September 18, 2011
OBAMA PROPOSES “BUFFETT TAX” on individuals making more than $1 million a year. Isn’t this just a rebadged Alternative Minimum Tax? [I thought at first this was a Michelle-inspired “Buffet tax” designed to slim us all down. — ed. Don’t give her any ideas!]
My advice to the Republicans — roll out my package of Democrat-punishing revenue enhancements in response.
Meanwhile, I thought Obama was going to “pivot to jobs.” What does this have to do with creating jobs?
UPDATE: Now a real Buffett Tax would involve capping the charitable deducation at, say, $100K, and eliminating various tax-avoiding trusts. I invite any tax experts out there to propose specific changes — besides the obvious, an excise tax on fractional jet businesses — that would hit Warren Buffett personally. I mean, now that the President has said it’s okay to do that. . . .
Meanwhile, lots of more generic changes, like eliminating or capping the deductibility of state income and property taxes, or the mortgage interest deduction, would hit residents of high-cost/high tax blue states a lot harder, too. I’m just sayin’ . . . .