Paging Warren Buffett: House Passes Bill Making it Easier for Wealthy to Voluntarily Pay Higher Taxes
Remember how billionaire Warren Buffett went on and on last year about how his tax rate is too low? Well, now House Republicans have devised a new convenient way for him to donate more to the Treasury. They even named the bill after him: the Buffett Rule Act.
The legislation, approved in the House on Wednesday and heading for an uncertain fate in the Senate, creates a checkbox on tax forms allowing taxpayers to make donations above their normal tax liability for debt reduction.
The original Obama-backed Buffett Rule bill, which failed in the Senate last April, would have required top earners to pay at least 30 percent of their income in taxes.
“If Warren Buffett and others like him truly feel they’re not paying enough in taxes, they can use the Buffett Rule Act to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than changing the entire tax code to inflict more job-killing tax hikes on hard-working Americans,” said Rep. Steve Scalise, the Louisiana Republican who wrote the bill.
“The Buffett Rule Act is a common sense alternative to President Obama’s divisive class warfare calls for higher taxes, and it allows Warren Buffett and others like him to voluntarily donate more of their money to pay down our national debt if that is what they’re really interested in doing,” he adds.
Rep. Sander Levin of Michigan, top Democrat on the Ways and Means Committee, said there was “nothing wrong with this bill except the label.” The bill, he said, has “zero to do with the Buffett rule. It has everything to do with the absolute refusal of Republicans to face the basic issue,” the level of taxes that the wealthy pay.
The chairman of the Ways and Means Committee, Rep. Dave Camp, R-Mich., said the bill offered a simple way for people concerned about the debt to contribute. Now, he said, people must either send a separate check or money order to the Bureau of Public Debt or go online to that website and use a credit card.
He cited Joint Committee of Taxation estimates that the bill would reduce the public debt by $135 million over 10 years.
Donations to pay down the national debt are tax deductible under current law.
The IRS already has a checkbox on its income tax form for making a $3 contribution to the presidential election campaign fund.
Exit question: Will concerned millionaires and billionaires (i.e. the Buffetts of America) utilize the new bill?
Follow Becket Adams (@BecketAdams) on Twitter
The Associated Press contributed to this report.
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Comments (87)
roadhog
Posted on September 19, 2012 at 8:57pmBuffett is a Senale Old Fart.
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mrspeedwagon
Posted on September 19, 2012 at 9:25pmUhhh Buf is NOT a Senator
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turkey13
Posted on September 19, 2012 at 10:16pmDoes this mean he his going to pay the $1 Billion he owes the IRS. Does he not read the tax Form when he signs it? At the top is a place you can check and fill in if you want to make a donation to the National Debt. Opps – forgot about those 6 Szars that had to turn down Obama because of not paying taxes. Then Turbo Timmy couldn’t work Turbo Tax so he was excused. Then also while Nancy Polisie was draining the swamp , she found Charlie Rangle owed $800,000 on his foriegn beach front rentals he forgot to pay.
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HughGRection
Posted on September 19, 2012 at 8:51pmThat’s not how redistribution works. You have to take from all those who have and give to those who want.
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The-Monk
Posted on September 19, 2012 at 9:22pm@HughGRection
This is how redistribution of wealth works in my house….
I lost my job of many years right before Obama won in 2008. I started stocking up on food, toiletries and clothes the next year using my savings and fearing the worst and preparing for it. I had one job for 10 months in 2010. I kept stocking up on food and toiletries . I can support myself for 1 year with all the food, soap, shampoo, razor blades and TP I have stored away. Last week, my friend, a young black man in his 20′s who voted for Obama came by. He lost his job 3 weeks ago and has nothing. I gave him a dozen cans of soup. I just started a new job 3 days ago and it looks promising. My friend is back tonight and I gave him a gallon of Ravioli. He still has half of the soup left.
He knows he won’t go hungry because he is my friend.
This is the real redistribution of wealth as I see it is this bad economy. Those you have, even though they are poor, help others who are poor and were too stupid or uninformed to not prepare. I told him 2 years ago that this would happen with Obama as POTUS. Now he’s eating the food of a person who suffered under Obama but was prepared.
Thank you Glenn Beck. I listened, I acted, I have food, I’m not hungry and my stupid friend will eat tonight because of us.
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68Patriot
Posted on September 19, 2012 at 9:30pmMONK, What a great message. I have feared losing my job for the past 4 years since Obama was elected. Luckily I am still employeed but 2 of my co-workers and close friends are no longer with us. It is still a reality as my company continues to struggle. I have protected my family financially by paying off debt and saving $$. The one thing I haven’t done is food storage but I was just talking to my wife the other night about getting prepared. I believe if Obama is re-elected it will just be a matter of time before I too become a statistic. I’m not going to put it off any longer.
Thanks,
68
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The-Monk
Posted on September 19, 2012 at 9:58pmHi 68Patriot,
I used the money I was saving up for an operation to pay rent and buy supplies.
Don’t forget the little things….. bath and laundry soap, razor blades, TP, general medications, DISTILLED WATER or a water filtration system, propane, charcoal, CLOTHES and anything else you can think of. (Vitamins and Minerals also)
I’m starting a new job and all my clothes are worn out now. I have a weeks supply of new socks, underwear, pants and shirts. I’m dressing nice with new clothes for my new job. That… makes a big difference!
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Government_Goodies
Posted on September 20, 2012 at 7:12am@The-Monk: Hey, always enjoy your posts. Glad to hear you’re back to work. I, too, began storing up food about 3 years ago and I cannot tell you the peace of mind that comes from being prepared.
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BSdetector
Posted on September 20, 2012 at 7:23amStoring food is great but I went one step farther and bought chickens. Now I have 2 sources of food in constant supply which I can eat or barter with.
They aren’t much maintenance at all, just keep them fed, watered, and clean the coop every other week. If you let them free range around a yard or something, they eat bugs and grass all day which drastically reduces how much store-bought feed they eat.
Feed is cheap to stock up on and if you run out, they eat just about anything organic anyway.
They don’t need a lot of space either, as long as you’re not in an apartment or something and can drive some plastic poles into the ground and drape that plastic netting from home depot around it, you can very easily have a small backyard flock of fresh eggs and meat for as long as you need/like.
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TRILO
Posted on September 19, 2012 at 8:38pmThe federal reserve just put the last nail in the US economy, our Libyan ambassador and two other staff members were murdered, Syrian rebels (which we are funding) are being shown burning the American flag, China and Japan are on the verge of war, China is threatening to dump Japan’s bonds which will send shock waves through the world economy, the middle east on on fire, inflation is on the rise, the fiscal cliff is drawing closer, the budget is not being worked on, etc, etc etc.
STOP WASTING MY TAX MONEY ON USELESS BILLS THAT ARE ALL FOR SHOW. DO THE WORK YOU WERE HIRED TO DO!!!!!!! What a bunch of losers.
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U.N.hater
Posted on September 19, 2012 at 9:13pmIn 2010 everyone got behind the tea party. I don’t hear much from those that got elected. All of them voted for NDAA. Problem is we don’t run this country no more. We the people do as we are told. They have split us into. No country can survive this way. We have about every government in the world working against us now. Now with the borders wide open and no telling who has came in. Anyone with half a brain and is being honest with themselves knows what’s about to happen. Ignoreing it won’t make it go away….
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sparkyrules
Posted on September 19, 2012 at 8:32pmI hope Alec Baldwin ,Sean Penn and Bawbra Striesand pay up or all move out when Romney wins!No BUSH this time.
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tamara13
Posted on September 22, 2012 at 12:10pmI wouldn’t hold my breath on this one………..
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Mr Sanders
Posted on September 19, 2012 at 8:29pmGood. Finally…. you wanna contribute – step up & DO IT!!!! Easy peasy.
Only problem…. Washington has an awful addiction to spending – will it make a difference?
I wonder if our illustrious in-office Veep will place some ‘skin in the game’ and contribute since he’s such a patriot….
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Common Sense Sally
Posted on September 19, 2012 at 8:38pmHaha! I really don’t see Biden being the “patriot” he claims to be and WILLINGLY pay more than what he owes….if anything. ;)
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MCDAVE
Posted on September 20, 2012 at 1:13pmIts a joke …How many will contribute? NONE
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ReaganBaby
Posted on September 19, 2012 at 8:27pmThey wont pay more, Øbama has admitted raising taxes wont increase revenues but rather make it fair. He would rather see Job creators pay more money at the expense of damaging the economy even further. The guy is disgusting.
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PATTY HENRY
Posted on September 19, 2012 at 8:32pmRIGHT.. taxing the Rich is not about gaining more money, because he knows it won’t…it’s about
BREAKING
THE
BACK
OF
AMERICA
VOTE THIS DEVIL out of office!!! 47 days.
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nbarendt
Posted on September 19, 2012 at 8:17pmI will bet you that if this were to pass Buffet and the other Hollywierds won’t pay 1 extra dime they want everyone else to, they are all hot air and no action.
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Sirfoldallot
Posted on September 19, 2012 at 8:14pmHe he , now pay up u big mouths.
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Chromo200
Posted on September 19, 2012 at 8:09pmwill never happen .. What Obama wants is to take the money from the people who make $250,000 and more. He does not believe in voluntary payment. But what he misses is that people like the Buffet’s will hide their money like he does now. All his money is in the stock market and investments. So on tax roles he is poor. Let us see when Obama takes away charitable deductions what Buffett will say.
Since $250,000 will not provide enough tax money, Obama will drop it to $150,000 and each subsequent year another $50,000. And after that Hillary will do the same.
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RJJinGadsden
Posted on September 19, 2012 at 8:24pmCHROMO200, I don’t expect the Senate Dem-wits to allow this to pass, but if it did somehow get through the Congress, 0bama would shelve it until it quietly dies.
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PRAY4OURUSA
Posted on September 19, 2012 at 8:56pmThe truth is Obama knows the republicans will not pass a raise, so he just pretends he wants to increase their taxes. I agree about the investment tax–raise it for investment income over $250,000 a year. And tell sh_thead Bill Gates that donations outside the US are NOT tax deductible. He gives more to Africa than to America who made hin rich. And tax the hell out of all non-owned American investment income to hell. And start taxing entertainment and athletic clubs like they do on alcohol and cigs.
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Ponyexpress
Posted on September 19, 2012 at 7:58pmThose wealthy guys with the big mouths are going to get more crap than they ever dreamed of.
I can see it now…a graph with amounts paid by Buffet Gates, Kerry/ Heinz , Pelosi et.al.
This is going to be fun to watch. Squirming at its best
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PATTY HENRY
Posted on September 19, 2012 at 8:07pmOBAMA just wants to make sure everyone gets “THEIR SHOT”…. okay creepzoid: THEIR SHOT
is what they got when they were BORN in AMERICA.
Statistics/History tell us that in ALL THE WORLD…IN all HISTORY only 5% of the people born on earth
have lived in FREEDOM.
TAKE TIME TO DIGEST THIS. BEING BORN IN AMERICA…the LAND OF THE FREE AND THE BRAVE is the BEST SHOT ANYONE CAN/COULD/WILL get.
BUT if we let this MARXIST/COMMUNIST SOB to another term…all that makes up AMERICA…all that gives MEN their FREEDOM and that is what makes AMERICA GREAT will be gone.
OBAMA is trying to kill FREEDOM. VOTE HIM OUT. THEN let’s arrest him and try him for treason.
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ReaganBaby
Posted on September 19, 2012 at 8:29pmPatty Henry
Amen- “Give me Liberty or give me death”
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PRAY4OURUSA
Posted on September 19, 2012 at 8:42pmWe should pass a bill making all Anericans and business “invest a percentage of thier incomes and general wealth” in buying US bonds (similar to the War Bonds issued during WWII). We could reduce the debt to China and the interest would instead be paid to Americans.
Few people understand economics. The only reason we are in financial trouble is the flow of money out of the country. We purchase too many foreign goods and spend to much on supporting other countries. Did you know it cost us a billion dollars to build an embassy in China? Do we really need all these high cost embassies? How about charging a security fee for all the countries where we have military? In a recession we should not spend money on anything not necessary. Our athletes and entertainers are making billions of dollars a year — why? We are brian-washed into believing we can’t find cheaper local entertainment. American Idol is proving their are many talented folks here no “star” is worth the money they are being paid — its a ll hype folks wake up already!
And when are we going to wake up on education? iIn this high-tech age, why do we need brick and morter buildings (except of physical sciences such as labs and work ships? We can watch lectures, read, take tests all online? And why should we pay for kids to study history, arts, cultural studies, etc. We should pay for technologists, scientists, doctors, chemists, engineers, etc. that can real value to our lives.
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rookorami
Posted on September 19, 2012 at 8:54pmThere is a saying those who do not study history are bound to repeat it. The purpose (while failing in general) is to have more well rounded citizens. We need to amp up our school significantly. Longer terms, shorter breaks, and more structured classes. Make all schools competitive, right now mediocrity is practically rewarded and failure gets swept under the rug. We have removed winning and losing in the class room environment as to not hurt feelings. We need to toughen up all around. Teach so some will fail, then when they do you can teach how to use that failure to succeed later. Do not avoid it.
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hornz
Posted on September 19, 2012 at 7:51pmPaging Sheldon Adelson, you have a spare $100 million lying around?
Let’s leave it up to the rich to pay their fair share? I’ll update when I receive comments from Romney’s taxes.
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The-Monk
Posted on September 19, 2012 at 7:47pmWhy doesn’t Warren Buffett just pay the $1B in taxes that he already owes?
http://www.theblaze.com/stories/how-much-is-buffetts-berkshire-hathaway-back-tax-bill-exactly-about-1-billion/
http://www.newsmax.com/Headline/buffett-irs-back-taxes/2011/09/01/id/409520
http://www.humanevents.com/2011/08/31/warren-buffet-may-owe-a-billion-dollars-in-back-taxes/
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RJJinGadsden
Posted on September 19, 2012 at 8:19pmC’mon MONK, we all know the answer to that. He doesn’t mean what he says. He just says it to be cool and accepted by the left so they will leave him alone. The Trolls here mostly yell for the Koch Brothers and a very few other conservative wealthy people by name, then generalize CEOs of Fortune 500 Companies. But, you never hear them mention the Hollyweird big wigs who quietly approach the wealth threshold of Buffett, as well as any other lefty. Surely 0bama will not pay more of his 8 million in taxes than he has to. And, remember Clinton back in the ’90s when some of his returns were released. He declared used underwear donated to charity as a deduction. Also, hardly ever any charitable donations from the Clintons. Look at Plugs Biden’s last return, less than three hundred given in charity. They are only charitable with YOUR money. Like I’ve said before, Danny DeVitto was in that movie.
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The-Monk
Posted on September 19, 2012 at 8:35pmHi RJJ,
Remember these oldies but goldies…..
http://www.theblaze.com/stories/matt-damon-calls-for-50-tax-rate-says-nobody-who-earns-over-250000-starts-business-if-they-keep-more-of-their-own-money/
Oops, that link is down but I found it’s still here…..
http://www.huffingtonpost.com/2011/08/02/matt-damon-rips-debt-deal_n_916618.html
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RJJinGadsden
Posted on September 20, 2012 at 7:31amHi MONK, Hehehe, yeah I remember that. The only time Damon sounds credible is when he is reading lines written by somebody else while he is acting. Thanks for those memories.
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progressiveslayer
Posted on September 19, 2012 at 7:46pmHi Monk I don’t recall posting that kind of article in the past but I found this,hope it helps.
http://reality-bytes.hubpages.com/hub/The-Corporation-Of-The-United-States-Of-America
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The-Monk
Posted on September 19, 2012 at 7:53pmHi Progressiveslayer,
Thanks, maybe it was “Chief George”? I do know that someone here posted the info.
Resme asked me a question the other night and my saved posts with that info were missing.
Thanks again and I hope all is well with you. : )
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PIGSWILLNEVERFLY
Posted on September 20, 2012 at 1:32amSo, Progressiveslayer. It’s sad to find the real truth….’the lie we live’ Now what? If it all crashes down the exact right people need to be right there to RESTORE it back to before 1871. Can it be done? Not with Obama, the Fed and the Brotherhood in power. I Pray for the country that was.
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Ms.Independence
Posted on September 19, 2012 at 7:45pmSure is one way to stop the class warfare the socialist/communist movement has been whining about. Hope it passes!!!
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kcinco
Posted on September 19, 2012 at 7:40pmCalling all progressives, communists, socialists, democrats, and even some republicans! Come on, Eva\Longoria, Beyonce, Rosanne Barr, et al… you have the chance to back your prez! Haha, right!? Do we really believe these phonies will voluntarily take part in redistribution of wealth?!
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DennisNJ
Posted on September 19, 2012 at 7:32pmHe will never pay up! Put up or shut up seems to be the appropriate saying. This also applies to all those rich Hollywood stars that support Obama. You won’t see them dumping their money into the welfare pool.
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thibx
Posted on September 19, 2012 at 7:31pmthere you go ole billionaire buffett write your check.
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MiCurmudgeon
Posted on September 19, 2012 at 7:30pmI bet the Obamas are first in line to pay more taxes than required by law. NOT!!!
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TerryJ70
Posted on September 19, 2012 at 7:27pmHow much government money is spent on issues like this? Issues that will accomplish absolutely nothing. Why not spend it on matters that will help secure our government, the way our founders designed it. How about challenging all the crazy rules and regulations that take away our freedoms, and never got passed through proper government channels.
All they are doing right now is showing how insignificant they are. Gov. Perry is right, this should only be a part time job. They aren’t doing anything of substance anyhow.
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SCREW-WINDOWS
Posted on September 19, 2012 at 7:40pmIt may seem as a waste of time but it will prove a point no one is willing to give the irresponsible their money to spend frivolously. You just can’t trust a crook with your hard earned money.
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ShyLow
Posted on September 19, 2012 at 7:26pmA good start, now maybe Buffet will snap-out of his commie socialist trance and see he can better help is fellow man by deciding on his own where his money wil do he most good…Give me a few million Buffet if you have no idea how to make good with it
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progressiveslayer
Posted on September 19, 2012 at 7:25pmThere you go Buffet you hypocrite bastard,why don’t you pay the IRS for the back taxes you owe?
The government could tax everybody at 100% and it wouldn’t make a damn bit of difference in the debt,everyone knows it but the Marxist mulatto in chief just loves the class warfare BS game.
His simpleton worshipers believe every word he spews from that Marxist maggot mouth,they’re lost forever in the fantasy land of everyone will be made ‘equal’ by government decree.Reid will kill the bill in the senate but his reign of idiocy will be over when he loses his job.
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Skrewedretiree
Posted on September 19, 2012 at 7:22pm@ENCINOM- Grow Up!
I am a Vet too, and I am a Republican. My life’s history shows that I have gotten screwed more by the Democrats!
Note: This article states that the House passed a bill last year to raise the taxes on the rich to 30%, but HARRY REID AND THE DEMOCRATS blocked it!
Let’s see if Dingy Harry and the Demonazis in the Senate can block a bill that lets the rich- like Warren Buffet- VOLUNTARILY pay more in taxes!
When are you Dumocraps going to wake up, wise up and stand up or shut up?
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Exrepublisheep
Posted on September 19, 2012 at 7:32pmWhat article?
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RJJinGadsden
Posted on September 19, 2012 at 7:38pmYeah, I’m with you there too. It’s been my experience that Carter and Clinton did more to screw us. Current active duty friends are absolutely fleeing the military because of 0bama. And, I pretty well expect a reduction of my retirement pay if this clown stays in office. As is, the VA is absolutely useless to even bother with. I gave up on them years ago and pay for all my own healthcare myself. Even for the stuff that occurred in the Army. Have been in and out of the local office dozens of times the last couple of years and still cannot get an appointment. Frankly, I am not that worried with 0bama’s threats to reduce VA care. Well, I am for the guys who really need it now. I can get myself by. ENCINOM is just pulling one of his stunts to garner false attention. Can you imagine him really being concerned for vets?
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dblaess
Posted on September 20, 2012 at 12:31pm@Exrepublisheep
Posted on September 19, 2012 at 7:32pm
What article?
———————————————
Now you are just being silly. Don’t worry. If Buffet and the other rich people do this there will still be enough money going to Media Matters so you get a pay check.
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CatB
Posted on September 19, 2012 at 7:22pmLove it … should call it the “PUT UP OR SHUT UP BUFFETT ACT” !!!
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SCREW-WINDOWS
Posted on September 19, 2012 at 7:43pmHow about “Fools Option” ?
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RJJinGadsden
Posted on September 19, 2012 at 7:18pmLOL, Here is the chance for REDDENBLACK to put his money where his mouth has been.
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The-Monk
Posted on September 19, 2012 at 7:23pmHi RJJ,
I’m back online after the 3rd great day at the new job.
Your comment to REDDENBLACK made me think of something that I shouldn’t post here.
He’s a PSS. See the other site. LOL
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CatB
Posted on September 19, 2012 at 7:23pmThis doesn’t have Chick-fil-A in the title so I think he will avoid this story … yea that’s quite a fantasy life he has going there ;-)
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RJJinGadsden
Posted on September 19, 2012 at 7:44pmCATB, I just passed along to THE MONK to go read that story. You’ve got a point regarding your doubts that he won’t read this one, but couldn’t help calling him out on wanting to pay more taxes….in a certain way of course.
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encinom
Posted on September 19, 2012 at 7:12pmMore political stunts from the GOP, while today the Republicans in the Senate block a bill to help unemployed vets. I guess vets who make up the 47% are not of any concern for the GOP.
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RJJinGadsden
Posted on September 19, 2012 at 7:24pmThe fact that it violates the Budget Control Act had nothing to do with it, right?
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The-Monk
Posted on September 19, 2012 at 7:28pmHey bird brain….
The Senate is controlled by the Dems, er…. progressive socialist, Marxist.
So how can Repubs block anything? Get a clue Encinom_The_Jerk.
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Skrewedretiree
Posted on September 19, 2012 at 7:29pm@RRJINGADSEN- Don’t confuse Encinom with facts. You’ll only confuse him.
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Gonzo
Posted on September 19, 2012 at 7:31pmYea, we conservatives have a war on vets going too. Face palm.
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progressiveslayer
Posted on September 19, 2012 at 7:31pmSince you like communism so much move to N.Korea,you won’t have internet service so we don’t have to read your asinine comments.It’s a win win,you get to enjoy communism we don’t have to see your idiotic comments.
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13th Imam
Posted on September 19, 2012 at 7:38pmWhy do DEMOCRATS want to help unemployed Animal Doctors? And why does ENC care about them?
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The-Monk
Posted on September 19, 2012 at 7:39pmHi Progressiveslayer,
I think it was you that posted all the “US is a Corporation” links in the past.
If it was, could you post them again here? I lost my copies from past posts. TIA
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RJJinGadsden
Posted on September 19, 2012 at 7:46pmSKREWEDRETIREE, I hear ya Bud, but everybody else will pick up on it. Not to worry anyway, he rarely responds back, and if he ever does, there is no substance in his answer.
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progressiveslayer
Posted on September 19, 2012 at 7:49pm13th He’s worried he won’t be able to get the gerbil out without a vet’s help.
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RJJinGadsden
Posted on September 19, 2012 at 7:58pmPROGRESSIVESLAYER, LOL, you are pushing the envelope tonight. But, you have to consider what is clearly animal cruelty anywhere else, our pervert in chief has had that extracted from the UCMJ.
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dblaess
Posted on September 20, 2012 at 12:34pmGuess the Democrats could not make a compelling case for their bill. If this would have happened to a Republican controlled Senate, you would just call it a racist attack against president Obama.
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