The Buffett Rule: Prolly DOA

The New York Times is reporting that Obama will come out Monday with a new Millionaire’s Minimum Tax.  Adorably, he will refer to it as the Buffett Rule

The millionaires’ rate would affect only 0.3 percent of taxpayers, they said. That would be fewer than 450,000; 144 million returns were filed for 2010.

Mr. Obama’s proposal comes a month after Mr. Buffett began reviving his longstanding objection that he and “my megarich friends” pay a significantly lower percentage of their income in federal taxes — income and payroll taxes — than everyone else, thanks to the tax code’s favoritism toward the rich, and especially toward investors like him.

Republicans on the Joint Committee that is in charge of ramming through the budget stuff this fall as part of the Debt Ceiling compromise will likely call the measure unacceptable before it is even discussed.

This one’s prolly Dead On Arrival – like everything else the President attempts these days.  He’s essentially being treated like a lame duck at this point, it’s embarrassing and sad.

Source:

Obama Tax Plan Would Ask More of Millionaires (NYT)

 

 

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Bitcoin Evolution Review commented on Sep 22

    … [Trackback]

    […] Find More on on that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  2. bitcoin loophole review commented on Sep 23

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  3. bitcoin era review commented on Sep 23

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  4. Harold Jahn Alberta commented on Dec 19

    … [Trackback]

    […] There you will find 48030 additional Information to that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  5. buy dumps commented on Dec 23

    … [Trackback]

    […] Find More Information here on that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  6. rbc online login commented on Dec 28

    … [Trackback]

    […] Info to that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]

  7. Digital Transformation Services commented on Feb 03

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2011/09/18/the-buffett-rule-prolly-doa/ […]