The Buffet Tax has had quite the media play for Warren Buffet. Buffet inserted himself in the national political landscape with his tax idea. Where was he when President George W. Bush had the idea about putting 1.5 percent of each individuals' social security into the stock market? The 1.5 percent would not be risky for the individual social security investment and it would show a belief in America. The 1.5 percent also would be a great boost in our social security payoff especially for the young people at 18 working an thus investing every week into their stock portfolio. Buffet got rich through investing in the stock market. So, the new Buffet Rule is to tax the rich but make sure that the average person does not get richer. Mr. Buffet, give me a call I want to give you some advice.
The way I understand it, the Buffett Rule is to ensure that you and I don't pay a higher tax rate than the super-rich.
ReplyDeleteWarren Buffet is full of hot air! His politics prevents him from being honest with America. If he ran his Investment Company like that he would've been a nobody long ago.
ReplyDeleteI would rather see a federal sales tax that way everyone would pay
ReplyDeleteFrom what I understand, the Buffet Rule would increase income taxes on the rich to at least 30% - which would theoretically increase the tax revenue received by the government by tens of billions of dollars each year. But here's the thing...rich people are very smart with how they handle their money, that's how they got rich (or how they stayed rich). If the Buffet Rule was enacted, I'm almost positive that most of the people who would be affected would simply find a way to move their money so it isn't classified as income and wouldn't be taxed at the higher rate. There are multiple ways to do this, and even though some of them can be complicated, rich people have the money to pay the best financial advisors and attorneys to figure it out so that they do it in a legal way, taking advantage of any loopholes there may be. So that's why I don't think it would be a good idea. I agree with the comment above that a federal sales tax would probably be a better idea. Or maybe even a flat tax...but I haven't thought enough about that yet to take a stance one way or the other.
ReplyDelete