Monday, September 19, 2011
The "Buffett Tax"
Earlier this year, billionaire Warren Buffet stated that many billionaires like himself actually paid less in taxes than many of his employees due to loopholes in the system. On Monday, Obama is expected to officially announce the 'Buffett tax" on millionaires. It would raise taxes on people who make over $1 million a year. The new set of taxes would be part of the plan to save $3 trillion over the next 10 years. Although it sounds like a good plan (at least to me), other than helping out the debt, Obama is suspected of having an ulterior motive. Some suspect the only reason this move is being done is because it would garner more voters for the 2012 election. I believe this is long overdue, although I'm not the biggest fan of his ulterior motive.