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What's Really The Point Of The Buffett Rule?


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#1 g5jamz

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Posted 12 April 2012 - 03:11 PM

Does anyone really think that's going to make sort of difference in our revenue stream/system?

http://www.cbsnews.c...he-reagan-rule/

White House officials this week conceded the Buffett Rule would only produce $47 billion over ten years in additional tax revenue for the government, CBS News White House correspondent Mark Knoller reported. That amounts to just 0.6 percent of the $7 trillion in spending projected for that period. Still, a White House official called that a "meaningful amount of money" that more importantly addresses "a basic principle of tax fairness."


So...$4.7 billion dollars a year? Does anyone know how fast the government spends $4.7 billion dollars?

#2 Tarheel31

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Posted 12 April 2012 - 03:18 PM

The bush tax cuts for the wealthy are worth 1 Trillion over the next 10 years.

Let that expire & with the Buffet rule, we will have another $1,047,000,000,000 to bomb the Muslims with!

But yeah, you are right. I piss on $47 billion dollars. meh.

#3 g5jamz

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Posted 12 April 2012 - 03:20 PM

The bush tax cuts for the wealthy are worth 1 Trillion over the next 10 years.

Let that expire & with the Buffet rule, we will have another $1,047,000,000,000 to bomb the Muslims with!

But yeah, you are right. I piss on $47 billion dollars. meh.


Because the Bush tax cuts were passed via reconciliation...they automatically expire after 10 years. So unless Obama chooses NOT to sign it back into law...or the next president...they go bye bye. So bringing that up is nonsense...that's IF a law didn't have a sunset provision written into it.

4POINT7...not 47

#4 CatofWar

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Posted 12 April 2012 - 03:31 PM

To limit the number of times one can go through the line. Bs I know.

#5 g5jamz

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Posted 12 April 2012 - 03:32 PM

Good one!

#6 cotblock

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Posted 12 April 2012 - 03:48 PM

This sounds familiar...



#7 chris999

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Posted 12 April 2012 - 03:49 PM

Anywhere is a start.

#8 g5jamz

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Posted 12 April 2012 - 03:52 PM

Rid of loopholes first. Then we'll talk. Buffett rule doesn't fix anything but put another layer on top of stupid layer.

#9 chris999

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Posted 12 April 2012 - 03:52 PM

They need to start with the Bush tax cuts. The Bush tax cuts were suppposed to make the rich richer, in hopes that they would use the extra money to start more businesses with in the US, in turn reducing unemployment.

But instead, they wealthy just sent all of our jobs overseas, and pocketed the extra money. Ronald Reagan's "tricle down economics" has failed us. Are we any better off now that we were then? no, we are much much worse.

#10 Tarheel31

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Posted 12 April 2012 - 03:53 PM

This sounds familiar...

http://youtu.be/sAgOOLs3ie0


You've clearly super imposed the GOD of the republican party! He would never speak such blasphemy!

#11 g5jamz

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Posted 12 April 2012 - 03:54 PM

Remember what rate Reagan drastically cut?

#12 chris999

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Posted 12 April 2012 - 03:57 PM

Rid of loopholes first. Then we'll talk. Buffett rule doesn't fix anything but put another layer on top of stupid layer.


Yes, the loopholes would be a great place to start as well. I have a friend that ows a business, and he is always joking with me about how absurd it is that everything he buys can be written of as a "business expense". He saves all of his reciepts when he goes out to a restaurant, when he stays in a hotel... He has a $50,000 Audi SUV that he wrote off.

Basically, just about every dollar he spends can be considered a business expense in one way or another. He made over $100K last year, and actually got a tax RETURN...??? WTF?

#13 g5jamz

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Posted 12 April 2012 - 04:02 PM

Yes, the loopholes would be a great place to start as well. I have a friend that ows a business, and he is always joking with me about how absurd it is that everything he buys can be written of as a "business expense". He saves all of his reciepts when he goes out to a restaurant, when he stays in a hotel... He has a $50,000 Audi SUV that he wrote off.

Basically, just about every dollar he spends can be considered a business expense in one way or another. He made over $100K last year, and actually got a tax RETURN...??? WTF?


That's how people were buying so many Humvees during the heyday and putting it on their business costs.

#14 mmmbeans

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Posted 12 April 2012 - 04:13 PM

there needs to be an income cap on business writeoffs but you can't do away with them all together... you'd put too many small businesses down.

those of us who are self employed have to pay both sides of our taxes, you guys who aren't only actually pay half your FICA and you can't write that shiat off.

#15 MadHatter

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Posted 12 April 2012 - 04:17 PM

Yes, the loopholes would be a great place to start as well. I have a friend that ows a business, and he is always joking with me about how absurd it is that everything he buys can be written of as a "business expense". He saves all of his reciepts when he goes out to a restaurant, when he stays in a hotel... He has a $50,000 Audi SUV that he wrote off.

Basically, just about every dollar he spends can be considered a business expense in one way or another. He made over $100K last year, and actually got a tax RETURN...??? WTF?


What your friend is doing is NOT taking advantage of loopholes. If they are not valid business expenses that he is claiming...he is committing tax fraud and not taking advantage of loopholes.

If he gets audited, he may be in deep poo.


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