The ‘Buffett Rule’ Dead on Arrival

Did anyone seriously think the ‘Buffett Rule’ was going anywhere in the 'protect the wealthy’ Republican congress?

For those not familiar with the Buffett rule, it would implement a fairer tax system, such that wealthy individuals would be required to pay the same or close to the same tax rate as the rest of us – or for example, as Buffett's own secretary, who pays a 33% tax rate compared to the 17.4% rate that Buffett pays.

And you know who else pays a much lower rate than the rest of us? Why, Mr. RMoney of course: Romney pays a tax rate of 13.9% – even less than Buffett's tax rate. I guess that explains why he is the Repubican nominee.

According to the New York Times:

Senate Republicans on Monday blocked a move to open debate on the so-called Buffett Rule, ensuring that a measure pressed for months by President Obama and Senate Democrats to ensure that the superrich pay a tax rate of at least 30 percent will not come to a decisive vote.

According to a CNN Survey of 1,015 Americans, including 910 registered voters, nearly three-quarters – 72% –  of Americans say they support the idea.

Then why is it that Republicans continue to protect their rich friends? Do they really believe anyone buys their trickle-down-economics rhetoric (except for Fox News' watchers)?

72% of American’s don’t buy what the Republicans sell, but Republican are counting on their rich friends to make sure that come November a majority of Americans are convinced the Buffett rule is bad and so is anything that harms the pockets of the wealthy and the big corporations. How? By funding those Super PACS whose existance was authorized by the US Supreme Court in a ruling that basically states that corporations are people. In the fight against the political machine, we, the people, keep losing.

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3 comments to The ‘Buffett Rule’ Dead on Arrival

  • CarolCarolina

    I never expected it to pass, but I am looking forward to this becoming a talking point in the campaign. 

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  • itaest

    No, it will never pass with this congress, but I would like for the Dems to try it again and again once a month until November. Yes, they need to use it as a talking point, because when it comes to lowering the debt, why do it on the backs of working Americans by cutting their social security checks, etc?

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  • BC

    Congress has already paid for spending on the backs of working American by printing $2 trillion +.  Printing = dollar devaluation = more expensive oil = more expensive retail goods.  Worker's salaries don't keep pace with oil based inflation so the inflation is a massive tax upon the middle and lower classes.
     
    Social security has a $2.5 trillion dollar surplus on paper, but since excess receipts must be invested into treasuries the money gets spent something Congress has been doing since the 1930s.   Social security is not broken and is well funded, but until the money is kept away from Congress it will have problems.
     
    The Buffet rule is nothing more than an election year gimmick.  If you pass it it will only raise another $5 billion in taxes per year.  There simply are not that many people earning over $1 million per year.  So if you want to increase tax revenues by any measurable amount you have to soak the middle class – something neither party wishes to discuss especially since they're already doing this via printing.
     
    Forbes has an interesting take on the Buffet Rule.

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