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.


* 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.


* 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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??'s picture

There is a new offering from London Banker that slams Geithner


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.

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.

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.

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

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!

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 -
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.

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?

rcintc's picture

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

Leave us the hell out of it.

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.

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.

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.

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?

Chuck Walla's picture

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

Surly Bear's picture

There is one born every minute.

H H Henry P P P Paulson's picture

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

Atomizer's picture

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

cossack55's picture

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

Chuck Walla's picture

But wait! We'll supersize your order.

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. 

TradingJoe's picture


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!

Robslob's picture

Dear Obama & Co,

No need to raise taxes.

Quit fucking spending.

Mr Turnip
The Taxpayer

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

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.

candyman's picture

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

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...

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?

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.

razorthin's picture

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

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

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

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.


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!


Zero Govt's picture

"Obama ='s Lobby Whore"

Aren't they all? Even Ron Paul??


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

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.


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. 

XenoFrog's picture

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

GOSPLAN HERO's picture

Buffett is a rich socialist hypocrite.

Piss on him.

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.

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.

saiybat's picture

How do you tax the top 1%?

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.

Stuck on Zero's picture

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

JW n FL's picture

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….

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

The Video really is must see TV!

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.

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.

AnarchyInc's picture

Bullish for facism

digalert's picture

Kinda sounds like class war, don't it?

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.


Ahmeexnal's picture

The sheeple are on soma-vacation.

And they have been conditioned to love their servitude.