President Obama wants millionaires to pay higher tax levels and despite potential tax loopholes the President wants those taxes to be at least 30% of a millionaires earned income.

If that number sounds familiar it may be because it has come to be known as the Buffett rule after billionaire Warren Buffett proposed that anyone making more than $1 million per year should be taxed at at least 30% of their overall pay. Buffett proposed that payment structure after his own secretary Debbie Bosanek pointed out that the billionaire is taxed in a lower bracket then her.

In his speech Obama noted:

“Tax reform should follow the Buffett rule,” and “If you make more than $1 million a year, you should not pay less than 30% in taxes.”

Further attacking the low tax structure of many millionaires Obama attacked the Washington establishment that has made those payment so low by stating that Washington should stop ”subsidizing millionaires,” and that tax subsidies and deductions should be stopped for anyone making $1 million or more per year.

The President then shifted his attention to those Americans making under $250,000 per year:

“On the other hand, if you make under $250,000 a year, like 98% of American families, your taxes shouldn’t go up,” he added. “Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”

That part of his speech was part of a greater State of the Union message that focused on building a long lasting economy that returns manufacturing jobs to the United States by giving incentives to company’s that bring jobs back to the U.S.

What do you think of Obama’s message to millionaires and the working class?

President Obama Attacks Tax Structure, Uses 30% Minimum Tax Rule Suggested By Warren Buffett is a post from: The Inquisitr

Lest you think Warren Buffett is a self-hating Richie Rich, the sympathetic billionaire- who has long decried that he himself pays a far lower tax rate than many of his employees- has actually stepped in to defend the often-seemingly-indefensible Mitt Romney.

Buffett has not been shy in criticizing many in his cohort that enjoy a lower tax rate- the difference essentially boils down to whether you make money with your skills or labor, or whether your money makes money. If you yourself make the money, you pay a higher tax rate. Income from investments is taxed a bit lower, and Romney has come in for hotter heat when the topic of loopholes like offshore tax shelters are discussed.

But, Buffett says, don’t hate the player- hate the game. He sat down with Bloomberg earlier this week to talk about tax issues and Mitt Romney after Mittens was excoriated in the press for not wanting to release his enviable tax returns to the American public, probably for fear the torches and pitchforks were about to come out. Buffett explains it’s not really Mitt Romney’s fault he gets to keep such a greater percentage of his money than you do- it’s Congress to blame for the situation:

“It’s the wrong policy to have. He’s not going to pay more than the law requires, and I don’t fault him for that in the least. But I do fault a law that allows him and me earning enormous sums to pay overall federal taxes at a rate that’s about half what the average person in my office pays.”

Buffett has long been campaigning for a fairer tax rate that will ensure everyone carries the tax burden equally in the US. He continues:

“[Romney] makes his money the same way I make my money. He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money.”

Well, Warren, when you say it like that, it doesn’t really make Mittens any friends, does it? Do you think “vulture capitalists” like Mitt Romney should be taxed like a janitor or schoolteacher?

Warren Buffett Says Congress, Not Romney is to Blame For Tax Rate, Defends GOP Contender is a post from: The Inquisitr

Last week Kim LaCapria at Inquisitr wrote about a challenge Warren Buffett made to opponents of higher taxes for the rich. He told those Republican lawmakers that he would match any donation they voluntarily made to help pay down the national debt. Today Buffett has followed through on his promise by writing a check for $49,000.

The move by Buffett is actually a retroactive gesture made because Virginia Rep. Scott Rigell made such a contribution last year.

In a letter sent by Berkshire Hathaway to Rep. Rigell the billionaire says he is impressed that Rigell “took this action before my challenge.”

In the meantime Buffett is waiting for the biggest opposition of taxes on the rich to voice their opinion, that would be Senate Minority Leader Mitch McConnell. Buffett has said he will match Mitch’s payment 3 to 1.

The challenge started when Warren Buffett said the super rich should be taxed more to which McConnell invited him to “send in a check” to the Treasury if he felt he was being taxed at too low a tax bracket.

In a letter to Buffett Rigell said he “gladly accepts” Buffett’s “generous offer.” He also revealed that he makes it a general practice to donate 15 percent of his Congressional salary to help pay down the debt. In 2011 that was $23,103.33 and in 2012 it will be nearly $26,100.

Rigell also wrote to Warren Buffett:

“Though we differ on tax policy, as fellow Americans and businessmen I know that we share this common bond: a deep concern over the state and trajectory of our country’s finances.”

In the meantime Buffett hopes that Rigell’s action will help start a type of sparing match between Democrats and Republicans which will in turn leave American voters cheering for whatever side becomes more generous with their big congressional paychecks.

Warren Buffett is waiting until April 20 to write his check in the hopes that more people will donate and he will be left with a larger bill to pay.

On a side note Rigell offered to provide proof of his contribution but the ‘Oracle for Omaha’ offered a simple reply “Your word is good with me.”

Who are you siding with in this tax the super rich debate, Mitch McConnell or Warren Buffett?

Warren Buffett Answers Federal Deficit Pay Down Challenge, Writes A Check For $49,000 is a post from: The Inquisitr

Warren Buffett caught the attention of those both for and against a fairer tax rate in the US back in August when he wrote a missive for the New York Times calling out the current tax system as unfairly favoring the very wealthy.

Going against the grain of the top 1% by admitting he pays a lower effective tax rate, Buffett lamented the fact that his tax rate was far lower than that of his secretary and called on the government to balance the tax burden. Republican Senator Mitch McConnell- who, it cannot be underscored enough times, appears to be melting very slowly before the horrified eyes of his constituents- responded by inviting Buffett to send in a check, as if that magically cures the inequities of the current system. Fellow Republican John Thune, World Champion of Not Getting It, then introduced a measure to allow wealthy Americans like Buffett to write in donations on a tax form, something Buffett referred to as “a tax policy only a Republican could come up with.”

Buffett is now calling on the GOP with a generous challenge- for every dollar donated by congressional Republicans to pay down the debt, he will match the contribution. That goes triple for McConnell- but a spokesman for the Senator seems to indicate that his employer still wishes to ignore the point, saying on behalf of the Kentucky lawmaker:

“I look forward to Mr. Buffett matching a healthy batch of checks from those who actually want to pay higher taxes, including congressional Democrats, the president and the DNC.”

Do you think that Warren Buffett is right, and America’s richest citizens need to start pulling their weight?

Warren Buffett Throws Down GOP Donation Challenge, Tells McConnell to Bring It is a post from: The Inquisitr

If you’ve been paying attention to the musings of the Wall Street Journal lately you’re probably already aware that their conservative editorial board has been attacking Warren Buffett and his support for taxing the ultra-wealthy and now Buffett is firing back.

While attending the Fortune magazine conference Buffett was asked when he will release his tax return as the WSJ has requested:

“I think it might be a terrific idea if they would just ask their boss, Rupert Murdoch, and he and I will meet at Fortune, and we’ll both give you our tax returns and you can publish them.”

The move by Buffett leaves Murdoch with two choices, share his tax returns from 2010 or allow the Wall Street Journal to appear as a hypocritical news agency for attacking Buffett and his charitable ways while protecting Murdoch and his media conglomerate.

In the meantime News Corp., owners of the Wall Street Journal have failed to return requests for comments and Rupert Murdoch appears to be shying away from the Warren Buffett request.

Do you think both billionaires should open up their tax returns to scrutiny? Regardless of how Buffett’s tax return may look his charitable donations have far exceeded anything Murdoch could even come close to matching.

Warren Buffett Challenges Rupert Murdoch To Game Of Show And Tell “Tax Return Style” is a post from: The Inquisitr

Warren Buffett on Friday said Berkshire Hathaway will continue to invest in the economy even as the company prepares their first ever share buyback program.

Speaking during a CNBC interview Buffett said Berkshire will continue to make acquisitions and spend on infrastructure for their portfolio of companies.

The announcement to purchase back their own shares stunned many analysts in the market and led some investors to believe the company could be undervalued by 30 percent or more, making the buyback program a smart move for the “Oracle of Omaha.”

After the company’s announcement Berkshire Class A shares were down 0.9 percent at $108,202 in afternoon trade on Friday.

Speaking about the economy Buffett says he still supports Bank of America for whom he purchased a bunch of long-lasting warrants and received a lucrative dividend.

Speaking about the Bank he said they have a “fabulous business, but it’s got a lot of problems from the past.” Buffett acknowledged that CEO Brian Moynihan will need years to fix his company’s problems.

In the meantime BofA will cut 30,000 jobs during their “New BAC” program while shedding various assets needed to raise capital which is needed to meet industry standards that will go into effect in 2013.

If I could buy back part of my multi-billion dollar company for pennies on the dollar I would probably be feeling pretty good about the economy as well.

Do you feel as confident about the U.S. economy as Warrent Buffett does? I’m pretty sure Bank of America employees being fired under the “New BAC” plan don’t feel the same way.

Warren Buffett Backs Up Economy and Bank of America As Berkshire Plans First Ever Share Buyback is a post from: The Inquisitr

Billionaire investor Warren Buffet recently argued that rich people are not paying enough taxes and in that spirit President Obama on Monday is expected to roll out the “Buffett Rule” a new tax plan that will create a higher minimum tax rate for American’s who earn more than $1 million.

The plan will like target the “alternative minimum tax” rule which was formed decades ago to ensure that the most wealthy American’s pay a certain tax bracket despite loopholes and deductions, a level that was placed at a measly 15%. The AMT as it is commonly referred to eventually carried over to upper-middle-class Americans.

The President is also expected to target the low 15% tax rate on capital gains, dividends and “carried interest” that has been collected by wealthy investors.

According to President Obama, ending tax breaks for the .03% richest American’s would help pass on lower rates to middle and lower class workers.

The plan is highly unlikely to pass through the Republican controlled Congress but that isn’t the point of the proposal, Obama’s plan is merely a way to show voters that Republican’s don’t have their best interests in mind during a time of unprecedented wealth loss among the middle class in America.

Do you think taxes need to be raised for America’s richest citizens? I’m going to take Buffett’s word on this one as he is a much smarter man than me when it comes to financial accumenship.

Obama To Unveil “Buffett Rule” On Monday, Target Higher Taxes For Rich People is a post from: The Inquisitr

Warren Buffett has once again dug deep down in his pockets to make a sizable donation. The “Oracle” of Omaha donated $1.78 billion this week to the Bill & Melinda Gates Foundation and several other charities as part of his 2006 plan to donate 99 percent of his wealth.

Buffett according to the SEC donated 23.31 million Class B shares of Berkshire Hathaway Inc (BRKa.N) (BRKb.N) with 19.34 million of those shares going to the Gates Foundation.

Along with the Gates Foundation Buffett made donations to his families charities including the Susan Thompson Buffett Foundation (his first wife), and charities for children Susan, Peter and Howard.

Warren Buffett has already donated $11 billion of Berkshire shares with much of that money going to the Bill & Melinda Gates foundation which aims to fight education, health and poverty problems around the world and largely in developing countries where they can get the most “bang for the buck.”

Warren Buffett Donates $1.78 Billion To Charity is a post from: The Inquisitr

The recalculation took into consideration the effect of the economic woes that we are all in. While my pathetic investment is down by 60% and will surely become dust soon, Buffett on the other hand added $8 billion to his net worth from August 29 to October 1 for a total of $58 billion.

How about Bill Gates? He is poorer now by $1.5 billion to $55 billion over the same period as Buffett. He relinquishes the top spot after 15 years.

The magazine is due to come out October 27. Don’t look for my name.

Buffett now richest American; Gates poorer is a post from: The Inquisitr