Semanko: Obama's 'Buffett Tax' was a political gimmick

Some called it the "Buffett Rule:" Warren Buffett's push, supported by President Obama, to increase tax rates on the wealthiest Americans.

State GOP Chairman Norm Semanko called it the "Buffett Tax," and praised Republicans in the Senate for derailing it Monday.

Let the election fun continue. Here is Semanko's statement:

“There is one thing you need to know about President Obama’s Buffett Tax — it won’t help a single Idaho family find a job. The facts are simple: President Obama has once again chosen politics over fixing the economy.

The president’s hard sell on this tax has been all over the place. First, Obama claimed the Buffett Tax would “stabilize our debt and deficit for the next 10 years,” and when that was proven false, he claimed it wasn’t meant for deficit reduction. President Obama has changed his explanation for this tax no less than six times, but not once did he claim this tax would improve the economy or help folks find a job — and that’s what this all boils down to — a shiny object that does nothing to help struggling Americans.

President Obama should be focused on fixing the economy, but he’s spending his time rolling out political gimmicks. This President is focused on saving one job — his own — and he’s resorted to the politics of division and envy to achieve his goal.

I applaud the Senate for voting down Obama’s Buffett gimmick. Idaho families deserve better; they deserve real leadership and someone who is focused on helping Americans struggling in this economy.”

Semanko is Blind

We need legitimate public debate. I propose a 1 year moratorium on any politician spewing crap like this. We are all in this together and we need to foster legitimate public debates on lots of things.... including tax policy. Anyone can pick any issue apart. What we need is to set goals and then to develop a tax policy that follows those goals. We're decimating the middle class as we argue over every cotton picking issue.

blue skies

I wouldn't believe Semanko if he made a press release saying the sky is blue.

"Baby Steps to Ethics" was political gimmick.

Misters Denney and Hill's "Baby Steps to Ethics" was political gimmick.

Noni burying the Cronin Bill that would have protected Idaho Citizens by providing additional ovesight of for-profit education companies was a political gimmick.

Attorney General Wasden opting not to protect Idaho Citizens by participating in the multistate attorney general investigation of the for-profit education companies was a political gimmick.

I'm a Republican, Norm. All politics are local.

political gimmick or not

it ticks me off that the inevitable GOP nominee who made more than $20 million last year is taxed at less than half the rate I was. How many jobs did he create?

half

Less than half your rate? So your average rate is over 30%? You are raking in the dough! And you need better financial advisors.

****

Here, let me illus trate what TurboTax would say on this "tax day".

If you are married and pull $500,000 gross, and let's be generous with lots of deductions & exemptions of $100,000. So your taxable income would be $400,000. Still with me? The tax would be $109,871. 109,871 divided by 500,000 is 21.9%. Keep in mind the tax bracket here is 35%. But the average rate (which is what everyone talks about for Romney) in this fine example is 21.9%.

And then there is $30,522 for the state of Idaho.

130K is a chunk of change for income taxes- plus payroll taxes of another 18K, fuels tax, sales tax, property tax of about 30K, if you're making that much you should drinking a lot so there is a bunch of alchohol tax included, some tax for the bullets and guns, vehicle registration fees for the 4 cars and toys, and some nickels and dimes for the phone bill, hotels, airfare, and speeding tickets. The government lives on your taxes!

But then $500,000 is a chunk too and unless the person 'created' that income it's tough to think anyone's time is really 'worth' that much. Corporate whre executive? No way!

***
lu st is a bad word to the STatesman. Someone needs to be FIRED there!

Yes Norm,

show us some real leadership, go to communist China with Butch and sell some green cards.

better yet Norm go to China

with Butch and don't come back.

I guess the Buffett rule means we can take.......

10 years to pay our Fed Income Tax just by going to court -- just like Warren does. I could probably support that. Good politics - poor economics.

Is that where Phil Hart got the idea?

?

Ab-Norman should learn to keep his mouth shut...

It's bad enough he's GOP Chairman but we've seen his true nature during his attempt to fire re-districting appointees.

That sealed the deal for me. I'll never listen to another word that comes out of his mouth.

The one sure thing is this: Idaho families deserve better than Norm Semanko.

Semanko knows about political gimmicks

I'm sure he can recognize one from a mile away being so experienced in using them.

It takes a crook to......

spot a crook?

once again

President Obama has once again chosen politics over fixing the economy. So that means he has been doing other things to fix the economy. VS the GOP that has always put politics over fixing the economy. I believe they decided that from day one of his Presidency.

What page of the repulbican

What page of the repulbican response blog was that pulled from?

Coming from a man who loaned

Coming from a man who loaned himself public monies he received at his water lobbyist group to pay his personal debt and under water home...........This is a man whose hypocriscy know no boundaries.

Semanko is fully prepare to exploit the system for his personal enrichment and make the citizens of Idaho pay for it.

Idahoans need to educate themselves on this man and what he is about and you will find he doesn't represent Idaho values, he is a political operative who will say and do anything to for power and money......

Short term memories

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456

Scroll down to individual rates and you'll see in 2007 the middle class paid an effective tax rate well below 7% but the top 1% paid 19%. And the very bottom had an effective tax rate of -6%. In the world of politics where spin and rhetoric are more valid than facts though, that doesn't seem to matter.

If Obama and the Libs really wanted fairness......

why aren't they pushing for a flat tax - same rate for all? Answer: its not about fairness at all. Its about class warfare - pitting one group against another. Its what Obama has done all his life, its all he knows. He has to have a group of villains to turn people against - street organizer stuff may work in south Chicago, we deserve better from a President.

regressive tax is unfair to the poor

Well a flat tax just like sales tax is a regressive form of taxation which unfairly burdens the poor. The rich need to pay more taxes because they use more of our shared infrastructure.

Semanko is just another

Semanko is just another poster boy for what is wrong in politics today. Just another self-serving crook! The sad thing is the American public seems to be in a place where they have no expectation that politicians will behave ethically and with integrity.