General Motors & Buffett Rule

General Motors Company , commonly known as GM, formerly incorporated (until 2009) as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's largest automaker, by vehicle unit sales, in 2011. The Buffett Rule is a tax plan proposed by President Barack Obama in 2011 to alleviate income inequality in the United States between the top 1% of Americans and the remaining 99% of Americans, due to the income growth in the 1% group as compared to the 99% group. 0.7/5

General Motors Buffett Rule President Obama United States

Printer-Friendly Version The loudest rhetoric coming from President Obama lately has been about the Buffett Rule that millionaires should pay 30% of their income in taxes. But now it comes out that he and Michelle only pay 20.2% of their income of about $800,000 in taxes! The flunk their own standard by ten points! And, while we are on the subject of having the rich pay their "fair share" of taxes, how about the fact that General Motors, which is, in effect, owned by the government, paid not a penny of taxes on a profit of $7 billion last year! They, too, flunked the Buffett Rule. The fact, of course, is that all the Buffett rule does is, in effect, raise the capital gains tax rate from the current 15% to 30%. Every time the government has raised the capital gains tax rate, revenues have fallen. Every time it has lowered the rate, revenues have risen. It is a tax that costs money and raises nothing. When Reagan cut the capital gains tax from 28% to 20% in 1981, capital gains tax revenues rose from $12 ...
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