No sooner had President Obama proposed to enact “the Buffett rule,” which would close tax loopholes that allow millionaires to skip out on paying their fair share in taxes, conservatives started wailing about “class warfare.”
What these kneejerk right-wingers don’t seem to remember is that their icon, President Ronald Reagan, agreed with Obama’s approach. Reagan gave a speech in Atlanta in 1985 in which he said that tax loopholes allowing a millionaire to pay lower taxes than a bus driver were “crazy,” because they allowed the “truly wealthy to avoid paying their fair share.” That damned socialist!
Here’s a video, courtesy of the ThinkProgress website, showing both Obama and Reagan speaking on the issue.
This article appears in Sep 27 – Oct 3, 2011.
So long as the Federal Reserve is allowed to create money from thin air, millionaires will ALWAYS have a loophole.
Lame.
“Warren Buffet’s secretary shouldn’t pay a higher tax RATE than Warren Buffet” is a lot different than “Warren Buffet’s secretary shouldn’t pay more taxes than Warren Buffet.”
Agreed, if you’re in the investment business, your investment income should be taxed as ordinary income, not capital gains.
Bill Clinton said one of America’s greatest virtues was “we respect and admire those who have done well for themselves”. Guess we can toss that one out.
Really, this demonizing achievement is counterproductive. Get off your as$es and work.
Nice try, Mr. Grooms, but not entirely true.Yes, Ronald Reagan said that but when he did the tax rates were very high and the number of tax write-offs available to the “rich” were numerous. These write-offs are no longer available.
Could someone PLEASE explain to me why we don’t have a flat tax? 10% to Feds 5% to each state 10% from individuals towards social security. AND THAT IS IT. That is all you get. make your budgets from there. Corporations would not pay into social security only individuals. If someone is on welfare or social security DISABILITY, they should still be taxed. No more loopholes or tax breaks.
American corporations with their headquarters here but manufacturing in other countries still pay here. If the company moves headquarters and manufactuiring to another country but top management still lives here…then the corporation is still here.
So he’s trying to do like Reagan did in 1985 The rich Business man is just going to raise prices on his goods or transfer his business to another country NAFTA can anyone say six dollars a gallon and don’t forget the cotton mills and other company’s that made things here that have left or had to shut down so who really loses? The way their going about it doesn’t make it any easier on the working man so until they have term limits for Congress,the House,Senate and anyone else in the mix it ain’t going to get any better so go ahead and raise tax on the rich AND HAVE A GOOD DAY PS So don’t get me wrong I know it’s not just the President he has to deal with arm twisting also
To all the people who think that Fox is news:
Warren Buffet’s personal income tax rate has nothing to do with the rates charged by his company, BERKSHIRE HATHAWAY INC.
Corporations charge what the market will bear. If you lower their taxes they will not lower their rates, they will just make more profit.
Your simplistic view of how prices are set is a delusional red herring.