Obama’s Buffett Rule Backed by 63% of Investors

[kpete]

Source: Bloomberg

Global investors overwhelmingly support President Barack Obama’s proposed tax increase for those earning annual incomes of $1 million or more in an effort to reduce the deficit.

By a margin of 63 percent to 32 percent, respondents in a Bloomberg Global Poll approved of the president’s proposal, known as the “Buffett rule” in a nod to Warren Buffett, the chairman of Berkshire Hathaway Inc., who has said it is wrong that he pays a smaller share of his income in taxes than does his secretary.

Obama said Sept. 19 that making sure that the wealthy pay at least the same tax rate as the middle class was “just the right thing to do.” House Speaker John Boehner accused the president of practicing “class warfare,” saying any new tax would hurt job creation and Buffett’s situation was not typical.

The call for the rich to pay more, however, found backing among financial professionals in the quarterly Global Poll of 1,031 investors, analysts and traders who are Bloomberg subscribers. “Higher tax payments could help to avoid or delay potential social disturbances and in addition create some kind of a general solidarity,” says Henry Littig, chief executive officer of Henry Littig Global Investments AG in Cologne, Germany, a poll respondent.

Read more: http://www.bloomberg.com/news/2011-09-30/obama-s-buffett-rule-backed-by-63-investors.html

[Roy Rolling]

1. Global

63% globally support the idea but the U.S. is a bunch of right-wing morons. In the U.S. support is only 40%, while the other 60% are clueless and shouting slogans like "trickle down...YEAH!!!!"

[quakerboy]

6. Then that global 63%

who would like the US to change, presumably for the sake of stability in world markets, should create their own alternative to the Us Chamber of Commerce. Everyone knows that the chamber gets their money international, and its now made legal for them to use it all on politics, by default of having no way to check or enforce our previous rules about foreign money in our elections. The 40% in the US can give them cover by donating as well. Again just like the Chamber.

Oh.. Wait... Unlike conservatives, liberals generally try to follow the laws and rules. I forgot.

[Yupster]

2. So would this mean that municipal bonds would no longer be tax free?

or they would be tax free if your income is less than $ 1 million but they wouldn't be tax free if you make over a million?

[ieoeja]

7. I haven't seen the exact wording.

I imagine all tax free items will remain tax free. It was my understanding that Obama was addressing tax-reduced items, like Capital Gains and Dividends. The tax free items are tax free to encourage investment in that particular sector.

[Yupster]

8. Very wealthy people put their money into municipal (tax free) bonds

That's how a guy can have $ 10 million of earnings and pay almost no tax on it. It's because he has $ 200 million in tax free municipal bonds.

If you want to make sure this guy pays the same as his plumber you better do something about municipal bonds because that's where his money is.

Wealthy business owners are to generalize a very interesting group of investors.

They take huge risks with their own businesses every day starting up new companies over and over again.

But as investors, they are among the very safest. If they want to risk their money, they'll do it. For the put back money it generally goes into muni bonds.

So, if you want to make rich guys pay the same rate as poor guys, you better do something about muni bonds. Because that's where the tax free part of his income is coming from.

[Cool Logic]

3. However, Buffett no longer does...

Warren Buffett Does Not Endorse WH's "Buffett Rule"

http://www.realclearpolitics.com/video/2011/09/30/warren_buffett_does_not_endorse_buffett_rule.html

[Roland99]

4. Hmm...the article doesn't really give credence to the wording of the headline

[Yupster]

9. Idn't it amazing how much that happens

on almost every topic. The headline doesn't match up with the story at all.

[Kingofalldems]

5. Doesn't seem to be what he says in the transcribed interview.