'ts drains jobs that produce. Now couple that with the ever increasing PUBLIC jobs and services that produce nothing and are financed with PUBLIC money to take care of the leeches and that adds up to we are fucked. 
Your prioraties only weakens those that can and that chunk on the bottom is still a burden on progress. 
If you are content with masses living on the edge and taking care of those with "public money", mediocrity and stupid will keep growing as will crime and unwanted babies. 

When you settle for shit you only learn to live with the smell. The tipping point is when the can'ts outnumber the cans, it's coming. Eventually the public money will dry up because the extorted will dry up also.

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Response to Magyar Heidinn (Reply #27)

Thu Dec 17, 2015, 06:11 PM

29. LOL. . U sure youre blaming the right people for $ drying up?

For the average person $50,000 income he pays tax of $40 a yr for food stamps and welfare for children disabled underpaid workers like Walmart and McDonalds.
He also pays $4000 a yr in tax for corporate subsidies/welfare.

Do you realize the $10's of trillions the top 1% have sitting in banks often offshore? The Waltons alone have more money than the bottom 60% combined.

And we subsidize Walmart with $6 billion a yr for food stamps for their employees to survive.

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Response to Dr. Hexagon (Reply #29)

Thu Dec 17, 2015, 07:00 PM

34. I do realize all that.

If those numbers are correct, not saying they aren't unless you are the head IRS accountant of the human leech department, in which case you would not be trust worthy anyway and .40 cents would be to much. Now the corparate thing, this makes me more ill than the leeches. However, if the world monies was divided eaqually amongst the human population it would not take very long and it would be back in the pockets of those who had it to begin with. Even if you want total govement control of business and employment the corruption would go on regardless. The Russians tried it for the better part of 40 years and look at what it was like for the masses there towards the end. This I have first hand knowledge of, Hungary was not a treat to grow up in.

Other than the ill gotton tax dollars I have no problem with the wealthy. The Walton's got there money selling the utterly stupid cheap plastic shit they didn't need to begin with. I know, I know they underpay the employees and they are on welfare. Saying we subsidize Walmart and the like because their employees are leeches is a stretch.
To many undesirable people in the world. The theory that if we take more from those that you say have to much and pay people more and everything will be grand is a fantasy. Giving and paying more to people who are incapable of reason is actually cruel.

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Response to Magyar Heidinn (Reply #34)

Thu Dec 17, 2015, 10:16 PM

37. The point is that you beleive the oligarchs who want to keep

screwing the rubes like you and u dont even realize it.

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Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:17 PM

7. So compared to the 90% tax rate in the 50's for rich assholes like Hillary...

30% is supposed to be a real burden on the sociopathic oligarchy? That's supposed to be her way of getting tough on the rich? She can go blow that out her ass!

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Response to Lefty (Reply #7)

Thu Dec 17, 2015, 12:23 AM

11. Yes, pathetic. I think they are talking about the tax on investments which is now only 20% top rate.

It should be the same ast the top income tax which is 40% still far below 70% before Voodoo Reagan who dropped it to 28%.

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Response to Letmypeoplevote (Original post)

Wed Dec 16, 2015, 10:29 PM

8. What about federal income taxes on capital gains and dividends?

Should the long term capital gains rate stay at 15-20%? Why wasn't this mention in the linked article at all?

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Response to New Deal Democrat (Reply #8)

Thu Dec 17, 2015, 02:23 PM

20. You want the gains on your IRA/401K/Pension to be taxed at a higher rate?

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Response to Carlos W Bush (Reply #20)

Thu Dec 17, 2015, 04:11 PM

21. That income is already taxed at a much higher rate than capital gains.

Long term capital gains and dividends are subject to a tax of 15% to 20%. If you're in the 10% to 15% bracket for ordinary income, capital gains are not taxed. Withdrawals from IRA and 401(k) pensions are subject to the same marginal rates as earned income, up to 39.6%.

I think you're onto something. Long term capital gains and dividends should be taxed at the same rate as earned income.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 01:16 AM

12. Hahaha..

Sure she will.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 03:21 AM

13. I'd go further and redefine capital gains...

so it would be the gain from your work, not your portfolio.

And a small tax or fee on each trade, to reduce program trading.

And how about redefining inheritances as unearned income?

And a few other things, too.

But, as past Presidents, going back to the first Roosevelt, have found out, the rich will accept only a certain amount of taxation, and they have more resources than any President. More resources than Congress, too, since they own it.

And for those who complain about the Clinton ties to Wall St-- however tight those ties are, every Republican running is wedded forever to Wall St.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 08:20 AM

14. Considering the Earned Income Rate is 39.6% on $465K and over..

 

The "Buffet rule" is a bait and switch..to target investment income...invested money that was taxed when earned ate THAT rate.. and then IF there is a positive return.....to slam them again on the earnings that are taxed at 20%.
NOT A SINGLE tax law says Buffet can't send IRS more money than he owes.


Married Filing Jointly or Qualifying Widow(er):
Taxable Income.............................Tax Rate
$0 to $18,450.........................10%
$18,451 to $74,900...............$1,845.00 plus 15% of the amount over $18,450
$74,901 to $151,200.............$10,312.50 plus 25% of the amount over $74,900
$151,201 to $230,450...........$29,387.50 plus 28% of the amount over $151,200
$230,451 to $411,500............$51,577.50 plus 33% of the amount over $230,450
$411,501 to $464,850............$111,324.00 plus 35% of the amount over $411,500
$464,851 or more...................$129,996.50 plus 39.6% of the amount over $464,850

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Response to Sassyspop (Reply #14)

Thu Dec 17, 2015, 06:08 PM

28. How are capital gains and dividends not income?

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Response to New Deal Democrat (Reply #28)

Thu Dec 17, 2015, 06:24 PM

30. They are.........they aren't EARNED income....like my employees wages....

 

Cap Gains are the result of investments or sale of a capital asset(like a house).....investments purchased with dollars already taxed at the earned income rate.....a dividend is again a return on... say stock....my GE stock pays a dividend each yr.....but I bought those stocks with earned income that was already taxed at the earned income rate.

Buffet could pay a 39.6% rate if he took a salary...or send what he thinks is fair to IRS

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Response to Sassyspop (Reply #30)

Thu Dec 17, 2015, 06:50 PM

33. OK, we agree that capital gains are income.

Now about those stocks that you bought with your earned income: The principal (which is your investment money) was taxed when you first received it as earned income. The capital gains and dividends (which you agree are income) are now subject to income taxes, but the principal is not. How is it that your income was taxed twice?

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Response to New Deal Democrat (Reply #33)

Thu Dec 17, 2015, 07:32 PM

35. I suspect you know the answer....

 

"The principal (which is your investment money) was taxed when you first received it as earned income."
"but the principal is not. How is it that your income was taxed twice?" Would be retaxed under any Dem plan IF I sold the stock....If I bought at $18 and sold at $30 the left wants to bang me on the whole wad...
Make no mistake about that.
The Buffet rule is a bait and switch.......
They tax savings account interest if you meet the threshold....form1099INT

Kind of like NY DMV....I just paid a big Sales tax bill for a new work truck....in 2 yrs if I sold it to my neighbor privately, he get's banged again...if he sells it privately, 2 months later the 3rd person gets banged and if NY thinks the 3rd sale isn't what they think is fair market price...they'll take the tax anyways....

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Response to Sassyspop (Reply #35)

Thu Dec 17, 2015, 07:42 PM

36. No income is getting "retaxed". That's just a lie you keep repeating.

You've got a lot of guts for accusing the Buffet rule of "bait and switch" deception.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 08:31 AM

15. Should be closer to 90%

 

if they don't like it, they can get the fuck out, too.

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Response to bpilgrim (Reply #15)

Thu Dec 17, 2015, 08:45 AM

16. Yeah,

cause no one ever needs investors.

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Response to Cave Dweller (Reply #16)

Thu Dec 17, 2015, 08:48 AM

17. not those kind, and there are plenty more where those malcontents came from.

 

If they do not recognize their good fortune to do business in this country, with the world's most powerful military than they aren't really as smart as they think they are.

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Response to bpilgrim (Reply #17)

Thu Dec 17, 2015, 04:20 PM

23. easy enough

that's what tax attorneys and good lawyers are for. How do you think old Gaston Glock gets paid from his us sales?

I need a crooked ass democrat to help me figure out how to make it just short of illegal but damn close to evasion.

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Response to pavulon-lives (Reply #23)

Thu Dec 17, 2015, 04:24 PM

24. first you need to earn enough to afford those attroneys

 

but even still, a 90% rate would still bring in plenty of money to upgrade America, and keep that way for decades to come.

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Response to bpilgrim (Reply #24)

Thu Dec 17, 2015, 04:35 PM

26. good ones in NY

have blended run rates and are happy to make sure that the corps move assets in a manner in compliance with federal law.

democrats too. the best are always democrats.

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Response to bpilgrim (Reply #24)

Thu Dec 17, 2015, 06:28 PM

31. NOBODY paid the 90% rate....they actually had writeoffs that made the effectives less than today.

 

Hell the 3 martini lunch was REAL.....and a deduction....the hooker in the Company hotel room as a deduction...

JFK was a tax cutter. Clinton was also.

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Response to bpilgrim (Reply #17)

Fri Dec 18, 2015, 01:27 PM

39. If you buy stock

or have stocks in a fund for your retirement, you are an investor. Cash out before the IRS says you will not have a tax hit and you will be walking the walk that you want everyone else to do. Until then, you are taking advantage of the existing tax law just like those millionaires you are talking about.

You are richer than 80% of the world. You willing to have the UN tax you are a high marginal rate? Because on the world stage, Americans are in the top 1%.

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Response to Cave Dweller (Reply #39)

Fri Dec 18, 2015, 07:03 PM

40. Doesn't apply to most

 

Time for the rich to pay up.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 04:24 PM

25. If you believe her

I have this lovely little bridge you might want to purchase... it connects Manhattan to Brooklyn.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 06:33 PM

32. Capitol gains need to be indexed to inflation...........if you bought a house 30

years ago for 25K, you sell it now for 200K. you are required to pay capitol gains tax on 175K. yet the value of the house after inflation is worth little more than it was when you bought it.

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Response to Letmypeoplevote (Original post)

Thu Dec 17, 2015, 10:31 PM

38. Don't worry.

Buffett won't pay that tax either.

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