Buffet Rule

I would like to say a few words about the Buffet Rule or the” Paying a fair share act of 2012”. This bill is described by a White House statement as an assurance that everyone making over a million dollars per year pay a minimum effective tax rate of 30%.  To me this seems like a no brainer. How can we discriminate against the lower income households of America by asking them to pay more percentage wise than the wealthiest Americans pay? And how can Paul Ryan, Chairman of the House Budget Committee, even dare call this Bill “Class warfare”?

I understand that the conservatives like to say these wealthiest Americans are the ones creating jobs and that the tax increase would not make a dent in the national budget or that this rule might discourage investing. First of all I don’t care about how many jobs these wealthy Americans create. Does that mean they should have special treatment? They are already wealthy either way, why do they feel they need to be given tax breaks? I don’t think they are going to go under financially if they have to start paying what others pay. Also the investment issue is not a compelling argument in my opinion for the simplest of reasons; that income is income and it should not be looked at differently because it came from investments rather than the sweat of your brow. Fair is fair and there is no political talk that could convince me otherwise. Second is the national debt; the argument that the increase wouldn’t touch the national debt does not make me have a second thought about the bill whatsoever. In my opinion this increase could help keep some of the social programs afloat that are in danger of running out of money and even if it couldn’t I would still want this Bill passed as a matter of principal.

 According to the United States Congress Joint Committee on Taxation this bill would raise 46.7 billion over the next ten years which is one of the most conservative estimates, a group called Citizens for Tax Justice (a liberal think tank) estimated that this bill would raise 50 billion per year and there are estimates every place in between these two numbers. Either way it is true that this is nothing compared to our national debt but this sum of money could help ease the stress on the national budget.  

A recent Gallup poll found that 60% of Americans favor the Buffet rule and a CNN poll found that 72% of Americans favor this rule. Looks like I won’t be the only disappointed American over the non passing of this Bill.