Patterico's Pontifications

9/20/2011

Hammertime: Pass this Bill, Right Now!

Filed under: General — Karl @ 12:05 pm



[Posted by Karl]

Pres. Obama’s demand for immediate passage of his so-called jobs bill inspired Mary Katharine Ham’s Van Halen parody. I contributed the opening line, but my favorite — featuring VP Joe Biden — is pure MKH.

–Karl

22 Responses to “Hammertime: Pass this Bill, Right Now!”

  1. Good work.

    What is Joe Biden’s solo project,and will Neil Kinnock be suing for copyright infringement?

    Bugg (9e308e)

  2. The fierce urgency of sometime in October for Harry Reid!

    MKH’s Obama on your shoulder was also most excellent.

    daleyrocks (bf33e9)

  3. Can daley or someone explain the ridiculous Warren Buffet and his secretary thing? Are they deliberately excluding capital gains, and including both sides of FICA or something?

    I found this old Times (uk) article, which claims:

    Warren Buffett, the third-richest man in the world, has criticised the US tax system for allowing him to pay a lower rate than his secretary and his cleaner.

    Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary Clinton, Mr Buffett, who is worth an estimated $52 billion (£26 billion), said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

    Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent.

    Thanks in advance. Happy to just see a link to the math; my google-fu is weak today.

    carlitos (49ef9f)

  4. carlitos,

    It’s the cap gains factor. And even then, Buffett is an exceptional case.

    Karl (f07e38)

  5. carlitos – Buffet is just another hypocritical “do as I say, not as I do” liberal who already has his money so feels qualified to mess things up for everybody else.

    He likes to point the the small house he has owned in Omaha for 40 years but fails to tell people he spends most of his time at a big mansion in Pebble Beach. He’s already set up foundations to shelter most of his wealth, no doubt taking charitable deductions in the process.

    His businesses take full use of the tax code to maximize their returns, such as his recent investment in Bank of America stock, on which Berkshire is able to exclude 70% of the dividends received from taxable income, creating a very high yielding bond substitute as long as the company continues to pay dividends.

    The man is a walking, talking, self-interest machine. Try removing or modifying some tax provisions that actually hurt him such as depreciation schedules on corporate jets or the inside buildup on life insurance policies and then watch him squeal.

    daleyrocks (bf33e9)

  6. MKH’s Obama on your shoulder was also most excellent.

    Comment by daleyrocks — 9/20/2011 @ 12:26 pm

    Am still linking that for people who haven’t seen it yet; always very timely. It’s amazing how little the MO of BO has changed in the last three-plus years.

    no one you know (325a59)

  7. Santorum is an idiot.

    The same guy who said a right to privacy doesn’t exist in the constitution.

    DohBiden (d54602)

  8. Thanks all, I appreciate it. I was doing some back-of-the envelope for Mrs. Carlito this AM and I just couldn’t figure it out. I hadn’t even thought about double taxation of corporate income, which is then taxed when it makes cap gains.

    daley, I imagine that the NetJets thing gets plenty of breaks. When I used to have a real job, every once in a while, a brand manager would get a PO / invoice for $12k from corporate to post to the brand budget. When you asked why, you found out that the CEO had discussed your brand on a trip to someplace when he used the jet. Nice.

    carlitos (49ef9f)

  9. I liked the line about the green in green technology isn’t the environment.

    AZ Bob (7d2a2c)

  10. If shovel ready is a joke, people ARE laughing about it. I’m sorry. People are laughing – this whole video is a joke!!

    Isn’t it?

    Of course,.

    Well, that’s just one little thing wrong with the video. It’s also includes a number of half or even less true cliches. It’s actually not funny. It just maybe makes some people feel very wise, incorrectly.

    Buffet has made the same kind of argument about California’s Proposition 13.

    “The smoothly running political machine of actor Arnold Schwarzenegger hit its first speed bump Friday when a top adviser to his campaign for governor suggested overturning California’s landmark property-tax initiative, Proposition 13.

    Warren Buffett, named earlier this week as an adviser to Schwarzenegger’s campaign in a move widely touted as giving the movie star credibility on economic issues, may have nullified his own value when he told the Wall Street Journal that property taxes in California are too low and suggested that Prop. 13 ought to be undone….”

    http://articles.sfgate.com/2003-08-16/news/17503482_1_property-taxes-schwarzenegger-s-campaign-campaign-spokesman-rob-stutzman

    “What I said in respect to property taxes was very specific. I gave him an example of three houses, two in Laguna Beach and one in Omaha.

    The first Laguna Beach house is a property that I bought in the early 1970s. It has a current market value of about $4 million and, because of the limitations embodied in Proposition 13, carried taxes of only $2,264 in 2003 vs. $2,241 in 2002.
    The second house, located just in back of the first, is one that I purchased in the mid-1990s. It has a market value of about $2 million and, simply because I bought it later than the first, carried taxes of $12,002 in 2003 vs. $11,877 in 2002.
    I pointed out to Joe that these figures mean that the tax rate on the second house — same neighborhood, same owner, same ability to pay — is roughly 10 times the rate on the first house.

    I then referenced my house in Omaha, which I believe to be worth about $500,000 (though it’s assessed at $690,000). Taxes on it were $14,401 in 2003 and $12,481 in 2002…

    …there was no mention in the story of my second house in Laguna nor any mention of the tax inequities within California…”

    Of course the whole point oif Proposition 13 is that thee ability tio pay and to plan is not related to the market value of a house now.

    Is Warren Buffet stupid? And of course he also knows why his income tax rate might be lower.

    erty-taxes-schwarzenegger-s-campaign-campaign-spokesman-rob-stutzman

    Sammy Finkelman (d3daeb)

  11. Carlitos we do not see eye to eye but you know buffet is a hypocritical moron.

    DohBiden (d54602)

  12. Buffet is a hypocrite – or something – but not a moron. he knows what’s wronbg with his arguments.

    Sammy Finkelman (d3daeb)

  13. If da jooooooos run the entertainment industry then why is it off limits to attack muslims?

    DohBiden (d54602)

  14. Speaking as a distant employee of Warren Buffett (I work for one of Berkshire Hathaway’s many companies) it seems to me that Warren Buffett is required to say these things.

    They are just the cost of doing business under the regulatory regime of a crony capitalist system. If the system wanted to take down Berkshire Hathaway, there are enough laws and regs that they could find minor paperwork errors and fine them beyond all proportion until they were finished.

    In order to avoid harassment, he has to donate. And one of his donations is to give these little speeches.

    If he really felt this way, like a zillion people have said, he would make an example of paying more to retire the national debt. But when he was asked about doing exactly that, he said, “The government doesn’t spend its money wisely, so that would be a poor investment.”

    luagha (5cbe06)

  15. Da jooooos who run the entertainment business are stupid liberal jooooos who have to cave to the muzlims to show off how non-joooooish and integrated and non-prejuidiced they are.

    luagha (5cbe06)

  16. Palestine has fought Israel because they are muslims.

    Muslims killing children-Ok

    Anyone else killing children if they aren’t providing abortion-So ebil.

    Why not give Palestine their own state in Jordan.

    DohBiden (d54602)

  17. Now to be on topic Buffett don’t have to pay taxes that is for us peons.

    DohBiden (d54602)

  18. “If the system wanted to take down Berkshire Hathaway, there are enough laws and regs that they could find minor paperwork errors and fine them beyond all proportion until they were finished.”

    laugha – I disagree. Hank Greenberg at AIG was very outspoken and very openly scornful of regulators. Ultimately it was his own shenanigans and pride that took him down, not the system. You can’t keep cooking the books forever.

    daleyrocks (bf33e9)

  19. hey there, doh biden
    you do plainly need a check
    up from the neck up

    ColonelHaiku (87d081)

  20. Obama 2012: Don’t Call My Bluff, Bro

    daleyrocks (bf33e9)

  21. Obama 2012: Don’t Make Michelle Mad

    daleyrocks (bf33e9)


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