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.
This post is part of a weekly conversation with our 5 Moms Matter 2012 political bloggers. To see the original question and what the other writers have to say, read Do You Support the Buffett Rule?
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Comments 10
how about making the 47% of Americans that dont pay taxes and get earned income credit, make them pay taxes?? How about not taxing anyone, anymore, until the government can stp spending? Because you know damn well that they will get their greedy hands on that money and spend, spend spend.
And the governement cannot create jobs. The private sector does.
Is it "fair" that those people that are targeted have already paid around 40% tax on their earned income? And now they've used that income to REINVEST in the economy - things that create jobs - and to thank them for that, we want to tax them again? Nice. That's fair. Yep. Sure is. Especially since there are plenty of people who pay no income tax AT ALL.
If you want "fair" - let's scrap the entire income tax system altogether, and institute a flat tax. Everybody, across the board, whether he makes $5000 a year or $5m a year, pays 15%. No loopholes, no deductions, no credits, nothing. Just a flat percentage of income. Everybody pays, and it's FAIR.
And then? No legislator - Representative, Senator, or PRESIDENT, takes home a CENT in pay until there is a balanced budget on the table that makes MASSIVE spending cuts, and eradicates this ridiculous deficit that we've got going. Let's build a future for our children. That's FAIR.
How many times do we have to say we hate this idea?? Daily? Don't you each read what the others are writing?
I know - confiscate ALL the rich people's money - then they'd know how the rest of us live - and we could run the government for about 9 months. Of course, after that, who knows. But this would totally show those rich bastards!
BTW, when will Warren Buffett pay the back taxes he owes the Feds?
I'm totally on board with Ponychaser. Make it a flat tax rate across the board with no credits or loopholes. That way we know everybody pays their "fair" share.
Sick of this debate, We should just do a flat tax and be done with it. I really don't understand the "hate" toward rich people. Hard work should reward riches.
I'm all for a flat tax for federal taxes. We live in a state where we pay income tax not sales tax. I have lived in both types of states and also worked in a state that has income tax and then lived across state line where we had to pay the sales tax. I like the idea of being taxed on what we spend that is above and beyond necessity.
I agree with T$R that life isn't fair. There is no one fix that is going to please everyone but having a tax where there are no loopholes and no tax breaks but you know we are all being taxed on what we make seems as close to fair as we are going to get.
@ zandhmom I don't understand the hate at the rich either. I happen to be a family of 7 and we aren't poor but we struggle continuously, I chose to be a SAHM and so we struggle. I have a friend who they have one child and they both work. They work hard and for it they have a larger house, nicer cars, etc. Am I jealous at times? Yes, but I made a choice that was different. Why should I get a tax break or be mad that she has more money than we do? Do I think she should have to pay more, nope! Just pay a base of what you earn, all of us.... No breaks no excuses...
Overall, I think that the flat tax makes the most sense.