Obama: Buffett Rule Not A Redistribution Of Wealth

WASHINGTON — President Barack Obama says his call for raising taxes on millionaires is not a redistribution of wealth, but a way to free up money for crucial investments in the U.S. economy.

Pitching the so-called Buffett rule for the second straight day, Obama dismissed the notion that the plan is a gimmick. He says it is necessary in order to tackle the country's massive deficits.

The rule is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary. Obama was flanked during his remarks at the White House Wednesday by several business executives and their assistants who he says agree with the principles in the Buffett rule.

The Senate will vote on the plan next week, though it has little chance of passing Congress.

Also on HuffPost:

Comments

[RTGerdes]

11:34 PM on 04/20/2012

Redistribution of wealth is Socialization. A Zebra by any other stripes is still a Zebra.

[ScriberLion]

04:45 PM on 04/16/2012

The whole notion of "Redistribution of Wealth" is fundamentally wrong as it breaks two of the top ten Universal Laws of God. The law, 'You shall not STEAL' no matter how wealthy they are. The law, 'You shall not COVET another man's possessions' no matter how vast those possessions may be. These are not suggestions from God, they are His law and he will confront you about these lawless ideologies.

[Ed Brady]

03:20 PM on 04/15/2012

Invest in infrastructure?
Investments pay returns. More taxes to excessive government incurs more debt.
Many of the services funded by taxes could be more efficiently run in the private sector.

The GSA is typical of other federal organizations. Who wants hard earned and desperately needed wealth forfeited to GSA like frivolity?

Answer: Government organizations.

Thanks to government schools, objective logical thinking has become a thing of the past.
Subjective economics justifies theft, subjective science justifies falsehoods, and subjective morality justifies coercion.

So much for nonexistent ‘hockey stick’ graphs and burdensome ‘hockey stick’ economics.
I guess you could also call it ‘hockey puck’.

[Sherrie Heckendorn]

01:51 AM on 04/12/2012

The sad thing about this article is that it says it wont pass congress. That says it all, when it comes to our government they dont care about the people and refuse to even listen to the people much less the president. Its time for the 99% to show these people in government, that our voice and our vote can and is more powerful than all the money in the world. Hopefully, some of the petitions and the many emails and phone calls, will ensure some change, but the most important is to vote, This year, its up to all of us to educate those around us and to make sure that we vote and recall all government politicians out of office that dont want to work for the american people. We can do it, we just have to use our voice and vote

[dng999]

12:50 PM on 04/12/2012

I want some of that Obama money!

[Sherrie Heckendorn]

01:55 PM on 04/12/2012

What money?

[TheImpossibilityOfReason]

03:47 PM on 04/14/2012

I agree with the idea that the government should work for the people. I agree that no one should pay a higher % than anyone else.

But the idea that this is "necessary in order to tackle the country's massive deficits." is laughable. 47 Billion over a decade is a drop in the bucket as they say. If he really wanted to make a dent in the deficit, he'd be muuuch better off cutting spending.

The "Buffett Rule" is basically a symbolic gesture meant to appeal to the less intelligent people who are poor and just hate wealthy people simply because they're wealthy, and they're not...

[Sherrie Heckendorn]

06:47 PM on 04/14/2012

You dont get it do you? Its not just the buffet rule, but the bush tax cuts that must go, and also to cut all subsidies to big oil and no more tax breaks for corporations. Its the lost revenue that occured over the last 30 years, that has bankrupted our country. If we cut any more of the programs that actually help our economy, the economy will slow even more. If these tax cuts and corporate tax cuts worked, we wouldnt be having this conversation. Its time for our government to take major pay cuts to their pay, its time to end their free 66 days of vacation, and its time to reinstate the higher tax brackets with a higher sur charge tax(in the 50's it was 90%) Thats how you build the revenue, plus the spending for military has to be drastically cut, we have 5% of the worlds population and yet have the highest spending for our military(50%) than anywhere else in the world(we also have 25% of the population in prison in the world) so also need to cancel the ceiling on taxed income for ss and medicare. All of those things is what will change our country and it will take time, but it can be done. How do you think we made it out of the great depression? Read about economics and you will get a clearer picture. The more drastic the cuts to programs that assist the people, the further our economy slows

[Ed Brady]

11:05 PM on 04/11/2012

Raising taxes on those trying to earn a million dollars is different from raising taxes on those who already have millions or billions. Many people work for years earning very little and may only have one or two really good years in their life to make up the difference. This new Buffet Rule will confiscate the earnings of those one or two exceptional years. How is that fair?
Perhaps tax should be based on how much wealth people already have not how hard they are trying to be self responsible and earn money. Oh! But that would add taxes to Nancy Pelosi, Barack Obama, as well as the Warren Buffets and others who are so rich that they can afford to invest in tax-free bonds that pay too low an interest for a small investor benefit. Why punish those trying to succeed when taxes could have been collected from those who have already succeeded?

Many of the services funded by taxes could be more efficiently run in the private sector.

Investments pay returns. More taxes to excessive government does not pay returns but incurs more debt.

When will it become immoral to tax those who have less than the taxers?

Let people become rich and retire so that others can work in their place to create wealth and also retire. Stop over taxing them. The retired rich require no tax money and instead use honestly earned savings to employ others to provide their needs.

Ed
Equestrian Support Specialist

[Sherrie Heckendorn]

01:53 AM on 04/12/2012

I was going to take the time to tell you that you are ignorant and then decided why try, you are not worth the energy it takes to type

[Ed Brady]

12:57 PM on 04/15/2012

Hello Sherrie,
Have you ever been a federal employee?
GSA perhaps?

Ed

[Blackleaf40]

09:47 AM on 04/12/2012

Astute.

But that's always the hidden plan behind left wing authoritarianism.

Eliminate the middle class.

[Ed Brady]

05:23 PM on 04/15/2012

Agreed.

[Andy Osinski]

09:01 PM on 04/11/2012

http://www.huffingtonpost.com/2012/03/15/warren-buffetts-pay-berks_n_1346956.html
"Warren Buffett's compensation from Berkshire Hathaway slipped about six percent last year to $491,925, but the billionaire's salary remained unchanged at $100,000."
"According to the company's proxy statement, his 2011 compensation includes only three items: his salary, $346,925 worth of personal and home security, and $45,000 for serving on the board of the Washington Post Co."
How does a man earning less than $500k become a billionaire?
The answer may lie in the last sentence of the article.
"Most of Buffett's wealth comes from his Berkshire Hathaway Inc. stock."
Isn't investment income and capital gains income taxed differently that earned income?
Hell, even if the "Buffet Rule" is adopted, he wouldn't see an increase in taxes as his EARNED income is still below $1 mill.
Someone correct me if I'm wrong.

[empiresentry]

08:19 PM on 04/11/2012

This income would pay for one day of Obama Overspending.
240 years of this tax = last year's deficit overspending. That is, if people don't move their investment elsewhere and avoid the tax. It does not create jobs. It does not stimulate the economy. Its a gimick in support of the propaganda that someone else is getting money and you are not when it is really the government that has taken it.

[gulamon]

08:30 PM on 04/11/2012

Anything for a vote. He thinks this will make him a champion of the poor.
His 2008 base will not mobilize in November. He must go.

[Sherrie Heckendorn]

01:59 AM on 04/12/2012

Ok, do any of you people ever do any research. The reason we had this last almost depression is the same reason we had the real depression. Same thing happened. the top tier got ahold of the government, got their tax rates lowered to almost nothing, made it so corporations paid next to nothing and guess what they trashed the economy. We need to have a strong government with regulations in place for corporations and wall street. I dont think we need to go to the extreme of the taxes on those very rich like they did in the late 1700's (almost 95% tax) but we do need to return to the tax policys before reagan, and yes it makes a difference. do any of you know anything about economics or history or do you just watch fox news and buy into the top 1% that laugh all the way to the bank about the ignorant americans that let them become richer and richer and rest of us get poorer. Why do you think there is such an inequality of income? Are you aware that while their income has risen somewhere around 300%, the majority of americans income stagnated and in most cases is lower than it was 30 years ago. Facts are facts. try learning some.

[Blackleaf40]

09:50 AM on 04/12/2012

While you're scolding:
" We need to have a strong government with regulations in place ..."

Try googling the latest topics ie. GSA, Fast and Furious, etc.

... and tell me why you think Fox News has anything to do with anything ?

[Ladder 1]

05:33 PM on 04/11/2012

Dont you find it amazingly sad they have to refer to gains in 10 year blocks to make it sound like real money?

[Sherrie Heckendorn]

02:00 AM on 04/12/2012

Dont you find it amazing that so many ignorant americans are willing to let the 1% and large corporations keep on getting wealthier and wealthier while the rest of the country gets poorer.or do you like being poor?

[dng999]

12:49 PM on 04/12/2012

each according to his ability each according to his need.

Karl Marx

[Ladder 1]

02:47 PM on 04/12/2012

Really? You looking to get a third car? Two isnt enough for you? Whats wrong? You not smart enough to come up with an original idea? I tell you what, put together your resume and the next time there is an opening for an airline executive, throw your name in the ring. See if you can compete with those doing the job before you start criticizing what they make.

And you know what? I know people are struggling. I have taken a hit too. But the lefts Ideals and methods are not what is going to correct it. Stop calling people ignorant. The only ignorant one here is you.

[Ladder 1]

05:25 PM on 04/11/2012

LOL The debt clock kicks up at $40,000 a second. Lots of people working for $24,000 a year. How can the libs not see the problem in this? It is NOT taxes that will crush this country as this buffet rule only raises 4 billion a year. It is a spending problem. It is a borrowing problem. When your spending has put you in the position to Borrow more each second than the average family makes, YOU HAVE A PROBLEM!

It's Time to cut the waste
Its time to find and cut redundant programs
Its time to live within the means
Its time to distinguish those who need help vs those who do not.

Get the money back to the people. Let them join an organization or church to help those in their community. That is the most effective way.

[Sherrie Heckendorn]

02:05 AM on 04/12/2012

Ok, have you ever looked at the history of our country, and do you know what caused the great depression. Let me tell you, it was because those top tier wealthy got ahold of the government, got their taxes down to what they are again now and took away regulations that protected americans from the averice of the 1%, and they also said that they were the job creators and that corporations wouldnt hire people if they had to pay taxes. what happened? Thats right a great depression, and then we had the regulations put back into place, and taxes were levied on the rich, you make more you pay more, No capitol gains or investment tax cuts, all taxed as income, same with the corporations, and we had an economy that was good, but then big money took over our government again and guess what anothe almost depression. This is easy to know, if you look, but thay might take intelligent thought

[Blackleaf40]

09:53 AM on 04/12/2012

Wrong.

This is easy to know, if you look, but thay might take intelligent thought.


http://americanhistory.about.com/od/greatdepression/tp/greatdepression.htm

[Ladder 1]

02:39 PM on 04/12/2012

You may want to ask for a refund on that Berkeley History class you took. It was also the Top Tier that pulled our collective @55's out of the great depression. That dumped loads of money into the cause to fight the Hun. Did you miss that week in class? It was the top tier that set up bread lines and soup lines. It was also the top tier that lost their businesses, lost their fortunes they had invested in business that had the people employed (you know the ones paying the wages) Gawd you are ig nor ant.

[Ladder 1]

05:12 PM on 04/11/2012

Last story in the "politics" section...guess the libs at the po didn't really want this to get out.

[Sherrie Heckendorn]

02:09 AM on 04/12/2012

My but you are probably the most ignorant hateful people and i am sad that you have so many fans because that means there are more people like you. Please do yourself a favor and go look at the history of our economy. For one thing when you take away the programs that help people, you crash the economy, the more drastic the cuts, the slower the economy gets. The only good that comes from the 1% parasites is when they pay their fair share of taxes, thereby giving the govenment the revenue needed to invest in our infrastructure and in its people. Economics 101, those 'programs' for the people actually make the economy run, whereas the 1% parasites do nothing for our economy.. Do yourself a favor and try to prove me wrong. You cant, but please try,maybe then you might not be so ignorant.

[Ladder 1]

02:28 PM on 04/12/2012

Oh go pound sand! Oh your so hateful your so mean The FACT is we have been saying for months this is not a cure. This is political. This will help NOBODY. This will not pay for one thing that the left has been told it will pay for. This is nothing more than envy. Obama wants to raise taxes fine AS LONG AS HE CUTS 2 TRILLION I WILL NOT AGREE. The president is going to waste millions of dollars to make you think he is doing something. Really? 4 billion a year? What a joke! There are more important things going on in this country than pleasing a bunch of hateful lefties over the tune of 4 billion dollars. And all you libs are all over it like its the make or break issue to save the country. Got news for you! The intrest on the debt goes up 40k a second. If he collected this 4 billion and applied it directly to the debt the interest would still go up 40k a second. How does it feel to be played for a fool yet again by your party! You might want to watch who you call ignorant.

[Everettguy]

03:24 PM on 04/11/2012

Obie sure changed his tune about the "Buffett Rule." First he wanted to raise taxes on the rich in order to solve the deficit. Once it was easily and clearly pointed out that upping the tax on the rich wasn't going to make a tiny dent in the deficit (thanks to him tripling the deficit he inherited), suddenly it became an issue of "fairness." What's "fair" about raising the taxes on anyone??? How about LOWERING THE SPENDING instead? Is anyone here really so naive as to believe that, once he raises the taxes on the rich, the rest of us aren't next?? I'm not of the 1% and never will be, but I support the Republicans because "higher taxes" is Obie's answer to all the nation's ills, rather than lowering spending. He is the first president EVER to campaign on the promise of higher taxes. Unbelievable...

[Ladder 1]

05:14 PM on 04/11/2012

Actually he is the second...Mondale (of Carter failure fame) was the first.

[Sherrie Heckendorn]

02:10 AM on 04/12/2012

Wont even bother with you, all the haters please go to the other side of the room, so the rest of us can have intelligent conversations.

[Tom Caruso]

03:11 PM on 04/11/2012

Not the Buffett Rule alone but the Buffett Rule in combination with letting the Bush tax cuts expire would do very nicely!!

[Everettguy]

03:25 PM on 04/11/2012

Oh yes, let's raise taxes on EVERYONE! You must be able to afford this easily. I can't. I'd like to keep the money I earn. LOWER SPENDING!

[Tom Caruso]

03:48 PM on 04/11/2012

Aw...poor baby will have to go back to paying the same percentage of taxes prior to GW that everyone else has to pay...I feel so sorry for you!!

[Sherrie Heckendorn]

02:11 AM on 04/12/2012

Thank you, nice to see someone with intelligence, after some of the other comments.

[Tom Caruso]

02:03 PM on 04/12/2012

No...Thank You!! F&F!!

[Bklein153]

02:49 PM on 04/11/2012

I'm all making millionaires and up pay more, but I really don't understand this push for this law. I mean according to the President this will only raise 4.7 billion a year. That will not help us with anything deficit or spending. It just seems like a huge fight for little gain. Wasn't Obama suppose to eliminate the Bush tax cuts? then eliminate them people over 250k, then over 500k? And now, we are on to only millionaires and billionaires. Is it me or has the progressive tax bar been moved way back??? I mean by election will it be Mr. Buffet will give us $5 extra dollars! So much for Hope and Change. This is more like Grover Norquist Light

[Andy Osinski]

09:12 PM on 04/11/2012

Implementing the "Buffet Rule" would generate enough additional government income to fund the entire Department of Commerce.
For five months.
Isn't that worth it?
I mean, according to their mission statement, "The U.S. Department of Commerce promotes job creation, economic growth, sustainable development and improved standards of living for all Americans by working in partnership with businesses, universities, communities and our nation’s workers. The department touches the daily lives of the American people in many ways, with a wide range of responsibilities in the areas of trade, economic development, technology, entrepreneurship and business development, environmental stewardship, and statistical research and analysis."
And a dam good job they've done of it.
Can we afford NOT to fund such a marvelous organization??

Pardon me, gotta barf.

[Bklein153]

10:19 PM on 04/11/2012

If this is the best tax attack they have god help Obama when they turn that wrecking machine at him

[Sherrie Heckendorn]

02:11 AM on 04/12/2012

Will you please look at the history of our economy, so that you can understand why and what has happened

[hapy2day]

01:49 PM on 04/11/2012

Do the math, We would have to increase millionaires' tax rates by 366% to just cut the deficit in half. Fair share? Really? Yeah, I'm sure democrats think so. To close the deficit, the U.S. government has to cut spending. But Obama wants to milk the country dry of big earners and pass the buck to future generations.

[Everettguy]

03:26 PM on 04/11/2012

Thank you. F&F.

[hapy2day]

10:19 AM on 04/12/2012

You too! Have a great day.

[Blackleaf40]

09:56 AM on 04/12/2012

"Progressives" never plan to pay those higher taxes. They think only the rest of us will suffer.

[Ladder 1]

01:43 PM on 04/11/2012

Get Buffet to pay what he owes in back taxes and you will have garnished 20% of what this will will garnish the first year....