Obama Tax Plan Would Ask More of Millionaires – NYTimes.com

Obama Tax Plan Would Ask More of Millionaires – NYTimes.com.

The New York Times reports (entire story at the above link):

President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.

With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.

Since this stands exactly no (zero, nada, null, absolutely none whatsoever) chance of passage, you may be wondering, what’s up? It’s called politics and it might turn out to be very good politics.

Tea Party Republicans have a stranglehold on economic policy and call the shots on budget matters. Their inflexibility forced Speaker Boehner into a corner and effectively shut down deficit reductions and spending cap discussions. This has the effect of reminding anybody who might be paying attention that they all take orders from Grover Norquist, who was elected by nobody. It reminds voters that a group of extremists will hardly discuss allowing tax cuts for the wealthy to expire on schedule.

Give President Obama credit for stooping to the opposition tactics. When 46 million Americans are in poverty and all of us are kinda’ worried, this strikes a certain tone of resentment that might serve him well. Of course, all minds are closed, so this modest exercise in political positioning is probably for naught (zero, null, nada, etc.).


About patlynch
I am a broadcaster in Arkansas, a former freelance writer and political columnist in the Arkansas Democrat-Gazette. Writing Coach. Speaker. Director of the Christian Foundations for Ministry program, and presently enrolled in the Anglican School of Ministry Master of Ministry program.

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