Buffet rule will be tax break for Obama and Biden!

[Steve]

in reality Obama would not be effected by this tax increase.. and neither would Buffet... when your rich enough to make billions.. you can manipulate your income.. and use your already earned money to live well... and avoid taxes..

Both the Obamas and Vice President Joe Biden and his wife, Dr. Jill Biden, were hit by the existing alternative minimum tax, which mostly snags upper middle class folks with big deductions for state and local taxes. The Obamas' total tax bill was boosted $12,491 as a result of the AMT. The Bidens, with a gross income of $379,035, paid income tax of $86,892, for an effective tax rate of 22.9%. Of the Bidens' total tax, $6,805 was due to the AMT.

Say goodbye to the much-loathed Alternative Minimum Tax and hello to the Buffett Rule. Sweet relief.

sweet relief in that The buffet rule is actually a tax break for the Rich...

A tax break for Obama of $12,491.00

A tax break for Biden of $6,805.00

so the reality is.. a "few" would pay more.. those who sold off land,.. a business or home...

but most wealthy would end up paying less... No wonder they are so set on the buffet rule...

 

[Steve]

in 2010 the current alternative minimum tax (AMT) will generate $102 billion or 10.4 percent of all individual income tax revenue. If the 2001-06 tax cuts are made permanent without a corresponding AMT fix, by 2019, the AMT will generate 13.1 percent of individual income tax revenue or $271 billion.

The AMT, if not changed, will take about $1 trillion over a decade from millions of wealthy taxpayers,

The Administration will work to ensure that this rule is implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions. And he is proposing that the Buffett rule should replace the Alternative Minimum Tax,

Alternate AMT: What caught my eye in the budget document, and which was reiterated in the Office of Management and Budget press conference this afternoon, was that the Buffett Rule would replace the Alternative Minimum Tax (AMT).

... all this is is a tax break for the wealthy.. those who now make over $200,000 a year and are hard hit by the AMT.. (like Obama and Biden)

how long will it take the liberals to realized this is actually a tax break for the rich? :? :???: :shock:

a trillion dollar tax break!

 

[Steve]

Maybe some brave liberal can explain how this went from Obama paying his fair share to Obama paying LESS taxes?

The buffet rule would result in

A tax break for Obama of $12,491.00

A tax break for Biden of $6,805.00