From the Huffington Post:
WASHINGTON — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.
A White House official said the proposal would be included in the president’s proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.
Obama is going to call it the “Buffett Rule” for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.
Buffett wrote in a New York Times op-ed piece last month that he and his rich friends “have been coddled long enough by a billionaire-friendly Congress.”
The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.
House Speaker John Boehner said Thursday he would oppose tax increasesto reduce the deficit. Boehner has urged Congress’ deficit “supercommittee” to lay the groundwork for a broad overhaul of the U.S. tax code.
The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.
Boehner said the panel has “only one option, spending cuts and entitlement reforms,” a reference to government benefit programs such as Social Security, Medicare and Medicaid.
It’s about time. Most of us are tired of hearing how everything is going to come off the packs of those receiving Social Security, Medicare and Medicaid in order to protect the rich. If the rich are job producers? Where are the jobs? Oh, no one will create them because the economy is “skittish?” I repeat, where are the jobs? I suppose the ” job producers” aren’t really job producers. They are just people who want to keep their part of the pie and let the middle class shoulder the cost.
Any middle class person who falls for this like of bull puckey deserves to be taxed. However, leave me out out of it. And while we are on the subject of pet peeves, how about those entitlements? You know–the Social Security and Medicare that you and your employer have paid in to for decades. Entitlements my a$$! Touch my “entitlements,” lost your job! Is this where I say pry my SS check out of my cold dead hands? You get the picture. Fear the Boomers!
Warren Buffett’s op-ed click here.
