PORTLAND, Maine — Representatives of the Maine League of Young Voters demonstrated near Canal Plaza in Portland on Monday, urging the state’s two U.S. senators to embrace the “Buffett Rule,” which would impose higher taxes on America’s millionaires.
The Buffett Rule is named for billionaire Warren Buffett, who has become a vocal advocate for higher taxes on the rich. The measure would increase taxes on Americans earning more than $1 million annually and place a 30 percent minimum on those earning more than $2 million a year.
The Maine League of Young Voters, which boasts a mailing list of nearly 5,500 members, came down strongly in favor of the Buffett Rule with its midday event on Monday.
That came nearly five hours before the Senate voted 51-45 against moving the rule another step down the congressional conveyor belt toward passage. But the consolation for league members may be that one of the two senators they targeted, Sen. Susan Collins, was the only Republican in the chamber to vote in favor Monday night.
“We feel our economy and tax laws are tilted in favor of those with political connections and great wealth,” said Wells Lyons, vice chairman of the league’s steering committee. “Those who can make large campaign contributions get tax laws written in their favor.”
League volunteer Sarah Schindler said Monday she is disheartened by the cap on capital gains taxes at 15 percent, arguing that holding taxes low on earnings from investments gives the upper hand to those who can afford to trade stocks or commodities. Comparatively, she said, “all of my taxes come out of my income.”
“I do believe in the redistributive property of taxation,” Schindler said.
Estimates on how much additional federal revenue would be generated by the Buffett Rule have varied. The congressional Joint Committee on Taxation asserted that the rule would generate $4.67 billion more annually, while the pro-Buffett Rule organization Citizens for Tax Justice has touted a $50 billion yearly revenue boost.
Republican House Speaker John Boehner of Ohio and Senate Minority Leader Mitch McConnell of Kentucky are among the rule’s vocal opponents, arguing among other things the proposal is an effort to incite class warfare and could choke investments vital to business lending and job creation.
In voting against moving the rule forward Monday night, Sen. Olympia Snowe, R-Maine, called the Buffett Rule proposition a “superficial approach to a fundamental issue.” She said her opposition “has nothing to do with protecting millionaires” and called for comprehensive tax reform developed through a bipartisan effort.
“It is long past time we undertake comprehensive, rather than piecemeal, tax reform — something I have been calling on the President and Treasury Secretary Geithner to focus on for over three years now because it is essential to growing our economy and creating new jobs,” Snowe said in a statement Monday night. “Instead, we have wasted precious time in the life of America and, as a result, haven’t experienced a robust economic rebound because this is the worst post-recession recovery in our history.”
In a letter addressed to Snowe that Lyons brought to the Monday demonstration, not far from the offices for Snowe and Collins in Canal Plaza, he blasted the argument “that the wealthiest ‘job creators’ need low tax rates to employ the rest of us.”
“The mantra that tax cuts for the rich create jobs for working Americans is simply not supported by the economic data,” Lyons wrote in the letter to Snowe. “After you voted in 2001 for the first round of the Bush tax cuts, there was no surge in job opportunities. In fact, we saw the slowest job growth in 50 years, and the income of the average American family fell.”
Collins voted in favor of the Buffett Rule legislation to spur discussion of tax reform, but said President Barack Obama’s Buffett Rule is “not a serious starting point.”
“I believe we should be debating comprehensive tax reform aimed at creating a simpler, fairer, pro-growth tax code. Such reform should lower rates for job creators and middle-income Americans, while increasing the share of taxes paid by the wealthy,” Collins said in a statement. “A key to reform is simplification: just last year, according to the IRS, there were 579 changes to a tax code that is already more than 65,000 pages long. No one can keep up such complexity — it hobbles our economy, and exasperates the American taxpayer.”
Here’s the downside of increasing the capital gains tax: When the rich don’t purchase as many stocks-that will push equity values down- the little guy holding those stocks in his 401k will get beat up-not the rich guy. Some increase might not do too much damage, but anything close to doubling the tax will be devastating to the big risk takers and the millions of Americans relying on 401k accounts for retirement. I’m thinking that these kids in the picture are not saving for retirement or anything else.
I wonder if the four JL’s in attendance are in favor of the Federal plans for college-loan forgiveness, too. Maybe they don’t see that measure as a hand-out for the entitled. The hatred of rich folks is truly getting out of hand.
A lot of ‘kids’ don’t even have jobs these days. Retirement is their farthest concern. Things have changed.
Standing there with those signs is not going to get them anywhere either is it? Things have changed; it’s back to taking care of yourself without relying on someone else (except their parents) for your future.
No-no-no we can’t have this. The GOP/Tea Party tells us all the time that it’s the millionaires who are the “Job Creators.” See how many jobs they created after 10 years of receiving the “Bush Tax Breaks?” See em? Don’t ya seem em? Oh well just keep looking. Thank goodness we now have prosperity for all…for all those millionaires that is. They’re rolling in excess cash!
See how many jobs you get when you make less money for making them!!!
Wells Lyons: you do not speak for this Mainer. The Buffett Rule is a ruse to keep Obama from having to present a budget that is long overdue, making him derelict of duty to the American people. And, isn’t it a travesty of justice and no joke that Buffett is fighting having to pay substantial taxes that he owes!
Just heard that Senator Collins voted “Aye” to the Buffett Rule– but no surprise there, since she has been on Obama’s voting list for sometime.
Wake up Americans!
The “Buffett Rule” is campaign grandstanding to promote division and class warfare, things that Obama is good at. The Great Divider Obama is a good campaigner but is a non leader. This is a “feel good” bill that does nothing to help the budget process. We need a president that actually knows how to develop a budget.
My sons have defended the right of the ultra rich to make oodles of money. This tax season I have paid 24% of what I have earned. If I cleared over 2 million, I weould not mind paying in 600 thousand to have poor peoples’ sons and daughters die and get maimed for my right to own a couple of houses, vehicles and live a life of ease. Bonny, why are you protecting the wealthy from pitching in? Are you one of the 1 %? I’ve a feeling you are rather clueless.
You can send the government all the extra money you have at any time.
What a brilliant, insightful cutting edge comment.
True though, that’s the tough part for you, no?
Obama speaks about this being a good thing, he wouldn’t mind paying a bit more. Oddly though, the “Buffett Rule” wouldn’t apply to him. As for Warren Buffett , seems he has some pretty big legal issues due to Tax evasion. So all this a joke, those pushing it find a way around it, and it amounts to a drop in the bucket.
Did you know that if we took all of the Tax Filers who would be affected by this, If we confiscated everything the made, we would pay some where around 30 day’s worth of bills. So what, besides spite, is the purpose of this ?
The purpose is to gather support for Obama’s next campaign which he has already launched. Young Americans obviously like the Marxist theory of redistributing wealth—take from the rich and give it away to a deficit created by the failure of the left to attempt to live within their means. Don’t push all of this on Bush—enough of the blame game. Instead, what did Obama do to change the mess we are in? He has done nothing but add to the debt. His programs stimulate nothing but class warfare.
How many American children died last year because a random stranger made over a million dollars?? Do explain…
If one person pays 15% of 20 million dollars and another pays 24% of $100,ooo who paid more? The idea that people making alot of money don’t pay a “fair” share seems kind of silly. As a working stiff myself, I understand the jealousy that people feel. I just cannot delude myself enough to believe that someone paying more money in taxes in one year than I am going to earn in my lifetime is being unfair. Show me the tax returns of these supposed super wealthy people who don’t pay enough and maybe I’ll change my mind.
Here is a great fact for ya…G E, one of this country’s biggest company paid ZERO dollars in taxes…Not one Penny. How does that grab ya? The breaks that the corporations, Banks, and Billionaires get are rediculous and is why the Middle Class and Poor pay a higher percentage of their yearly wages in taxes. That is the most rediculous thing i can fathom. Why shouldnt someone who has Nine houses, four boats, and a jet be expected to pay the SAME percentage as I do? Nobody is asking them to pay MORE, we are asking them to pay EQUAL…the BUFFET RULE will force the Billionairs and Millionaires to actually PAY TAXES and stop relying on the huge tax cuts they get every year…Plain and simple. If you dont like the fact that the middle class and poor are tired of being used as punching bags for the economy, no problem, gather up all your money and millions and head on over to China, or Korea, that seems to be where all the Big Companies are locating thier headquarters anyway so they can escape taxes…Join, em….we dont mind at all.
Apples to oranges. GE pays corporate taxes, not income taxes. The Buffett Rule does not apply to them. Nor does it apply to anyone with salaries of $1,000,000+. It only applies to people who make a living off investments. 0.001% of taxpayers.
Letterreader – I take offense to your comments invoking the death of son’s and daughters….From a person who has lost friends in the Middle East and brother who lost one of his best friends you would not throw around such comments when making a verbal protest about a percentage that ‘weathly’ Americans must pay in taxes. Do me a favor come to Washington DC on Oct 29th and pool the people you see with the names of the loved ones lost on the back of the shirts they run in during the Marine Corps Marathon after at the finish line you can walk among the crosses in Arlington and ask for W-2’s for those that kneel beside their family and friends.
http://en.wikipedia.org/wiki/Erik_S._Kristensen
http://en.wikipedia.org/wiki/Douglas_A._Zembiec
http://en.wikipedia.org/wiki/Megan_McClung
Since you obviously didnt care to ask how letterReader has been affected by “sons or daughters” lost in the most rediculous war since the Vietnam War, maybe you should ask her before you get completely offended. You represent a % of military families that support the rich. That is fine, she obviously doesnt agree with you. There is no reason to take offense to somone who states her opinion. She does not own the loss of life nor do you. Lets at least agree that any loss of life due to war is a huge tragedy and by many standards, from what we have learned…unnecessary.
What about the draft riots all the way back to 1863 when a wealthy son could pay $300 to have someone fight in his place?Some things never change.
>>>>
They don’t pay less. The money that they gain is unearned income taxed differently because the money invested has already been taxed. If I had to pay the same amount/rate on my dividends and interest, I would stop taking a chance with my money on which I have already been taxed.
Buffet should give more to charity or even write a bigger check to the federal government. I noted the small sum listed on Biden’s tax returns for charity. Yet, he is the one interested in redistributing wealth.
Perhaps each of us should be allowed to keep more of our money, including the millionaires, and learn to give to the charity of our choice. Government involvement with money means more of it going to the cost of running the program than gets to those in need of the money.
In case ya hadnt noticed, Romney had to file for another extension cause he hasnt had enough time to figure out how to hide all of his money.
People with complex income taxes file extensions all the time. They pay interest on what they are eventually owe. Nothing unusual here.
Dutiful Obamabots extolling class warfare. Can’t wait to see them all in tears on November 7th.
When is Buffett going to pay his taxes?
Jimmy Buffet should be honored to have a tax named after him Maybe he will write a song about it
Jimmy’s in the caribein paying his taxes….
P.S. Can’t believe my spell checker can’t fix that!
Sorry Wells, I’m part of Maine and you don’t speak for me. No one should be asked to give the government more money until the spending addiction can be contained. How much do we need to give to the Fed? When is it enough? Our senators pushing for comprehensive, bi-partisan tax reform is what we need, not the President’s obvious attempt to garner votes through class warfare.
“The Internal Revenue Service (IRS) collects the revenue that funds the government and administers the nation’s tax laws. The IRS collected $2.415 trillion in taxes (gross receipts before tax refunds) in FY 2011, 92 percent of federal government receipts.”
never gonna happen–too many greedy millionaires in the Senate…
The senate is controlled by the democrats and the Buffett Rule was defeated. Perhaps Collins should learn a lesson from the democrats who voted against it.
Tax reform is long overdue, but simply sticking it to the wealthy will not make a dent in our debt. Nor will sticking it to the wealthy make them eager to spend money here or even keep it here instead of another island or country where it can stay without being taxed to the hilt.
Let’s have a fair flat tax—same rate for all—no deductions, no tax credits, no exemptions, no loopholes. The percentage you owe is based on the amount you made. Once the money is taxed once—if invested, revenue generated will not be taxed at all. OMG—someone reading this is having a fit right now. Someone is thinking how unfair it is not to tax money with which someone has taken a chance. Face it, though, without people making investments, this country would be even worse off than it is now. I almost hate to add this to some who are already steaming, but, do away with all forms of inheritance taxes. I who earned it and paid the original taxes should not be able to leave it to anyone I want to leave it to. Why is the government so anxious to get a hold of my estate.
Leftist tools. Because I scrimped and saved to put some money into stock instead of cable tv, cell phones and dinners at the Weathervane I now have to listen to delusional leftist drivel about taxing my gains at a significantly higher rate in the interest of fairness.
Enough is enough. Someone needs to call out these class warfare slogan spewing denizens of disinformation before they do further harm to this once great country. I’m happy to point out a few problems with their intellectual basis for redistributing wealth.
Sarah Schindler and her woefully ill-informed ilk are absolutely, completely and totally incorrect in their assertions that only the rich buy stocks and bonds. Just wait until Sarah Schindler figures out that the biggest portion of investment wealth subject to gains taxes in the US is that of solidly middle class working people with 401ks and other qualified retirement plans. What does Sarah think their 401ks are invested in? That’s right–stocks and bonds contained in mutual funds.
As for the so-called Buffet Rule, sure, go ahead and tax the rich. I can guarantee you that the 4000 households to be affected by the rule will have that money offshore in less than ten minutes after the bill is passed. Moreover, as the GAO aptly points out, it won’t even begin to make a dent in the defecit. Collins and Snowe are correct–comprehensive tax reform is needed so that everyone is paying taxes, not just a small minority. That would be the fair thing to do.
According to the IRS more the number of people that have renounced their citizenship in the last 3 years has nearly tripled.
I’m not surprised. Heck, even Oprah owns an entire island in Caribbean. Many retired noteworthy affluent Mainers–Democrats and Republicans alike– have established residence in either Florida or New Hampshire. One doesn’t need to be a rocket scientist to figure out why.
USNA 95′
http://en.wikipedia.org/wiki/Erik_S._Kristensen
http://en.wikipedia.org/wiki/Douglas_A._Zembiec
http://en.wikipedia.org/wiki/Megan_McClung
Another phoney ploy to generate class warfare.
This “windfall” of tax money will be used how?
It isn’t enough to pay down the deficit. What will it
be used for…more free college tuition? It sure won’t
be used to increase social security payments. Oh, maybe
they will claim to use it for contraceptives?The sheep have
no clue as to where this extra money will go and all the politicians
want is to have more to spend. Didn’t Obama and the dems do
a great job of that already? These people can’t even produce
a budget and now they claim the rich need to pay more. All the sheep
will feel good cause they stuck it to those rotten rich people but the
end result equates to nothing. How about the sheep telling the govt
to stop spending and live within their means…like many of us do?
How about the sheep telling the govt to LOWER our tax rates instead
of trying to get the sheep to feel good about going after those rotten rich.
This tax garbage does nothing, helps nothing and is just an act.
Collins voted to keep it alive because she knew it was a “safe” vote
and the bill was going down anyway. She has done this before to appeal
to the sheep. How many of the “Warren Buffetts”have led by example
and wrote a check to the govt if they strongly felt they weren’t taxed
enough? Also, when will Buffett pay the taxes he owes already?
3 people are a rally? That’s not even a decent dinner party.
Look like a bunch of Osama’s followers, This is not going to cure the debt problem, it is Osama Obama and his pack using smoke and mirrors to try and get people to believe his corner boy lies. Sorry boy didn’t believe you in ’08 and still don’t today.
Considering the fact that most of these millionaires have become millionaires, by exporting American jobs overseas. It only makes sense and should be mandatory for these millionaires to pay more in taxes than the average American worker especially considering their greed has destroyed this country, along with the eventual take over by a communist country. The U.S. government should be ashamed, along with the greedy millionaires for putting America in the dangerous situation of being taken over by a communist country and the astronomical multi trillion dollar debt, that we can’t even keep up with the interest payments on.