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Morning Mix: Shocker! GOP Hates Buffett Rule

Morning Mix: Shocker! GOP Hates Buffett Rule

 

It didn’t take long for the Republican Party to come out swinging against President Barack Obama’s new plan to tax capital gains and other investment income at a higher tax rate for those who earn more than $1 million a year, otherwise known as the “Buffett Rule.”

The presidential contenders were sure to get their shots in early. Minnesota Congresswoman Michele Bachmann declared the Buffett Rule, “warfare on the millions of small businesses, on charities and on middle class America with increased tax burdens.”  Former Massachusetts Governor Mitt Romney said it would have a “crushing impact on economic growth,” while former Ambassador Jon Huntsman stated, “President Obama continues to demonstrate that he has no new ideas on how to create American jobs.”  And Texas Governor Rick Perry called it a “bait and switch,” luring voters into massive spending with the promise of temporary tax cuts.

And it wasn’t just presidential candidates panning the idea. Senate Minority Leader Mitch McConnell called it a “punt” saying, “A massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth — or even meaningful deficit reduction.” Speaker of the House John Boehner subtly called it class warfare, stating “Pitting one group of Americans against another is not leadership.”

Republican rep Dennis Ross, in honor of “Talk Like A Pirate Day,” gave out the following statement: “Watch ye purses & bury yr loot, the taxman cometh.” Ross tweeted, joking that Obama might have misunderstood that Sept. 19 is “TALK like a pirate day…not ACT like one.”

But perhaps the best reaction was from Republican Congressman Ron Flemming of Louisiana, who complained about how hard it is for him already as a small business owner because “by the time I feed my family, I have maybe $400,000 left over.”

And that’s probably before his $100,000+ congressional salary.

So who does like the Buffett Rule?  Senate Democrat Charles Schumer, who says he wants it drafted and voted on right away.

 

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102 comments

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8:00AM PDT on Sep 27, 2011

I am tired of talking about President Lincoln, Clinton, Reagan, I am not going to live in the past or give cud-o's to anyone, everyone has faults, and I don't compare people, no two are the same anywhere, I want solutions, and all if the negative chatter only proves that whoever is chattering and not being positive, has a problem, and it's not the economy...if you live in the past, where is your future, but do not forget the past, if you do, you are doomed to repeat it...Look at what's going on in Washington..Cutting vital programs that help people, trying to destroy voting rights for the seniors and students etc., whoever thinks that this is right needs a psychiatrist...If they succeed in cutting and taking everything backwards, you are going to have gang wars, people getting killed because there will be nothing that they can hold onto, nowhere to live... out on the streets and stealing a crust of bread to fill an empty belly, babies dying, if you think that you will be safe in your ivory tower, (maybe you will be one of the lucky ones), what makes you think that you will be able to walk the streets, free???, go to the store or shop among people, thousands, who are hungry and dying, all except the gangs who will rob and kill also to survive and believe me they Will take whatever you have left..it will be survival of the utmost, will you be strong enough to withstand this brutality???

7:33AM PDT on Sep 27, 2011

@Charles T, there are more Repugs than Dems opposed to everything, and those particular Dems that you speak of, are nothing but crossover Repubs, I don't have to research anything, I have ears to hear, a sound mind, and eyes to see...even Ray Charles can see what the heck is going on...LISTEN, and you can hear who's who, even though they hide behind a veil of deceit. Plus I don't write a column, maybe you do, I am not here to argue, I do have an opinion and I'm not stupid, that's what Repugs think of all peoples, but you see Sir, there is a silent majority, and they're WATCHING, and they are waking up...THANK GOD...

2:55PM PDT on Sep 25, 2011

Green star comment, Ruby A.

2:43PM PDT on Sep 25, 2011

Good one, Ruby A.

12:43PM PDT on Sep 24, 2011

The Republicans and the TP-ers don't like anyone or anything, they don't even like themselves...

9:37AM PDT on Sep 24, 2011

You are leaving out a pile of others besides the GOP who don't like this rule. More than a few Dems including several in the Senate are against it too. This proposed bill has one purpose and one purpose only; stir up the Dem liberal base. No one including the President expected it to pass, its just campaign talk.

Seems that to write a political article for Care2, you must a) be careful to avoid any research, b) support using a minority to pay the bills for one's own ideas, and c) ignore the realities of numbers ie assume 400k in a business is a lot of money.

Finally let's remember how Clinton got his budget surpluses so the Dems who use it as a talking point without understanding the hows/whys MIGHT learn something. First and foremost, it was Social Security funds used in the general Treasury fund that gave him a plus and second-the Cold War had ended and he thought he could get away with cutting DoD spending in a big way.

I'm expecting a lot here obviously thinking that people who delight in calling anyone who disagree with them repugs, thugs, republicons etc to actually think beyond what their party issues them in talking points but it'd be nice.

7:00AM PDT on Sep 23, 2011

Cutting spending on, so called, entitlements is ineffective for addressing the deficit. Cutting programs that support the low and middle class will further strain both who don’t even receive lower prices as a result of the U.S. job losses and create a disconnect that will end in another financial collapse. The justification for attacking government benefits as opposed to raising taxes is the creation of jobs. But where?

Corporations have over-powered our government which now believes that out-sourcing and off-shoring of U.S. jobs is inevitable and necessary with expectations that the middle class should fall on their swords. It is the underlying cause of the financial collapse and borders on national security with the loss of our middle class tax base. Yet, this nation does nothing, not even demand it be restricted by whatever method. International businesses are doing the UN-AMERICAN activity of destroying U.S. salaries, U.S. businesses that hire in the U.S., and as an end result, destroying the U.S. marketplace while still demanding BUSINESS ENTITLEMENTS and protections for themselves.

Infrastructure spending and tax breaks will not replace enough jobs to keep up with the hemorrhaging loss of U.S. jobs from out-sourcing over seas. Neither party will do anything about it unless we begin grass roots efforts to protest out-sourcing and off-shoring of U.S. jobs. If nothing is done we will deserve what we get and it will get a lot worse before it gets better

7:00AM PDT on Sep 23, 2011

The Kiplinger Letter, Vol.88, No.33 for August 19, 2011, a business newsletter, stated that:

* * *
“U.S. multinationals are plowing more profits back into foreign markets, taking advantage of stronger economic growth overseas and saving on U.S. taxes. GE, for example, reinvested $94 billion abroad in 2010 double its 2006 figure. Chip maker Intel poured nearly $12 billion into foreign investments last year... up from just under 5 billion in 2006. All told about 25 % of S&P 500 firms’ profits won’t be repatriated this year. Health care and tech firms tend to reinvest much more.
Total foreign direct investment will hit the prerecession level later this year.
And for China...another record. It’ll nab $106 billion in foreign investment.”
* * *
This is why we are providing tax breaks to the wealthy and to corporations so that it can fund the export of more U.S. jobs. That is the Republican plan and the efforts of the “job creators” they speak of. This means that tax breaks to the wealthy and to corporations will result in more job losses then are actually created. The Republicans are “job killer” legislators in disguise.

12:47PM PDT on Sep 22, 2011

Patrick, I am in complete agreement of what you are saying. What you are not saying is:
keep all these consumers to be milked by corporations as dumb as they can be. No need for
education, basic healthcare, just teach them to be able to read well enough to absorb right wing teascumbag propaganda. There, they've got their faithful electorate right where they want them.
Frankly, sheep, unless ruthlessly killed before their time in Australia have a better chance at reasoning.

7:30AM PDT on Sep 22, 2011

It would be great if Bill Gates joins Buffet and 30 other billionaires in demanding that they all pay higher taxes! With support by the supper-rich we may be saved, just as Ralph Nader book said: Only Super Rich Can Save US.

US budget woes would be completely saved if we go back to Truman/Eisenhower top dogs taxes of 90-02%. That would also diminish the greed rampant at Wall Street, because when one has to pay this amount back to the society, the desire to plunder and game the "system" which enables them to become this rich is much diminished. Then the banks and brokerage firms and CEOs of various industries would not be too motivated to be too "creative" with taxpayers money and game the system at the expense of the ordinary Joe Blow ;-)!

Then would could live happily ever after and not worry about smoke and mirrors of the monetary fables created by the rich to become richer ;-)!

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