The article i read talked about Obama’s tax-proposal as part of his re-election campaign and how it would affect citizens of the United States, as well as different opinions on the proposal.This proposal (the Buffet Rule) was named after Warren Buffett, a wealthy american investor who publicly stated that he disagreed with the fact that the rich pay a lower percentage of taxes on their annual income than the middle class do.Obama’s Buffet Rule would specifically target anyone who has an annual income of over $1 million and says that they should pay at least 30% in replacement of the AMT. If this law is put into effect, it is said to raise $47 billion.
In the past, the AMT also known as the Alternative Minimum Tax has been reformed and changed many times for many different reasons, but in this case president Obama is looking to reform this tax in order to level out the playing field between wealthy and middle class citizens. He recently stated "When it comes to paying down the deficit and investing in our future, should we ask middle-class Americans to pay even more at a time when their budgets are already stretched to the breaking point? Or should we ask some of the wealthiest Americans to pay their fair share?"
There is some controversy over this tax reform and many say it will not advance because $47 billion won't reduce federal deficits at all. One of the critics even argues that a tax reform done right won't require a buffet rule.
Probing Question: Do you think the Buffet Rule would help our economy? Why or why not?
In the past, the AMT also known as the Alternative Minimum Tax has been reformed and changed many times for many different reasons, but in this case president Obama is looking to reform this tax in order to level out the playing field between wealthy and middle class citizens. He recently stated "When it comes to paying down the deficit and investing in our future, should we ask middle-class Americans to pay even more at a time when their budgets are already stretched to the breaking point? Or should we ask some of the wealthiest Americans to pay their fair share?"
There is some controversy over this tax reform and many say it will not advance because $47 billion won't reduce federal deficits at all. One of the critics even argues that a tax reform done right won't require a buffet rule.
Probing Question: Do you think the Buffet Rule would help our economy? Why or why not?
I feel that the Buffet Rule will help our economy if it’s put into action. The Buffet Rule will make income taxes equal. As of before the Buffet Rule the income taxes were not proportional the amount of money you made. As Mrs. Ramshaw said in class, the man who came up with this rule, Mr. Buffet said: he was making a ton more money than his secretary, but yet she was still paying more income taxes then he was. The Buffet Rule is intended to reduce the amount of inequality in income taxes. As Michaela said, this new tax plan following the Buffet Rule will make individuals earning more than one million dollars annually; will have to pay at least thirty percent in replacement of the AMT. As Michaela also mentioned, if this law is put into action, the effect on the economy would be to raise 47 billion dollars. I feel that the Buffet Rule will not only help our economy financially but make it equal for all employers.
ReplyDeleteI agree with Allie, the Buffet Rule will help our economy. People who make $1 million or more a year can afford to pay higher taxes. People who are in the middle class not making as much shouldn't be paying more percentage of their income. Although I am probably biased because I am middle class, I think that this is extremely fair. People making over $1 million per year have a lot of money and therefore should have to pay higher taxes. Although some critics argue that the $47 million won't help the deficit, I think it will. I don't know so much about the economy and where all this money would be going, but I do know that some money is better than none in our lives today.
ReplyDeleteI agree with both Allie and Kayla that the Buffet rule would help our economy; however, I want to expand on a point that Kayla brought up about the classes. She said that she was probably biased about supporting the Buffet rule because she was in the middle class, and after further thought, I would also support it if I was in the lower class. But the viewpoint that I believe often gets neglected is the viewpoint of the upper class that we would be taking money away from. Even though some people have “old money” and are born into their money, other people work very hard to obtain the money that they have. In my opinion, the passing of this bill would lessen the incentive to be in the upper class because more of your money just gets taken away by the government. Although it would be very beneficial to our economy, I’m not convinced that it would be fair. Another thing that I would like to point out is that even though it is only 47 million, that’s 47 million less in debt the government is. I think that the government should stop looking for these huge money-maker answers to the problem of national debt and start by taking the small steps needed to get on the road to recovery.
ReplyDeleteI agree with Allie, Lauren, and Kayla because I do think the Buffet Rule will help our economy. In the article Michaela presented it said the Buffet Rule should raise $47 billion. Although there is controversy about this and people are saying they don't think 47 billion will help at all, I think billions of dollars is much better than none. I don't see how anyone can say that wouldn't make a positive impact on the economy because that's an extremely large sum of money. I don't think it will completely fix the economic crisis we're in as of right now but I think it could help a lot.
ReplyDeleteI agree with everyone that the Buffet Rule will help our economy and reduce debt. I strongly agree with Lauren too that the government should focus on taking small steps to fix the debt problem. Not only will this Buffet Rule help the nation out of debt; it will also make tax on incomes between classes more equal and fair. During the discussion following the current event and it was brought up that Mr. Buffet was making a lot more money than his secretary, but she was paying a larger sum of money to taxes than he was. Americans with a large income such as one million dollars should be taxed thirty percent of it to make it fair to middle class Americans who make less money and have to pay taxes. I disagree with the citizens who think that 47 billion dollars will not impact our economy much at all; 47 billion dollars is a lot of money and even though our country is in a large amount of debt, 47 billion dollars in taxes will help our economy. AS Alex said: 47 billion dollars is a lot better than none.
ReplyDeleteI agree with everyone, especially Kayla. The Buffet Rule would help the economy if it was put in to action. Like Kayla said, it only makes sense to have people who make over one million dollars pay higher taxes because they can simply afford it compared to middle class Americans. But as Kayla said my thoughts also may be bias because I am a middle class citizen as well. As Greg just stated, the Buffet rule would lower debt and make income taxes between classed more equal and fair. In my opinion, the 47 billion dollars will definitely have a positive impact on the economy, that is a lot of money and it will be the jump start to improvement.
ReplyDeleteI agree with all of my classmates. I definately think the Buffet Rule will help the economy. People who make atleast $1 million a year should have to pay more in income taxes. This can relieve the stress put on the middle class to pay higher income taxes. The middle class should not have to pay more money in taxes if they do not make as much. People who make atleast $1 million can afford to pay higher taxes so they should take the responsibility of doing it.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteOn the matter of this topic, I will agree with the people above me. I do think the Buffet Rule will help our economy. As Alexandria said, the income taxes were not equal and were not proportional to the annual income. So by increasing the tax rate for millionaires, they will have to pay more, and the taxes will be more equal. These millionaires can definitely afford this increase in taxes. But as Kayla said, I may be saying all this because I am biased from being in the middle class. If I were to look at this from the millionaires' perspective, I might say that this is unfair because they have to pay too much. But really, this is fair because since our economy is in such bad shape, these measures have to be taken. These millionaires have to take these sacrifices to help our economy. $47 billion is a lot of money. Like Lauren said, we have to be taking small steps to reduce the debts.
ReplyDeleteThe Buffet rule seems to be the answer to the problem. This would not be an issue if more wealthy saw it as Buffet did. It just makes sense if you buy items that are higher priced the tax on the item is more expensive. So this theory should then apply to citizens if you are lucky enough to get a large income you should be generous enough to give back more. Asking people who don't have a lot of money to pay more would not solve any problems but only create more financial problems for these family's who are just making it by. I think that this idea should be put in place and it would do nothing but better Americas economy.
ReplyDeleteI think it will help our economy. People making over $1 million a year are not the people struggling through the recession, they can afford to pay higher taxes. It will raise $47 billion and some critics say that's not enough and we need to do more for the deficit to decrease but any money helps. This money will also increase as time goes on and it will all add up.
ReplyDeleteI agree with my classmates above, I do believe the buffet rule will help our economy. This will give the richer a equal tax, thus giving the US more money to put towards our national debt. As buffet stated that his secretary was paying more for the income tax, even though he was making a lot more then she was. With this law, taxes will be more equal for people that make different salary's, and the rich will pay more, making this rule help our economy.
ReplyDeleteTHIS DISCUSSION IS NOW CLOSED. COMMENTS AFTER THIS POINT WILL NOT BE ACCEPTED FOR CREDIT.
ReplyDelete