Obama: “Tax the Rich” a manipulation of the “Occupy” crowd

The Wall Street Journal  02/14/12 John D. McKinnon

“Obama Proposes ‘Buffet Rule’ for Wealthy”

http://online.wsj.com/article/SB10001424052970204062704577221624008528622.html?KEYWORDS=Obama+Proposes+%22Buffett+Rule%22

In one of the most eye-catching of President Barack Obama's proposals Monday to change the tax code, he suggested replacing the widely disliked alternative-minimum tax with a 30% minimum tax on people earning at least $1 million, based on the so-called Buffett Rule.

Other proposals in his long-range principles—designed to raise at least $1.5 trillion over 10 years—include eliminating breaks for private-equity firms, corporate jets and oil and gas companies.

In Mr. Obama's proposal, the AMT eventually would be replaced with a 30% minimum tax on incomes over $1 million. That follows assertions by investor Warren Buffett of Berkshire Hathaway Inc. that millionaires should pay more to the government; he has pointed out he pays a lower tax rate than his secretary.

Some tax experts questioned whether such a switch could be made without raising revenue elsewhere. "It's hard to see how the Buffett Rule, at least as currently discussed, would cover anywhere near the entire cost of repealing the AMT," said Donald Marron, a former adviser to President George W. Bush who is director of the Tax Policy Center of the Urban Institute and Brookings Institution. He estimated complete repeal would cost at least $100 billion a year in lost revenue, perhaps more if Bush-era tax breaks are extended beyond 2012.

Common Sense Review

This is a ridiculous proposal. I find it complete ignorance when anyone talks about creating law or regulation to our tax code to “make it fair”. 

  Even on a secure foundation, if constant rebuilding will damage that foundation.  Sometimes looking at the foundation of a structure and see that it is weak must be broken down and recreated.

Obama’s need to “Tax the Rich” on a surface is a ploy to fuel those who are flaming the fires of the “Occupy” crowd, when he is actually not going to do it… Obama needs the rich..  His campaign is not being funded by the “Middle Class”.   

The incredibly educated “Occupy” crowd doesn’t see this, so how educated are they really?!?!