Thread: Obama Takes Class Warfare To The Next Level

Obama Takes Class Warfare To The Next Level With The "Buffet Rule" And A New "Millionaire Tax": Is A Market Selloff Imminent?

Submitted by Tyler Durden
09/17/2011 21:03 -0400

In his increasingly desperate attempts to pander to a population that has by now entirely given up on the hope, and barely has any change left, Obama is going for broke (or technically the reverse) by setting the class warfare bar just that little bit higher. This time around, his targets are millionaires, who according to the NYT are about to see their taxes soar. Or not: nobody really knows if the proposed "Buffett Rule", affectionately known for crony communist #1, will impact just millionaires income tax, which incidentally is the same as what everyone else is paying, or, far more importantly, their Investment Income, which is where the bulk of America's wealthy income comes from. Which incidentally makes all the sense in the world: two and a half years after Bernanke has been desperately doing everything in his power to raise the "wealth effect" if only for the richest 1% of the US population, it is, from the government's perspective, time for the taxman to come knocking and demand his share of the capital gains. Yet what is lost in this ridiculous proposal are the unintended consequences, which always follow idiotic decisions arising out of central planning, number one of which would be a market crash as those who have paper gains since the market lows of 2009, scramble to lock in the old capital gains tax rate of 15% instead of holding on to paper profits that could end up being as high as 35% (or more): an event that would cut actual income by over 25% should one wait to cash out! And since 25% is substantially more than anything that Twist and QE3 and 4 could hope to achieve, it is all too conceivable that those holding on to profitable positions will have had enough, and take their profits, likely converting them into physical and non-dilutable assets along the way. As to whether they would subsequently relocate to far more hospitable countries, such as those that don't foment class warfare, and implicitly invite a civil war, that remains yet to be seen.

In the meantime, here is how Obama just made sure his already record low rating is about to plumb depths unseen since the time of Jimmy Carter, via the NYT: http://www.nytimes.com/2011/09/18/us/po ... &_r=1&hp#h[TOpBbf]

President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.

With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,â€

CLASS WAR FARE YOU GOT THAT RIGHT.... and hes got Bafoon Buffett selling his spiel...NWO spoke person of the year....



PASS THIS BILL NOW!!!!!!!!



NOT NOT NOT on your life!!!!!!!

This "bill" is just another massive fraud. Here are a few highlights.

American Jobs Act: “The Illegal Alien & Unemployed Civil Rights Actâ€

Obama defends new taxes: ‘This is not class warfare, it’s math’
By Sam Youngman - 09/19/11 12:03 PM ET

President Obama defended his proposals to raise taxes on the wealthy Monday and promised to veto any deficit reduction plan from Congress that cuts entitlement programs but doesn’t raise taxes on the wealthy.

“We are not going to have a one-sided deal that hurts the folks that are most vulnerable,â€

CLASS WAR FARE YOU GOT THAT RIGHT.... and hes got Bafoon Buffett selling his spiel...NWO spoke person of the year....

Buffett owes a billion dollars in taxes and this information has been in the news for weeks.
WHEN is he going to pay his back taxes? Or, will they be significantly reduced?

Support for this administration seems to be very lucrative.

He needs to put his money where his mouth is.

Steal the money from the rich then use it to buy votes. They call that a jobs program.

Originally Posted by Justthatguy

Steal the money from the rich then use it to buy votes. They call that a jobs program.

PASS THIS BILL NOW!!!!!