The proposed Buffett Rule requiring households that earn more than a million in income to pay a higher tax rate would have been a small step in the right direction towards fairness and getting our country back on the economic track. A tax system that allows Warren Buffett, the third wealthiest man in the world, to pay a smaller percentage of taxes than his secretary just doesn't make sense.
President Obama hoped to do something about that.
Opponents of the rule call it a hoax and argue that it will do nothing to really fix our economy. I haven't heard Obama or any of the rule's supporters suggest that if the legislation had passed, it would erase our deficit or fix our current financial crisis. Of course it wouldn't. If it passed, approximately 433,000 U.S. households, or, about 0.3 percent of all taxpayers would pay more taxes. And by taxing this .03 percent, only $47 billion would be raised between 2012 through 2022.
While the rule wouldn't have been a total fix, at least it was a step in the right direction.The funds raised could be used to create more jobs and strengthen our already weak economy.
Seems to me, we should probably lower the threshold of the Americans that would be impacted by this rule to require that more Americans pay a higher tax rate. At the very least, let's aim for increasing taxes to a full percent of Americans.
Is the Buffett Rule a good thing for Americans? While the current plan doesn't raise enough money in my opinion, it's at least some help. For me the answer is yes. Like the 60 percent of Americans that support this rule, I wish the bill had passed.
Image via White House