Buffett Rule was More Than Tax on Wealth

April 23, 2012 in From the Director, Homepage by Rick Sloan

Last week, Senate Republicans killed the “Buffett Rule,” which would have made sure that the wealthiest pay their fair share in taxes. Today, shockingly, many of the richest Americans pay  lower rates than the middle and working class. The death of the Buffett Rule represents another unconscionable break for the rich — and highlights the continuing failure of Congress to help Americans in need, including the unemployed.

A recent Gallup poll found that roughly 60 percent of Americans support the Buffett Rule. Half of all Republicans support the Buffett Rule. Even two-thirds of millionaires — the people the measure would supposedly harm — support it.

Americans are clearly sick and tired of watching the rich get richer while they struggle to pay their monthly bills. By failing to enact the Buffett Rule, Congress aided and abetted those who need help the least.

Mark Twain once wrote that “there is no distinctively native American criminal class except Congress.” Now we know why. Little wonder that nearly 80 percent of Americans disapprove of Congress!

The GOP Senators opposed to the Buffett Rule claim that it would deprive the rich of money that they could use to create jobs. If you believe those Senators, there’s lots of valuable swamp land with a waterfront view in Florida you can buy.

For evidence, look no further than the fact that corporations and wealthy Americans are sitting on more than $2 trillion in cash! The proverbial spigot of trickle-down economics has been shut off at the source. And all we’re seeing is an occasional drip, drip, drip. This should infuriate everyone.

The approximately $47 billion in revenue the Buffett Rule would generate could have gone immediately into public programs dedicated to getting Americans back to work. We could have funded a WPA 2.0 for the next five months!

How did your senators vote on the Buffet Rule? Were they on the side of America’s middle and working class, or the leisure class? Find out by clicking here!

UCubed has partnered with Rock The Vote to give America’s jobless a chance to change the direction of this country. Click here to participate!

 

 

 

2 responses to “Buffett Rule was More Than Tax on Wealth”

  1. Donna Sherman says:

    Of course it didn’t pass. Why would the people who get everything handed to them; ie insurance, retirement, high wages; vote to pay a higher tax. It really sucks though that I am required to pay union dues, retirement @ 10%, health insurance and high taxes so they don’t have to. Totally disgusted with all these politicians thinking they are better than the people who put them where they are. What ever happened to for the people, of the people and by the people? Just saying…

  2. Jonas Tesla says:

    Whoa now… I’m not a 1%, far from it, but the wealthiest 5% already pay 60% of all taxes. To say that the wealthy need to pay their fair share, is not accurate. They already pay most of the taxes.

    I couldn’t see the actual numbers for the Buffet Rule, since the article contains a dead link, but if it raises taxes on people making as little as $250,000, that’s going to kill jobs, not create them. Most of the people making $250,000 to $500,000 per year are small business owners and any rise in taxes for them will result in lower hiring.

    The scariest statement in this article is: “The approximately $47 billion in revenue the Buffett Rule would generate could have gone immediately into public programs dedicated to getting Americans back to work. We could have funded a WPA 2.0 for the next five months!” — All that money is targeted for creating more government jobs, not for helping businesses create jobs. Government jobs don’t add to the GDP and the bureaucracy of government jobs means only a portion of the money actually makes it to the worker.