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Here Is What Else To Expect From Obama Tomorrow Besides The "Buffett Plan"

Tyler Durden's picture




 

Tomorrow at 10:30 am Obama will present the balance of the details from his latest tax hike proposal, which obviously has no chance in hell of passing, but which will provide for substantial theater and hopefully deflect from the fact that Europe is closing an hour later. Courtesy of Reuters, here are some of the tax measures Obama has either already proposed, or may be looking at, to raise more tax revenue to help reduce the deficit, according to analysts, and what he will likely focus on tomorrow.

RECOMMENDATIONS MADE

* The president wants a new tax on the rich, known as the "Buffett tax." Details were sketchy, but uber-investor Warren Buffett, chairman of Berkshire Hathaway, in mid-August made his own tax proposal. If Obama's recommendation resembles the Buffett plan, then it would look like this:

--Hold income taxes steady for more than 99 percent of U.S. taxpayers. Raise rates, to an undetermined level, for individuals with income exceeding $1 million. Raise taxes for the super-rich making more than $10 million per year.

The "Buffett tax" could be a 5.4 percent surtax on joint returns above $1 million and individual returns above $500,000. If it is, it could bring in as new government revenue about $480 billion over 10 years, said analysts at MF Global.

* Under a $447-billion jobs plan unveiled on Sept. 8, Obama asked for a cap on itemized tax deductions and some exemptions at 28 percent for individuals earning more than $200,000 a year and families earning more than $250,000.

POSSIBLE FURTHER RECOMMENDATIONS

* The president may call for reining in the mortgage interest deduction. This could include denying it for second mortgages on vacation homes and yachts; lowering a $1 million cap on eligible first mortgages to perhaps $500,000; converting the deduction to a limited tax credit; or killing it, said analysts who stressed any changes would be phased in slowly.

* Another possibility is limiting the employer-provided healthcare income exclusion for higher-income tax brackets. It cost about $117.3 billion this year.

* In his jobs plan, Obama said he wants to close a loophole that lets private equity and hedge fund managers pay the 15-percent capital gains rate, instead of the 35-percent income rate, on much of their income known as "carried interest."

* On the corporate tax front, Obama may suggest a repeal of "last in, first out" accounting; elimination of the deferral of income tax payment on overseas corporate profits; or changing certain large flow-through partnerships (known as S-corps) into corporations, analysts said.

* Republicans and businesses want a lower overall corporate tax rate, but Obama is unlikely to support that without a large number of tax breaks and exemptions being closed.

* The president also wants to end several tax subsidies that support the oil and gas industry, and end a tax break for companies that own private jets.

* Obama may also be considering ways to get U.S. companies to bring home profits now parked abroad. Corporations want a tax holiday allowing them to bring those profits home at a reduced tax rate. They also want a new territorial tax system that would permanently tax exempt those profits, but many in Congress oppose both ideas. Big drug makers and high-tech firms with valuable intellectual property have a lot at stake on this issue

 

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Sun, 09/18/2011 - 18:26 | 1683013 ??
??'s picture

There is a new offering from London Banker that slams Geithner
 

http://londonbanker.blogspot.com/2011/09/deficit-attention-disorder.html

 

I must admit to being delighted that the EU finance ministers have found unity on one point: dismissal of Tim Geithner as officious, ignorant and unaccountable. He is an example, right up there with George W. Bush, of the privileged American elite who "fail upwards" throughout a career.

Sun, 09/18/2011 - 18:30 | 1683025 Doña K
Doña K's picture

They left out O'bumer's failure. He is wasting his time and ours. $480 billion in 10 years? Timmay and Ben print that much in a week.

Sun, 09/18/2011 - 19:02 | 1683102 DormRoom
DormRoom's picture

“If I knew something that could serve my nation but would ruin another, I would not propose it to my prince, for I am first a man and only then a Frenchman — because I am necessarily a man and only accidentally French.” -Montesquieu

 

I believe in Obama, because I believe in humanity.

Sun, 09/18/2011 - 19:28 | 1683140 X.inf.capt
X.inf.capt's picture

i still believe in americans, i just want this to get over with, so we can rebuild.

and i believe in america, ive seen shitholes in my life, and our system of government is still the best ive seen. At least what it was intended to be.....ron paul 2012

Sun, 09/18/2011 - 22:09 | 1683239 Ahmeexnal
Ahmeexnal's picture

Your conditioning is amazing.

"our system of government is still the best ive seen"

Repeated one thousand times a week from age 1 to age 50.

You must be glad you're not on one of those "shitholes". 

After all...."civilization is sterilization".

Now fly along and catch a round of electro-magnetic golf....with Ogolfer (Mr. "read my lips, no new taxes") himself!

Mon, 09/19/2011 - 00:57 | 1683700 TruthInSunshine
TruthInSunshine's picture

 

 

In an Op-Ed in Tonight's New York Times, Volcker just called The Bernank out for being the bitch of a failure and traitor that The Bernank now is (and always has been).

 

A Little Inflation Can Be a Dangerous Thing - NYTimes.com
  • By PAUL A. VOLCKER
Published: September 18, 2011

IN all the commentary about Ben S. Bernanke’s recent speech in Jackson Hole, Wyo., little attention has been paid to six crucial words:

 

in a context of price stability.”

 

Those words concluded a discussion by Mr. Bernanke, the Federal Reserve chairman, of what tools the central bank could consider appropriate to promote a stronger economic recovery...

...What we know, or should know, from the past is that once inflation becomes anticipated and ingrained — as it eventually would — then the stimulating effects are lost. Once an independent central bank does not simply tolerate a low level of inflation as consistent with “stability,” but invokes inflation as a policy, it becomes very difficult to eliminate.

 

It is precisely the common experience with this inflation dynamic that has led central banks around the world to place prime importance on price stability. They do so not at the expense of a strong productive economy. They do it because experience confirms that price stability — and the expectation of that stability — is a key element in keeping interest rates low and sustaining a strong, expanding, fully employed economy.

 

At a time when foreign countries own trillions of our dollars, when we are dependent on borrowing still more abroad, and when the whole world counts on the dollar’s maintaining its purchasing power, taking on the risks of deliberately promoting inflation would be simply irresponsible.

 

It is that conviction that underlies Mr. Bernanke’s six words. Let’s not forget them.


President Obama has now set out new proposals to support economic growth. I hope he will be able to work with a responsible Congress to find the common ground that is urgently needed to deal with the economic challenges before us, restoring a healthy economy “in a context of price stability.” I also hope they will reach agreement early next year on a strong program to deal responsibly with our huge budget deficit over the years ahead.

*Paul A. Volcker was chairman of the Federal Reserve from 1979 to 1987.

Mon, 09/19/2011 - 02:22 | 1683750 bid the soldier...
bid the soldiers shoot's picture

"I hope he will be able to work with a responsible Congress to find the common ground that is urgently needed to deal with the economic challenges before us, restoring a healthy economy “in a context of price stability.” I also hope they will reach agreement early next year on a strong program to deal responsibly with our huge budget deficit over the years ahead."

Okay, who passed the bong to Volcker?

Mon, 09/19/2011 - 06:12 | 1683855 rcintc
rcintc's picture

All these rich people who want to pay more can just go to www.pay.gov and ante up what they want. 

Leave us the hell out of it.

Sun, 09/18/2011 - 21:53 | 1683455 DoChenRollingBearing
DoChenRollingBearing's picture

@ X

OK, yes to Ron Paul.  Even with RP as president, he would find it very difficult to deal with Congress to get anything done.

YES, he could end the wars by bringing the troops home (as C in Chief).  Yes, he can veto...

But, there is still no easy way out of the box.  ANd I really do not know if a quick "get it over with" is really the best.  Maybe, perhaps so.  But, it it will be painfil and nasty when the time comes to pay for our debts.

Sun, 09/18/2011 - 23:11 | 1683499 X.inf.capt
X.inf.capt's picture

.

there is no quick, get it over with, i never thought there was. i would like to at least, peacefully, like to  start a more brighter future for my kids and grandkids. a dream, maybe, but it beats what were leaving them so far.... 

p.s. i dont golf.

p.s.s. i volunteer in my free time, helping vets, 

i understand and realise were all stuck here together, that and i believe in karma.

Mon, 09/19/2011 - 07:12 | 1683895 delbutler
delbutler's picture

The best you've ever seen ? Ain't seen much of the world yet then, have you ? How can you possibly advocate a system of government that is owned by who pays the most dollars out, to both parties at the same time ? The donor list of companies to both political parties in the US is virtually identical. When you end up with government being owned by corporations, which the lobbying practices and $5,000 checks originating from K Street offices in D.C. being a good example, you don't have democracy anymore. The merger of state and corporate powers is by definition fascism.

Sun, 09/18/2011 - 20:11 | 1683221 Al Gorerhythm
Al Gorerhythm's picture

Ah, fuck it. Now look what you've gone and done. You've made me puke all over the floor and now have to find the mop. True believer, eh?

Sun, 09/18/2011 - 21:26 | 1683387 Chuck Walla
Chuck Walla's picture

So more Americans than ever in poverty is your idea of "Humane"?

Sun, 09/18/2011 - 22:51 | 1683572 Surly Bear
Surly Bear's picture

There is one born every minute.

Sun, 09/18/2011 - 18:25 | 1683015 H H Henry P P P...
H H Henry P P P Paulson's picture

The Buffett Tax:  25% additional sales tax on all new bathtub purchases.

Sun, 09/18/2011 - 18:40 | 1683052 Atomizer
Atomizer's picture

Call in the next 10 minutes & we'll throw in a rubber ducky absolutely free!

Sun, 09/18/2011 - 19:00 | 1683100 cossack55
cossack55's picture

The rubber ducky has a name, her initials are BQ.

Sun, 09/18/2011 - 21:27 | 1683390 Chuck Walla
Chuck Walla's picture

But wait! We'll supersize your order.

Sun, 09/18/2011 - 18:35 | 1683040 Doña K
Doña K's picture

Just a typical European man of means. What's so wrong about this? spread the wealth and a happy prime minister makes good decisions. Move on. 

Sun, 09/18/2011 - 18:30 | 1683027 TradingJoe
TradingJoe's picture

HOW DOES ONE GET LEECHES OFF ONES LEG?!?! YES, YOU HAVE TO BURN THEM OFF!!!

Sun, 09/18/2011 - 20:22 | 1683250 Ahmeexnal
Ahmeexnal's picture

those ain't leeches my boy. They are maggots feasting on your decomposing leg. And if you want to stop them from chewing the rest of you, I suggest you find a saw...PRONTO!

Sun, 09/18/2011 - 18:30 | 1683028 Robslob
Robslob's picture

Dear Obama & Co,

No need to raise taxes.

Quit fucking spending.

Sincerely,
Mr Turnip
The Taxpayer

Sun, 09/18/2011 - 18:43 | 1683057 Zero Govt
Zero Govt's picture

the rub is Bumma effectively has no balls (power) ...the ball is in the Republicans court now as the voters see it... I'm betting they miss-hit and the ball flies into the crowd knocking someones eye out (yes the GOP are that good!)

...'DC' stand for Demented Crooks by the way

Sun, 09/18/2011 - 18:59 | 1683099 kaiserhoff
kaiserhoff's picture

Yes, let's by all means export anyone with a brokerage account or a couple of nickles to rub together.  It worked so well for the State of Maryland..., oh wait.

Sun, 09/18/2011 - 20:21 | 1683248 candyman
candyman's picture

More appropriately called Obmama's buffet plate .  A table of rich sucessful Americans (not food) from which they serve themselves.

Sun, 09/18/2011 - 21:56 | 1683460 DoChenRollingBearing
DoChenRollingBearing's picture

@ Robslob,

+ green

Absolutely right re cutting spending.  The solution is so obvious, and has been for decades.  Why won't they do it?  It looks like politicans are crooks...

Sun, 09/18/2011 - 18:31 | 1683031 fockewulf190
fockewulf190's picture

How much longer is it going to be until he finally sees the light and pulls a LBJ and refuses to accept his party´s nomination for a second term?

Sun, 09/18/2011 - 20:38 | 1683275 Pike Bishop
Pike Bishop's picture

Long enough for Lord Blankfein to retire?

By now he must have realized that the White House is just a lawnjockey for 200 West Street.

Why Be President of the US, when you can really run the Country at Goldman Sachs.

Sun, 09/18/2011 - 18:39 | 1683032 razorthin
razorthin's picture

So, at a self allotted "salary" of only $100K, old beelzebub will be paying less tax than me.  Nice.

Sun, 09/18/2011 - 18:33 | 1683036 duo
duo's picture

XAD/XJY down = DJIA down. That's all you need to know.  Plot them both on Stockcharts.  Correlation is almost 1.0

Sun, 09/18/2011 - 18:35 | 1683037 Zero Govt
Zero Govt's picture

"..has no chance in hell of passing.."

Pity really as tax hikes would have further antagonised small business and in order to bring down Govt we need the small business sector of America (who pay all the taxes as Big Fat Lazy Businesses pay fuk-all) to be freekin angry and ready to protest (by not paying their taxes)

Zero Tax = Zero Govt

Sun, 09/18/2011 - 18:35 | 1683041 JW n FL
JW n FL's picture

 

 

Obama ='s Lobby Whore..

Thusly Obama will be handing out yet more money to his Owners on Wall Street in any way. shape and / or form possible.

Questions?

Republicans will be doing everything they can to make things worse.

and Ron Paul will not be grilling anyone, which makes for yet more disapointment out of the far, far, far right field!

NOTHING WILL CHANGE UNTIL YOU START VOTING WITH BULLETS! NOTHING!!

Sun, 09/18/2011 - 18:57 | 1683076 Zero Govt
Zero Govt's picture

"Obama ='s Lobby Whore"

Aren't they all? Even Ron Paul??

"NOTHING WILL CHANGE UNTIL YOU START VOTING WITH BULLETS!" 

How many times do i have to say on ZH the easiest, fastest and most effective way to bring down Govt and bring change is to Stop Paying Your Taxes. That's the ultimate protest and the ultimate solution society needs to rid itself of all this corruption and stink and kill off the corporate monopolists stone dead with the free market (ie. it is Govt intervention that kills competition and the free market, nobody else)

Zero Tax = Zero Govt

Sun, 09/18/2011 - 19:13 | 1683131 JW n FL
JW n FL's picture

 

 

for those who would rather not vote with bullets not paying any taxes is another way that would get us close.. but if everyone stops paying taxes the Army (Elite West Point Crowd) would lead the Children against "We the Po' People". They dont care about money they just want us as slaves.. or to kill each other off?

I see civil un-rest by design.. I see the most well armed nation in the history of the world.. I see hunger comong for that nation.. which equates to mass death.

so, I say they want us to kill each other!

if someone would like to explain how hungry and armed does not lead to civil un-rest.. I am all ears.

 

Sun, 09/18/2011 - 23:34 | 1683628 FeralSerf
FeralSerf's picture

As long as the government can print the currency and require everyone to accept that script as full payment for all debts public and private, it doesn't matter whether you pay taxes or not as far as the government's survival is concerned.

Zero Tax does not = Zero Govt. 

Mon, 09/19/2011 - 01:34 | 1683727 XenoFrog
XenoFrog's picture

It's always much easier to encourage other people to commit violence than it is to do it yourself.

Sun, 09/18/2011 - 18:36 | 1683044 GOSPLAN HERO
GOSPLAN HERO's picture

Buffett is a rich socialist hypocrite.

Piss on him.

Sun, 09/18/2011 - 21:32 | 1683405 Chuck Walla
Chuck Walla's picture

No, Buffet is a capitalist. He's keeping what's his. This is his  way of choking off young, fresh competition. He's protecting the elite's franchise on power. A true monopolist he is, but he's no Socialist. He wants it for you, won't apply to him.  See any meaningful quote form Soros or Mikey Moore.  They won't be sharing their used TP with anyone much one fucking dollar that's theirs.

Sun, 09/18/2011 - 18:39 | 1683049 apberusdisvet
apberusdisvet's picture

1.0 to 2.0 % tax on all HFT transactions; the defict would be gone in a NY minute and the casino would be closed.

Sun, 09/18/2011 - 18:40 | 1683051 saiybat
saiybat's picture

How do you tax the top 1%?

Sun, 09/18/2011 - 18:47 | 1683070 Doña K
Doña K's picture

You can't. Any hint of it and the capital flies into other lands or O'bummer flies back to Africa.

Sun, 09/18/2011 - 21:07 | 1683348 Stuck on Zero
Stuck on Zero's picture

Good riddance.  As the billionaires flee the country you kick them squarely in butt on the way out.

Sun, 09/18/2011 - 21:41 | 1683426 JW n FL
JW n FL's picture

 

 

http://www.youtube.com/watch?v=T3fOuFjOeYs

if that song dont move ya??? well.

George Soros, again from the voracious Mouth of Soros: this time god describes how he has had “a lot of fun” subverting governments and “disrupting” regimes deemed by god’s Marxist mind, “repressive.” Shucks, inevitably, folks are hurt, he says. But, “unintended,” George? Reeealyy?

His work in his words is to develop a “matrix” of “national foundations” with the one hand, and with the other “certain… specialized… activities….” As Glenn Beck has more than begun to explain and Van Jones has alluded, for us Americans, this has to do with the czar network, executive orders, legislation, and UN commitments undermining American Sovereignty, to (allegedly) clean up (perceived) messes — including messes fomented by Soros’ own certain… specialized… subversive… disruptive… activities….

http://gulagbound.com/8455/george-soros-video-having-fun-subverting-nations/?fb_ref=.TnUdZFeqNeo.like&fb_source=profile_multiline

ALL! Credit for this FANTASTIC! Find! goes toooooo Brother High Plains Drifter!!

The Video really is must see TV!

Sun, 09/18/2011 - 22:04 | 1683481 DoChenRollingBearing
DoChenRollingBearing's picture

Good find JW (esp. your second link), and green for you.

You and brother High Plains Drifter are doing Good Works.  Keep it up.

Sun, 09/18/2011 - 22:55 | 1683579 OldPhart
OldPhart's picture

Watching that is a pucker factor 8.5.  ONE MAN deciding to chart the course for all of humanity.  Sort of like Dr. EVIL added to Goldfinger.

Sun, 09/18/2011 - 18:40 | 1683053 AnarchyInc
AnarchyInc's picture

Bullish for facism

Sun, 09/18/2011 - 18:43 | 1683061 digalert
digalert's picture

Kinda sounds like class war, don't it?

Sun, 09/18/2011 - 21:52 | 1683446 knukles
knukles's picture

I really and truly believe, as Uncle Warren hisverylittleself said, that there's "class warfare taking place" and that he's "part of the group that's" winning.
Now, the winning shit I got down with cold.
But warfare?  The majority of the folk being waged war upon by Uncle Leech ain't fighting..... 
And thereby cannot be called warfare.

Unfortunately

Sun, 09/18/2011 - 22:13 | 1683495 Ahmeexnal
Ahmeexnal's picture

The sheeple are on soma-vacation.

And they have been conditioned to love their servitude.

Sun, 09/18/2011 - 18:44 | 1683064 kaiserhoff
kaiserhoff's picture

Just finished a book by Corsi, Where's the Birth Certificate?  If any dude with Barry's bio and complete lack of documented education applied for a security clearance, there would be three possible answers.

1  NO

2 HELL NO!

3 WTF Pilgrim, are you shitting me?

 

Sun, 09/18/2011 - 19:55 | 1683184 kaiserhoff
kaiserhoff's picture

For those who don't know, Barry still refuses to release transcripts from his time spent at Occidental, Columbia, and Hahvud, or as the preppies say, AT SCHOOL.  Try stone-walling on your next job ap.  Let us all know how that works out for ya.

Sun, 09/18/2011 - 20:23 | 1683252 Bobbyrib
Bobbyrib's picture

Last time I checked when I was hired for my job, the majority of the population didn't "elect" me to my position.

Sun, 09/18/2011 - 21:22 | 1683378 kaiserhoff
kaiserhoff's picture

Did you get a spiffy red "football" to carry around that could blow up the world?  Some jobs need careful vetting. 

Sun, 09/18/2011 - 22:49 | 1683569 FeralSerf
FeralSerf's picture

Barry is a CIA asset just like his parents and his mother's parents.  If he doesn't follow orders, he will have an accident.  Barry was the result of the CIA deciding that they won't have another JFK type of problem.  Barry doesn't need a security clearance.

Sun, 09/18/2011 - 18:53 | 1683085 gwar5
gwar5's picture

Obama to all job creators: "I am now your business partner and all your money is belong to me."

Sun, 09/18/2011 - 18:54 | 1683086 Freewheelin Franklin
Freewheelin Franklin's picture

If BoA goes bust, will Buffet get to write off his $5 billion investment as a loss?

Sun, 09/18/2011 - 19:06 | 1683112 King_of_simpletons
King_of_simpletons's picture

You misunderstand politics. Buffet didn't buy $5B BAC preffered to profit from BAC. He is using that as a pawn to profit $100B elsewhere. That's how it works. You rub the arsehole and gold streams out of an adjacent gargoyle's mouth.

Sun, 09/18/2011 - 21:52 | 1683451 knukles
knukles's picture

Yes.

(Was that supposed to be a rhetorical question?)

Sun, 09/18/2011 - 18:59 | 1683090 firefighter302
firefighter302's picture

Income taxes will not stay the same under Obama's plan.

The Obama plan of eliminating the interest deduction from mortgage payments means an actual $2000-$5000 in NET less tax return for everyone with a mortgage.

If you own a home and mortgage, you will not longer (theoretically) get a few thousand, you will owe a few thousand.  That is reality the Obama proposal.

Sun, 09/18/2011 - 18:59 | 1683096 Freewheelin Franklin
Freewheelin Franklin's picture

Raise rates, to an undetermined level, for individuals with income exceeding $1 million.

 

So, should I start making preparations to change my DBA-LLC to an S-corp?

Sun, 09/18/2011 - 18:59 | 1683097 Tsunami Effect
Tsunami Effect's picture

We worked our asses off to finally make some money.

I survived cancer and so many failures i lost count.

So now the liberal, marxist, transfer-the-wealth president wants to take it away, and fast!

Forget it!  Sick and tired of paying for the welfare state and government pork like solyndra.

Don't get me wrong.  I'm happy to pay for a reasonable level of spending on social programs, defense and traditional government activity like police, fire and education.

But once my effective tax goes anywhere above 50% --- i.e. I AM WORKING MORE FOR THE GOVERNMENT THAN MY FAMILY --- that is the BREAKING POINT.

Why do you think my grand parents came here?  Why did yours?  I'll bet it was an oppressive government hell bent on taking away their freedoms, their money and their way of life.   It is happening here now too my friends.

This is a fight for our very way of life, don't minimize the consequences of this radical administration.

Sun, 09/18/2011 - 19:03 | 1683108 cossack55
cossack55's picture

If you are "happy" to pay for a reasonable level, you are a major part of the problem.

Sun, 09/18/2011 - 19:18 | 1683117 AssFire
AssFire's picture
The difference between many government employees and those on welfare is that many of the government employees don't think they are on welfare and those on welfare think they are employed by the government.

I want a bare bones federal government where there is no social program to take care of those who fucked off while I busted my ass. Enough of handicapping people by taking care of them...all they seem to do is multiply.

Is it time to pay for sterilization? We pay them to have kids.. Wouldn't it be cheaper?

Sun, 09/18/2011 - 19:37 | 1683158 saiybat
saiybat's picture

Do anything it takes to go down a tax bracket and put "Is there no help for the Widow's son?" on your tax returns. You'll do fine.

Sun, 09/18/2011 - 23:57 | 1683643 Prometheus418
Prometheus418's picture

Not a clever move.

You are aware that the organization you are advocating asking for help keeps records of it's members, right?  That line will work in reverse if you are a liar- and it's doubly bad if you are using it to subvert one of the tenets of that group.

Gotta get your head straight about what they are and are not- trying to invoke Masonic aid to cheat on your taxes is kind of like contacting mothers against drunk driving to ask for help paying legal fees incurred as a result of a DUI.

 

Mon, 09/19/2011 - 03:45 | 1683802 saiybat
saiybat's picture

Prometheus418,

"I am the Lord of the Double Wand of Power; the wand of the Force of Coph Nia but my left hand is empty, for I have crushed an Universe; and nought remains."

-Liber V Vel Reguli

 

You people always give yourselves away with your cryptic pedantry. It doesn't matter what a bunch of goat worshipping petty bureaucrats think. I didn't say anything about cheating taxes anyhow and Masons would would help a non brother out with some taxes because they're just dumb enough to do it.

Sun, 09/18/2011 - 21:46 | 1683439 Fake Jim Quinn
Fake Jim Quinn's picture

@Tsunami Effect: You need to realize that not only do you have a partner in your business, but you are not the controlling partner. How does it feel to work and create the value, but Obama and his ilk feel that they should get more than half of the proceeds. I must be missing something that clearly demonstrates that all vaue is created because of the generousity of the government allowing you to work,  so you should pay more that half.

Sun, 09/18/2011 - 19:02 | 1683098 Tsunami Effect
Tsunami Effect's picture

double post

Sun, 09/18/2011 - 19:02 | 1683103 scrappykoala
scrappykoala's picture

Im just glad Obama is going to open his mouth tomorrow. Everytime he opens his mouth I make serious money. I didnt even know this was scheduled but Im all for it as my positions will go up with a down market or up price in gold and silver so tomorrow is looking like a good day. In all honesty I wish his speeches would be all day every day and I would get my sailboat after about 3 days of that.

Go Obama ... more speeches paleeeeeeeeez. I beg of you.

Sun, 09/18/2011 - 20:48 | 1683314 Fake Jim Quinn
Fake Jim Quinn's picture

Ben speaks -- buy gold. Obama speaks -- short stocks. It works 90% of the time which is better than most forecasting techniques

Sun, 09/18/2011 - 23:59 | 1683654 Prometheus418
Prometheus418's picture

He can't do that.  When would he find time to golf?

Sun, 09/18/2011 - 19:02 | 1683105 AssFire
AssFire's picture

I went to McDonalds and ordered the Obama meal:

Just order all you want and tell the cashier the person behind you is paying for it... On the way out the door I was asked by law enforcement if I was stealing food... No, I explained: "It is just an undocumented purchase".

 

Sun, 09/18/2011 - 19:03 | 1683106 Fix It Again Timmy
Fix It Again Timmy's picture

Short speech - "We'll squeeze it from you, then piss it away."  End of speech...

Sun, 09/18/2011 - 19:03 | 1683107 Atomizer
Atomizer's picture

If Obama didn't have enough plates to spin for the masses amusement.

New Glorious Protected Underclass - The Unemployed

Now we have peeps like Crower calling the SEC to report on a existing ponzi scheme.

http://www.youtube.com/watch?v=1Ge5hB6JLfY&feature=player_embedded

LOL

Sun, 09/18/2011 - 22:07 | 1683484 JW n FL
JW n FL's picture

 

 

The idiot is a Sheep. http://www.youtube.com/watch?v=1Ge5hB6JLfY&feature=player_embedded

$2,6 Trillion in IOU's? and SOcial Security is the Problem?? How about Corruption Maybe? No? Still marxist Obama who is lil Bush part duex in technicolor?

please.. this is huffington post finger painting bullshit.

stupid people exit that way ------->.

 

 

Sun, 09/18/2011 - 22:09 | 1683490 JW n FL
JW n FL's picture

 

 

here watch ths.. its better for you.

http://www.youtube.com/watch?v=Gxvxefecxyw

Sun, 09/18/2011 - 22:10 | 1683492 JW n FL
Sun, 09/18/2011 - 19:07 | 1683116 you enjoy myself
you enjoy myself's picture

i'm amazed anyone, even the press, still takes static tax analysis seriously.   they act like the ever-diminishing segment of the populace that actually pays all the taxes will just keep chugging along, with no change in their behavior at all.  why, of course we'll keep buying jets at the same rate despite having more onerous depeciation schedules!  and of course no high net worth individuals, or hedge funds, will domicile elsewhere!  and everyone will keep their current exposure to risk, despite lower returns!  and we'll have no problem eventually clearing out the shadow inventory of second homes!

Sun, 09/18/2011 - 19:11 | 1683120 RobotTrader
RobotTrader's picture

O'Bummer's tax hike assures his destruction in 2012

Maybe Hillary can take his spot

 

Not the "Armageddon" trade I was expecting in Asian trading.

Looks iike the whole EU mess is priced in already.

Back to normal programming:

- Buy tech stocks

- Buy retail stocks

- Sell junior gold companies by spinning up fraud rumors

- Buy bonds to keep interest rates low

Sun, 09/18/2011 - 20:18 | 1683240 Long-John-Silver
Long-John-Silver's picture

The only difference between Obama and Hillary is Obama was born with a penis and Hillary straps one on. We all get screwed no matter the choice. 

Sun, 09/18/2011 - 21:07 | 1683349 New_Meat
New_Meat's picture

LJS, au contraire, mon ami!

The other difference is, well, in the rest of the man-junk department.  Here, we have on perfect authority from the Ragin' Cajun, James Carville:

'Speaking to reporters Thursday, Democratic strategist James Carville dropped this one-liner: "If Hillary gave up one of her balls and gave it to Obama, he’d have two." '

http://www.politico.com/click/stories/1011/carville_obama_needs_some_bal...

- Ned

Sun, 09/18/2011 - 22:11 | 1683493 DoChenRollingBearing
DoChenRollingBearing's picture

Long, New: green for you.

AHH  AHAHAHAHA!  AAHH....  BWAHAHAHAHA!

Bearings really DO have a sense of humor.  And balls of steel!

Mon, 09/19/2011 - 00:03 | 1683658 Prometheus418
Prometheus418's picture

DoChen-

Any chance of a bearing consultation if I gmail ya?  I can find what I need elsewhere, but what the hell, I'd rather buy from another ZH'er, and I could use a little input before placing an order.

Mon, 09/19/2011 - 01:04 | 1683711 DoChenRollingBearing
DoChenRollingBearing's picture

gmail away!  But, we sell only within Peru.  ALWAYS happy to talk bearings though.

Mon, 09/19/2011 - 01:14 | 1683716 candyman
candyman's picture

my brother sells bearings all over the world. The bearings that are underneath those giant telescopes that help rotate the entire building looking out to some distant galaxy are amazing. 

Sun, 09/18/2011 - 19:15 | 1683135 proLiberty
proLiberty's picture

I would draw everyone's attention to the Rahn Curve.  This shows that when the percent of income taken by government approaches 20% of GDP, people start to change their behavior so as to not pay much more in taxes.  In other words,  any budget that depends upon tax rates that exceed this percent is doomed to not have as much income as the planners expected.

 

 

Sun, 09/18/2011 - 19:53 | 1683177 Seasmoke
Seasmoke's picture

15% seems too LOW......20% seems too HIGH......pick a number in between and be done with this madness .......FLAT TAX

Sun, 09/18/2011 - 21:12 | 1683357 Stuck on Zero
Stuck on Zero's picture

Local, state and Federal governments are reaching 40%-50% now.  50% is the point at which a man is considered a slave by Roman standards.

Sun, 09/18/2011 - 19:28 | 1683143 Old Poor Richard
Old Poor Richard's picture

Why not a flat tax?  Obama's stated goal is to make "the rich" pay as much as everyone else percentagewise, and "the rich" themselves have championed the flat tax.

The time has come.  We need a truly flat tax (not a pretend flat tax that exempts the form(s) of income of "the rich"). 

The tax rate is fixed to generate revenue in proportion to GDP, limiting spending.  The flat tax rate is paid on ALL income of whatever source.  If it is NEW TO YOU it is income, and you pay the rate.  Life insurance payouts, wages, cashed out retirement plans, interest, dividends, capital gains, inheritances, nothing is immune or treated differently.  No deductions, no exemptions.  The IRS will be 1/50 of its current size.  The IRS will not be in the welfare business anymore, and it will be impossible to shelter income.

 

 

 

Sun, 09/18/2011 - 20:51 | 1683318 Fake Jim Quinn
Fake Jim Quinn's picture

Herman Caine's plan seems reasonable at first blush:

"Mr. Cain declared that some of the best economists in this country helped him develop the plan, which he has dubbed the 9-9-9 plan because it would create a 9% flat tax on business and personal income and create a 9% national sales tax".

Mon, 09/19/2011 - 00:15 | 1683370 narnia
narnia's picture

if the federal, state & local governments just had 2x the Chinese defense budget, ended the war on drugs, eliminated virtually all discretionary departments, got out of the subsidy business, got out of the education business, only gave welfare in the form of food/education/health care vouchers for US citizens under 18, set social security at an amount that would include private health care insurance premiums & threw away most regulations & patent laws, the US could fund all government with:

a 9% sales & service tax (split 50-50 with the states) + a 18% flat tax on GAAP income for any company wanting limited liability + a 5% tarriff for all imported products.

the government could end legal tender laws, disburse all of its gold & non-national park / domestic military base land to social security receipients until it was actively traded in the population... and let the FRN die a proper Gresham's law death.

we'd have no income tax, no property taxes, no stupid administrative & filing requirements & no other b.s. taxes.  the Fed would die.  we wouldn't be in bs wars.  we'd have full employment.  we'd have a stable $.  and we'd actually see the quality of life of Americans improve.

 

Mon, 09/19/2011 - 12:41 | 1685102 New_Meat
New_Meat's picture

OPR:

"Why not a flat tax?  Obama's stated goal is to ..."

At that point, I'd say that you have answered your own question.

- Ned

Sun, 09/18/2011 - 19:31 | 1683145 reader2010
reader2010's picture

Desperate moves to buy votes from those average voters that are too stupid to be educated on the real issues.  Say No to those fuckers.

Sun, 09/18/2011 - 19:31 | 1683147 YesWeKahn
YesWeKahn's picture

Sorry, still don't get it, why private jet is targeted? how about private yatch, private resort, private island, etc?

Sun, 09/18/2011 - 19:55 | 1683185 Atomizer
Atomizer's picture

Private jet tax will lead to commerical jets. Just another fee to collect so the GDP remains BTE.

Mon, 09/19/2011 - 00:06 | 1683664 Prometheus418
Prometheus418's picture

Well, because a guy with a private yacht might be a pirate, and I've got peices of eight in me horde, matey.

Sun, 09/18/2011 - 19:33 | 1683151 carbonmutant
carbonmutant's picture

How to be a Lame Duck in your first term as POTUS...

Sun, 09/18/2011 - 19:35 | 1683156 Corn1945
Corn1945's picture

He knows it isn't going to pass. Even he isn't that stupid. He's trying to distract people from the failing economy. You have to cook up a new scapegoat when people don't want to argue about religion, guns, or gay marriage.

Keep them distracted while Wall Street vacuums up everyone's money.

Sun, 09/18/2011 - 19:43 | 1683165 cossack55
cossack55's picture

You forgot illegal immigration.

Sun, 09/18/2011 - 23:48 | 1683641 FeralSerf
FeralSerf's picture

You forgot football and Dancing With the Stars.

Distractions everywhere! Ain't Western Civilization great?

Sun, 09/18/2011 - 20:13 | 1683229 Long-John-Silver
Long-John-Silver's picture

Unequal taxation is unconstitutional under section 1 of the 14th amendment. 

Section 1 of the Fourteenth Amendment to the United States Constitution

All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.

Everyone no matter how rich or poor must be provided equal protection under the above law. Income is Property. Currently our tax structure is blatantly unconstitutional with a "progressive" tax structure  that penalizes some at a higher rate while rewarding others by exempting them from the system. Our system picks winners and losers and in the end we all lose and that evadable outcome has come to us in our time.

Sun, 09/18/2011 - 22:15 | 1683500 DoChenRollingBearing
DoChenRollingBearing's picture

Green and agreement, but,

If you ignore our Constitution, then it does not matter what it says.  The HNIC and the Congress can do what they like, we don't have SQUAT to say about it.

Gold is a quiet part of the solution...

Sun, 09/18/2011 - 20:30 | 1683270 msmith
msmith's picture

The USD Index price action seems to be turning higher and could return to it bullish trend.  The USD should impact other markets.  An interesting Full Market analysis is available here http://bit.ly/p8WB9s

Sun, 09/18/2011 - 20:31 | 1683272 Justaman
Justaman's picture

Gubmint taxation is not the problem.  Gubmint spending IS the problem.  Pretty simple. 

 

Sun, 09/18/2011 - 20:58 | 1683336 Greenhead
Greenhead's picture

Consumption tax is the answer, not an income tax.  Too many arguments possible about what constitutes income.  If you buy something, you pay the tax, period.  Who cares about revenues, pay the tax if you spend.  Want to build capital?  Don't spend, save.

Sun, 09/18/2011 - 21:57 | 1683464 knukles
knukles's picture

As another fearless ZH'er asked;
What's the difference between Hillary's cooch and a gold bar?  If you really need to, you can eat the gold bar.

Would eating the gold bar (or Hillary's cooch for that matter) qualify as consumption to be taxed?

Fair question.
See, discrening the future of all solutions is not feasible.  Just as some day mankind will be warping around the cosmos in Star Ships, some poor fucker in the away team still gets to wear the red jersey.

Sun, 09/18/2011 - 22:18 | 1683507 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1840 and green

MY favorite post of the day.  A Consumption Tax would (with luck) rid us of the odious IRS, which has no business monkeying around and snooping on all of us.

That's right: Want capital?  Save your money then.  Excellent, excellent observation.

Sun, 09/18/2011 - 21:41 | 1683427 ItsDanger
ItsDanger's picture

I'd be in favour of some of the tax changes (depending on the rates).  The rich should be classified over $5MM but I would need further detail (should NOT be targeting small business).  Drop the corporate & personal rates but add a national sales tax.  The differences in state tax rates is an issue that isnt discussed enough.

Sun, 09/18/2011 - 21:48 | 1683443 PJPony
PJPony's picture

I just watched a video series on the collapse of Argentina. If you changed the names of the politicians, the story is the same as what is happening around the world today.

If the politicians, banks and corporations aren't stopped, Argentina here we come! Huge numbers of their population starved, while Citibank, JP Morgan and many other world banks and corporations became wealthy off the people's savings.

The labor union heads were corrupt and sold out their workers for political favors, just as we see happening here. We are further down the rabbit hole than most realize. The next step isn't taking down a mere country. The next time it's the world. Argentina was a practice run.

Mon, 09/19/2011 - 00:09 | 1683669 Prometheus418
Prometheus418's picture

Saw the same series a few months ago, and came to the same conclusion.

Sun, 09/18/2011 - 22:08 | 1683488 pyite
pyite's picture

The part of these proposals that never gets enough attention is how the phase-in process happens.

The worst part of the deficit problem is Medicare expenses 10+ years from now, so there is no need to hammer everyone on January 1.  Phase in the new taxes (and phase out the Bush tax cuts) over a 10 year period so people won't even notice the difference.

 

Sun, 09/18/2011 - 22:33 | 1683542 GoldmanSux
GoldmanSux's picture

Dude, you are so misinformed. Entitlement spending is growing 10% per year and social security has gone negative. There is no time to be piddling around. Tax increases on everybody AND entitlement/defence cuts immediately are the only thing that has a remote chance of succeeding.

http://www.businessinsider.com/usa-inc-2010-income-statement

Sun, 09/18/2011 - 23:08 | 1683597 Hephasteus
Hephasteus's picture

It's not entitlement spending it's defense spending. Because broke hungry people will turn to theft and violence so fast you're head will spin.

Sun, 09/18/2011 - 23:30 | 1683622 Seasmoke
Seasmoke's picture

especially with the lack of morality we all now are living with

Mon, 09/19/2011 - 00:13 | 1683673 Dingleberry
Dingleberry's picture

The only way out of this mess is to get back some of the money that the cocksucking bankers and their ilk stole. The poor not ony don't have any money, they are in massive debt. Same for the middle class. Someone tell me when in our history we fought a war and gave tax cuts at the same fucking time. FOR A DECADE. And if it worked out. I think NOT. If you can't afford wars, then don't do them. 

Mon, 09/19/2011 - 07:00 | 1683884 SPADOC4
SPADOC4's picture

This is high school political drama.

The big "O" comes out with a "tax-the-rich" plan. Repubs say no, no, no. The big "O" then says, "see, the evil repubs are just a bunch of fat-cats."

My god, the transparancy of it all.

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