Charles Edison

"Economics, politics, and personalities are often inseparable." - Charles Edison

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.


Smith said...

Do you think it’s fair to tax the millionaires? Justify.

Deven P. said...

I think it's fair to tax millionaires. They will still be making a very good living. Many of these millionaires that are denouncing the tax but they were probably the same ones who praised Ronald Reagan when he was implementing tax cuts to the millionaires and allowing the rich to get richer and the poor to get poorer. Their argument is not based off any moral grounds. Taxes need to be raised and it makes the most sense for the wealthy to be taxed especially since a lot of them paid tax attorneys to find loopholes so they wouldn't have to pay taxes.