Thursday, September 20, 2012

Republicans create political stunt by passing their own Buffett Rule tax scheme

On Sept. 20, the Republican led House of Representatives passed what was in essence a political stunt, by countering President Obama's 'tax the rich' debate with their own Buffett Rule legislation.  In the House bill, rich people like Warren Buffett, who have publically stated that the rich, including themselves, do not pay enough in taxes, could voluntarily give more money to the Federal government to help offset the deficit.

Photo courtesy of United
The House on Wednesday passed Republicans' own version of the Buffett Rule, which allows wealthy Americans to voluntarily pony up to reduce the deficit.

The bill, labeled the Buffett Rule Act, passed by voice vote, meaning Democrats and Republicans agreed with it. Under the legislation, which would still need Senate approval, taxpayers could check a box on their taxes and send in a check for more than they owe to the IRS.

"If Warren Buffett and others like him truly feel they're not paying enough in taxes, they can use the Buffett Rule Act to put their money where their mouth is and voluntarily send in more to pay down the national debt, rather than changing the entire tax code to inflict more job-killing tax hikes on hard-working Americans," said Rep. Steve Scalise, the Louisiana Republican who wrote the bill. - Washington Times

The ironic thing however, and why this is more of a political stunt by Republicans during an election year, is that people already have the choice to give more in tax revenues to the government, through voluntary means, or by limiting deductions they could legally take on their returns.

At the core of the division between the rich and the 99%ers, is that many of the rich and powerful want the tax code to keep out new Americans from entering their segregated domain, thus limiting the elite club that runs the country from the back rooms and corporations.  For the poor, and those 50%  who are dependant upon government handouts for their daily subsistance, the gibsmedat mentality will always overshadow the drive to work smarter and harder, and to use the system millions of others have used in our history to accumulate wealth, and better their lots in life.


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