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13 Feb 2012 10:02

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Politics: Three things you should know about Obama’s forthcoming budget plan

  • cuts While still leaning on the “Buffett Rule” that he’s been pushing for months and planning to end the Bush tax cuts for the super-rich, Obama’s plan would also cut $2.50 for each dollar raised from tax proposals affecting high income-earners.
  • jobs With the GOP blocking much of Obama’s job plan last year, he’s taking another try at it, offering up $350 billion in job-growth spending, which includes $50 billion to improve infrastructure and $60 billion to modernize schools.
  • defense Echoing the words of Secretary of Defense Leon Panetta, the budget proposal would cut non-war spending. However, automatic cuts set to kick in next year will likely get replaced by a “balanced deficit-reduction package.” source
Posted by Ernie Smith • 0 Comments • Permalink

12 Oct 2011 20:16

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Biz: Warren Buffett made lots of money in 2010, paid fairly low taxes

  • $63 million dollars in 2010 alone for Mr. Berkshire Hathaway source
  • » And he only paid 17.4% in taxes: Buffett, whose monetary gains are the subject of scrutiny because of the fact that he’s the inspiration for Obama’s “Buffett Rule” (a notable part of the president’s jobs plan), released the earnings after being prodded by Rep. Tim Huelskamp of Kansas, a Republican. Of note: Just $39,814,784 of his earnings were taxable, with the rest going to deductions and exemptions (like, say, his fairly robust charitable givings). And in case you’re wondering, Warren’s tax rate is low largely because he makes most of his income through investing. In the end, how much did he pay in taxes? A paltry $7 million (or a mere nine percent in taxes on adjusted gross income).
Posted by Ernie Smith • 0 Comments • Permalink

18 Sep 2011 10:29

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Politics: Paul Ryan: Obama’s “Buffett Rule” equivalent to “class warfare”

  • Class warfare … may make for really good politics, but it makes for rotten economics.
  • Rep. Paul Ryan • Coming out, guns blazing, against Obama’s plan to raise the tax rate for the super-rich. Ryan, speaking on “Fox News Sunday,”also claimed that the tax would be in effect a “double tax” on investments, and would discourage investors from putting their money into the economy. “If you tax something more, you get less of it,” Ryan said. “If you tax job creators more, you get less job creation. If you tax their investment more, you get less investment.” Mitch McConnell, speaking on “Meet the Press,” had similar concerns about the “Buffett Rule,” which we found out about last night. source
Posted by Ernie Smith • 0 Comments • Permalink

17 Sep 2011 20:03

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Politics: Obama to make tax-the-wealthy push … and credit Warren Buffett

  • Remember how Warren Buffett wrote that the government should raise the taxes of the super-wealthy … you know, folks like him? Well, it looks like someone with a lot of power to put that plan into action read that New York Times editorial. Obama’s going to make a push to tax the super-wealthy (those who make more than $1 million per year) at the same rate as the middle-class, and he’s calling it the “Buffett Rule.” Great selling point for Obama, but will it be enough for all the other rich people in Congress? Good question. (photo via Medill DC) source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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