Why do people believe Obama when he says that taxing billionaires higher rates will solve our spending problem?

The volume of money that only a minute fraction of the population hold can go a long way. You have to give a little to get a little, it's not all take-take-take. During Bill Clinton's presidency there was a surplus because he taxed the rich higher than he did the middle and lower classes, and he knew how to budget. You have to tax the wealthy, while also trying to balance government spending, knowing how to properly allocate funds when and where necessary. Warren Buffett is the second richest billionaire in the United States, second only to Bill Gates, and he fully supports Obama's proposal to tax the wealthy. Warren Buffett should be the idyllic example of wealth in America, not greedy politicians and financiers, oil tycoons, or casino and Hollywood moguls, or even athletes. Buffett started out from humble beginnings and worked his way to the top despite being rejected from Harvard Business School. If this man is willing to pay his fair share of taxes, then to all those other self-serving elites: what is your excuse?

What! you expect Obama supporters to be able to understand simple math? They can't even explain why they voted for him other than he was black. They think he is the new dictator who has come to save them. Well this country is still a country run by the people for the people and all do not agree with Obama or his plan. He might as well except that the lawmakers were elected by the people to do the job required by the people and not to do just what the president wants. If the 403 billionaires each gave a billion dollars it would not be enough to cover what Obama intends to spend his first year of his second term. He don't under stand math either.

for the Kool-aid drinkers above -- even the Congressional Budget Office says that Obama's tax on "the rich" [everyone with over $250,000 in family income] will only bring in $80 billion a year. That's a lot smaller than the 'projected without a recession' deficit of $1.1 trillion for fiscal 2013.

{And we now there's going to be a recession.}

the obvious outcomes are:

1. higher taxes on the middle class -- despite Democratic promises

2. cuts in entitlement programs -- despite Democratic promises

3. inflating away the value of the dollar and thus seizing the retirement assets and income of the middle class [the current course of action], and/or,

4. continued "rolling unemployment" -- at present rates, the odds of you losing your job before the 2016 elections is over 50%. You'll be unemployed for 9 months [on about 1/4 pay] and your new job will pay 20% LESS than your present job. How will you avoid going bankrupt when this happens?

He never said that taxing the billionaires would solve the debt problem.he just want everyone to pay their fair share. You are a good example of how people look at politics.They take what they want from it and twist it around until it suit them.

"the U.S. budget problem is not just a spending problem. It's a spending problem AND a tax problem."

Read more: http://www.businessinsider.com/this-one-chart-show...

"spending is now running at 24% of GDP, which is very high relative to the ~22% average of the past few decades.

Tax revenue, meanwhile, is running at only 17% of GDP, which is low relative to the ~19% average of the past few decades."

A return to the tax schedules used during the Eisenhower administration (Republican) would pay down the national debt in three years.

Time to end economic vampirism.

Obama can not tax billionairs..Congress controls the purse strings.

If you taxed all billionares nationally at a rate of 100%, you wouldn't raise nearly enough money to fix our debt under any amount of time. Even if you taxed all billionares GLOBALLY at a rate of 100%, it wouldn't fix our debt. It's pointless!

I think Liberals only want to tax the rich because they're jealous.

Anybody who believes Obama or Boehner, is a fool.

WTFU

People who believe Obama of what you said are referred to as "uneducated." "Uneducated" Americans deserve higher taxes and less support from the government now that they re-elected Obama and more Democrats.