In State Of The Union, Obama Calls For Minimum 30 Percent Tax On Millionaires

[ProSense]

In State Of The Union, Obama Calls For Minimum 30 Percent Tax On Millionaires

By Pat Garofalo

During tonight’s State of the Union, President Obama — noting that one quarter of millionaires are able to pay less in taxes than millions of middle class families — called for a minimum 30 percent income tax rate for millionaires. Obama also took on the favorite Republican talking point that calling for millionaires to pay their fair share in taxes is “class warfare”:

Tax reform should follow the Buffett rule: If you make more than $1 million a year, you should not pay less than 30 percent in taxes…Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.

We don’t begrudge financial success in this country. We admire it. When Americans talk about folks like me paying my fair share of taxes, it’s not because they envy the rich. It’s because they understand that when I get tax breaks I don’t need and the country can’t afford, it either adds to the deficit, or somebody else has to make up the difference – like a senior on a fixed income; or a student trying to get through school; or a family trying to make ends meet. That’s not right. Americans know it’s not right.

Watch it:

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Even before the President’s speech ended, Speaker of the House John Boehner (R-OH) had posted a statement deriding the Buffett rule as a “political gimmick.” “Because the president clearly cannot run on his record, he has regrettably turned to the politics of envy and division,” Boehner’s statement read.

Earlier in the speech, President Obama also called for a mortgage refinancing plan, paid for by a new fee on the largest banks in the country. “I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates,” Obama said. “No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.”

http://thinkprogress.org/economy/2012/01/24/411033/sotu-obama-minimum-tax-millionaires/

Romney Paid 13.9% ("Romney advisers stressed that the holdings in the Caymans&quot
http://www.democraticunderground.com/1002211678

CLOSE THE ROMNEY LOOPHOLE
http://upload.democraticunderground.com/100265342

[pansypoo53219]

1. KILL THE BUSH TAX CUTS!!!

i want clinton or hall, lets go to 50%. hell. eisenhower 80%!

[Major Nikon]

2. I think it should be the same as the highest tax bracket for wage earners

It's time to start charging people like Romney FICA on their first $100K as well. Investment income should be treated the same as wage income. The whole idea that investment income is somehow more privileged than wage income is outdated supply side bullshit which has been soundly debunked.

[lovemydog]

3. to me, this is the most significant policy proposal

of his sotu. And it's why we need to give him a much better Congress!

[ProSense]

6. It would

have a huge impact, having 30 percent be the base. That's more than double what Romney paided.

[JDPriestly]

4. I thought that the expression "repay a deficit of trust" was one of the best phrases in the speech.

And that means a lot because the entire speech was well thought-out and well written.

Capitalism -- and our legal system -- are about trust -- about relying on business partners, about fairness in all our dealings.

Subtract from capitalism the factors of honesty, integrity and trust, and the economy doesn't work. And that is what we have.

You can't have trust without honesty and integrity on the parts of trading partners. That's my belief. That is why I think that phrase was the key to the whole speech.

Trust -- trustworthy businesses -- trustworthy citizens -- trustworthy lenders -- trustworthy borrowers. Those are the minimum requirements for our system.

[mmonk]

5. Taxes on captital gains needs to be put back at higher rates.