Support The Buffett Rule

It’s a pretty big deal to have a bill named after you. And, with any luck, pretty soon, it will actually be the law of the land.

I’m talking about the Buffett Rule, named after the Oracle of Omaha. President Obama’s talked about it for months. But now it’s actually a bill – sponsored by Rhode Island’s Sheldon Whitehouse.

It’s based on a very simple premise, put forward by Buffett himself, that no millionaire should pay a smaller share of his income in taxes than middle-class families pay.

Today, unfortunately – and unfairly – too many millionaires do pay less.

Those millionaires have done very well. Since 1979, in fact, the average after-tax income of the top 1 percent has risen nearly 400 percent. Middle-class Americans, meanwhile, saw their incomes rise just 40 percent.

And that top 1 percent typically pays only 15 to 18 percent in taxes – while middle-class families pay an average 25 percent. The Whitehouse bill will require millionaires to pay a minimum 30 percent.

The Whitehouse bill comes up for a vote in the Senate next Monday. For all Senators, Republican and Democrat, it’s a test: Do you stand with working-class families? Or do you stand with Mitt Romney?

That’s my parting shot for today.

8 Responses to Support The Buffett Rule

  1. And since it hurts the only people Republicans seem to support (the 0.0000000000000005%), be prepared for the Republicans to object strenuously without proposing any alternatives. You know, same old, same old…

  2. Kali, do you have any income/IRA investments that return dividends? Do you realize that any dividends you get from investing with a company (like a power utility) has already deducted about 38% in taxes from that dividend you are receiving? Do you know that you then pay another 15% on top of that?

    Your claim that this only affects 1 person (0.0000000000000005% of 330,000,000) makes it look like it is going to cost far more to implement that the money they will collect from that person.

    Do you realize that the top 1% have paid an even greater share (39%) of the total tax bill since the evil Bush tax cuts?

    You probably don’t pay taxes so I can understand why you support higher taxes for those that provide all your ‘free’ stuff from Obama’s stash.

  3. Important note here Kali, the Buffet rule will require you to pay 30% of your INCOME in taxes if you make more than a millio. Oddly enough the man it’s named after doesn’t have an income, it all comes from investments, so he won’t have to pay that 30%, he’ll still pay 15%. Also oddly enough, Mr Buffet reportedly owes $600 million in back taxes, yet the liberals hold him in high esteem as a man willing to do his share? I say put your money where your mouth is Warren.
    By the way the Dems have admitted that if they get the taxes increases they want from the “1%” it will only raise $50 billion. Seems like a lot until you realize it still leaves us $950B in the hole…aka…it’s purely political and will not solve any problem other than to make people like you feel better. Meanwhile Bill Press and all his rich liberal friends will still be hiding their money in fancy investments and offshore accounts and living high on the hog whilst telling you they feel your pain and laughing at you behind your back because you believed them.

  4. Don’t make more than a million, so it doesn’t affect me in any case…

    Of course, it’s political. It’s not going to pass in a thousand years, but it’s a push for the election year. We know that. And we also know Obama’s not going to push it any further.

  5. “…the Buffett rule…”

    You mean that guy who has hired lawyers to get the IRS to drop a $1 billion tax bill against him? That Warren Buffett?

  6. Of course I support the Buffett bill – call it political, call it what you want. But see it as what it is: simply fair.

  7. I fully support the Buffet Bill, I am sick of paying my taxes so the very rich can enjoy all the benefits we worker bees do for them. They have no shame.

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