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Frenchfry

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Obama Proposes Doubling Dividend Tax on Wealthy
« Reply #30 on: February 13, 2012, 07:31:28 PM »

Obama Proposes Doubling Dividend Tax on Wealthy
President Barack Obama’s budget plan calls for taxing dividends received by high-income taxpayers as ordinary income, raising the top rate to 39.6 percent from 15 percent.

The proposal, in the president’s fiscal 2013 budget released today, would reverse his previous policy that called for taxing dividends more lightly than wage income. Obama would treat dividends as ordinary income for married couples making more than $250,000 a year and individuals making more than $200,000.

In all, compared with current tax policies, today’s budget would raise $1.4 trillion over the next decade from high-income taxpayers.

The dividend tax proposal would raise $206.4 billion over 10 years. Obama is proposing a top individual income tax rate of 39.6 percent in 2013, up from 35 percent. His budget would tax capital gains at a top rate of 20 percent, up from 15 percent. The top dividend tax rate is now 15 percent.

Another 3.8 percent tax on the unearned income of couples earning $250,000 and individuals making at least $200,000 will take effect in 2013 as part of the 2010 health-care law.

The administration’s fiscal 2012 budget had said that setting the top capital gains and dividend tax rates at 20 percent “reduces the tax bias against equity investment and promotes a more efficient allocation of capital.” Before 2003, all dividends had been taxed as ordinary income.

Taxing High Earners


The proposal is part of Obama’s attempt to tap the wealthiest Americans to reduce the federal budget deficit.

“We don’t need to be providing additional tax cuts for folks who are doing really, really, really well,” Obama said in a speech at Northern Virginia Community College in the Washington suburbs today.

Along with the rest of the administration’s proposed tax increases, the change in the dividend tax will probably run into resistance from Republicans and business groups. A coalition of companies, including AT&T Inc. and United Parcel Service Inc., has been lobbying to maintain the rates on capital gains and dividends.

Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington, said the administration’s proposal to tax dividends at higher rates than capital gains is surprising, because capital gains tend to go to people with the highest incomes.

“What is the policy difference that the administration has suddenly found between qualified dividends and capital gains?” he said. “Why do they get different rates now?”

‘Buffett Rule’

The administration also wants to impose a 30 percent minimum tax for individuals with annual income of at least $1 million, known as the “Buffett rule” after billionaire investor Warren Buffett, who originated the idea last year.

That would replace the alternative minimum tax, “which now burdens middle-class Americans rather than stopping the richest Americans from paying too little as was originally intended,” the administration said.

Buffett, in a New York Times opinion piece in August, said that in 2010 he paid a lower tax rate -- 17.4 percent -- than “any of the other four people in our office.”

The budget proposal doesn’t say how much revenue the Buffett rule would generate and it doesn’t provide details on how the rule would affect individuals’ tax calculations. The U.S. collected $39.1 billion from the alternative minimum tax in 2011, according to projections from the Tax Policy Center, a nonpartisan research organization in Washington.

Effects of AMT

The AMT, in its current form since 1986, requires taxpayers to compare their tax liability under the regular tax code with their liability under the alternative minimum regime. Because the AMT doesn’t allow the full benefits of state and local tax deductions or personal exemptions, people with large families or who live in high-tax states tend to be disproportionately affected.

The exemption levels aren’t permanently indexed for inflation so, unless Congress acts to blunt its spread, millions more taxpayers will pay the alternative tax next year. If Congress doesn’t act, the number of people paying the AMT will jump from 4.3 million to 31.2 million, according to the Tax Policy Center.

Obama’s budget revives calls to allow the 2001 and 2003 tax cuts on income and capital gains to expire at the end of 2012 for families earning more than $250,000 a year and cap itemized deductions and other tax benefits for these families at 28 percent.

Private Equity Managers

His plan would tax the profits-based compensation paid to private equity managers at ordinary income rates instead of a preferred 15 percent rate and curtail tax breaks for corporate jets and oil and gas companies.

Obama also reintroduced previous years’ proposals to limit companies’ ability to defer taxation on income earned overs He proposed new tax breaks for business that hire more workers and for manufacturers.

The administration proposed increasing the fee airline passengers pay to fund the Transportation Security Administration to $5 per one-way flight, increasing 50 cents each year to $7.50 in 2018. The fee is currently $2.50 a flight segment, or $2.50 for a direct flight or $5 for a one-way trip with a connecting airport.

Airport Security

The fee, installed to pay the cost of added security after the Sept. 11 terrorist attacks, recovers 43 percent of aviation security costs, according to the budget plan. The new fee would collect $9 billion over five years and $25.5 billion over 10 years. About 70 percent of the money would be used to reduce the budget deficit.

The budget plan anticipates collecting $1.4 billion in fees for Food and Drug Administration drug reviews and inspections of drugmakers’ plants and food production. That includes a new fee for reviewing generic drugs that would raise about $300 million.

Obama is proposing an overhaul of the corporate tax system that would eliminate tax benefits to lower the corporate rate from its current maximum of 35 percent. The budget plan doesn’t include details on the rate the administration would prefer or which tax provisions it would eliminate.

The administration plans to release more details on its corporate tax revisions this month.
http://www.bloomberg.com/news/2012-02-13/obama-s-budget-plan-proposes-doubling-dividend-tax-in-focus-on-the-wealthy.html
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Edited to add:

This is the only way to answer some of the questions posed:

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Frenchfry

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2013 budget
« Reply #31 on: February 14, 2012, 09:44:28 PM »

Obama's New Budget Explained

Obama's New Budget Explained



Winners and losers: Who will benefit from Obama's budget?


Winners and losers: Who will benefit from Obama's budget?



Congressional leaders who are refusing to compromise on goals that span the aisle -- like job growth and education. As he proposed his 2013 budget, Obama said: "The last thing we need is for Washington to stand in the way of America's comeback."

Jennifer Granholm get fired up about congress
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No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

Will Sweat

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Re: Tax the rich!
« Reply #32 on: February 14, 2012, 10:26:26 PM »

That's a whole heap of pontifications on a budget that will never see the light of day. 
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Frenchfry

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Re: Tax the rich!
« Reply #33 on: March 01, 2012, 12:52:17 AM »

Billionaire Warren Buffett hit back at mockery from high profile Republicans like Senate Minority Leader Mitch McConnell and New Jersey Governor Chris Christie over Buffett's stance that the rich should pay more in taxes, in part to reduce the massive budget deficit/national debt.

Warren Buffett Crushes Republicans On Taxes
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No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

Frenchfry

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Re: Tax the rich!
« Reply #34 on: March 25, 2012, 12:12:47 AM »

Income inequality in the United States has reached epic proportions. Economist and professor Robert Reich believes a 'Buffett tax' (based on billionaire Warren Buffett who believes the rich should pay higher taxes) is not enough and that a surtax on the super rich is needed. TYT producer Lucas Lilieholm breaks it down with guest host Michael Shure on The Young Turks.

Super Rich Surtax - It's Time
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"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
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No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

jbs49238

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Re: Tax the rich!
« Reply #35 on: March 25, 2012, 05:24:37 AM »

Boring....!!!!! Dead topic kept alive only by your nightly propaganda dump.
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Frenchfry

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Re: Tax the rich!
« Reply #36 on: March 27, 2012, 09:12:27 PM »

Boring....!!!!! Dead topic kept alive only by your nightly propaganda dump.
Over three weeks between posts in a topic could hardly be considered dead....and also proves your statement about nightly to be false as well.

Apparently you're incapable of discussing or refuting the subject matter so instead you chose to act like a child....well I hope it's an act.  ;)
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"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

jbs49238

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Re: Tax the rich!
« Reply #37 on: March 27, 2012, 10:31:37 PM »

Over three weeks between posts in a topic could hardly be considered dead....and also proves your statement about nightly to be false as well.

Apparently you're incapable of discussing or refuting the subject matter so instead you chose to act like a child....well I hope it's an act.  ;)

I see you laid low for a few days in order to make this new post accurate.

Like I said to someone else just pointing out absurdity by being absurd... I see I found your level.

Sorry I interupted tonights dump.  Be sure to wipe when you are done.   ;D :P

Oh and yes... 3 weeks between posts, both of which are your own (actually someone elses via copy/paste) would pretty much indicate a dead thread.  But what is a few weeks when you have an (someone elses) agenda to push right?

Carry on.
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Frenchfry

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Re: Tax the rich!
« Reply #38 on: March 27, 2012, 10:41:37 PM »

I see you laid low for a few days in order to make this new post accurate.

Like I said to someone else just pointing out absurdity by being absurd... I see I found your level.

Sorry I interupted tonights dump.  Be sure to wipe when you are done.   ;D :P

Oh and yes... 3 weeks between posts, both of which are your own (actually someone elses via copy/paste) would pretty much indicate a dead thread.  But what is a few weeks when you have an (someone elses) agenda to push right?

Carry on.
NEWSFLASH.....sitting on a "throne" doesn't make you a king.

Try limiting your comments to the actual topics...your personal attacks and off-topic snide remarks are clear TOS violations and will be treated as such.

Not that you add anything of value anyway...just a waste of good air.
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This is what I see when I visit:

"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

jbs49238

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Re: Tax the rich!
« Reply #39 on: March 28, 2012, 06:59:51 AM »

NEWSFLASH.....sitting on a "throne" doesn't make you a king.

Try limiting your comments to the actual topics...your personal attacks and off-topic snide remarks are clear TOS violations and will be treated as such.

Not that you add anything of value anyway...just a waste of good air.

That was a very introspective post Fry.... Proud of You!!

You added nothing to the thread either... we can consider it dead then?
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Baggins

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Re: Tax the rich!
« Reply #40 on: March 28, 2012, 09:28:15 AM »

I still prefer the old saying, "hang the rich" better... ;D
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Frenchfry

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Re: Tax the rich!
« Reply #41 on: April 02, 2012, 11:21:03 PM »

"In 2010, according to a study published this month by University of California economist Emmanuel Saez, 93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over. Put another way: The most fundamental characteristic of the U.S. economy today is the divide between the 1 percent and the 99 percent. It was not ever thus. In the recovery that followed the downturn of the early 1990s, the wealthiest 1 percent captured 45 percent of the nation's income growth. In the recovery that followed the dot-com bust 10 years ago, Saez noted, 65 percent of the income growth went to the top 1 percent. This time around, it's reached 93 percent — a level so high it shakes the foundations of the entire American project...".

The Rich Get Richer - New Facts
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"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

Frenchfry

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Re: Tax the rich!
« Reply #42 on: April 04, 2012, 12:50:06 PM »

Via The Washington Post: "...at the end of 2012, we're scheduled to see $7.5 trillion worth of tax hikes and spending cuts happen automatically...".* Would this solve the American budget deficit problem? Would it ruin our economic recovery?

Taxmageddon
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"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

Frenchfry

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Re: Tax the rich!
« Reply #43 on: April 13, 2012, 01:33:48 AM »

Founders of Patriotic Millionaires, Jerry Fiddler and Garrett Gruener explain the principle behind sharing the wealth through paying higher taxes and how government resources including infrastructure and public schools helped drive their successes in business. "Anyone who believes they're self-made, at this point, is kidding themselves... One of the things that has gotten lost in the tax debate is the responsibility and actually pride. You ought to be proud to be able to contribute back."
Tune in Weeknights at 9:00/8:00c on Current TV
http://current.com/shows/the-war-room/

Millionaires on taxes: Government infrastructure drives business
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This is what I see when I visit:

"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com

Frenchfry

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Re: Tax the rich!
« Reply #44 on: April 13, 2012, 07:50:28 PM »

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This is what I see when I visit:

"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the site...it's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

bumfunkegypt@live.com
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