“Buffett Rule” Brouhaha Stirring

by Ryan on January 30, 2012

in Economy,Election 2012,Politics,Rhode Island,Stupid government

Rhode Island’s junior Democrat Senator Sheldon Whitehouse is planning on introducing the “Buffett Rule” tax increase this week to stoke class envy and help the President’s statist agenda.  The (ah-hem) “Paying a Fair Share Bill” indicates that people with income over $1 million will automatically pay a 30% income tax rate.

Since we tax income and not wealth in this country, this bill is merely grandstanding since if you live off trust funds and other such sources of income, your lawyers will make sure that you still pay a smaller percentage.  How, you ask?  Every time a new tax law is passed, loopholes are created — they will find those loopholes.

Graciously, this bill is DOA in the House and may not even get a hearing in the Senate.  Whitehouse, himself, is kind of a joke from a truly corrupt state — Governor Gump Chafee once held Whitehouse’s seat, meaning that Whitehouse is at least a step up from where RI once was.

Two issues though:  first, here’s another example where the Dems are positioning themselves as dividers, not uniters in these troubles times;  and second, if the mega-rich are soooo guilty about paying soooo little in taxes, and since there is no law against paying more than what is required to the federal government, they should voluntarily pay more or shut the heck up.

{ 1 comment… read it below or add one }

Mike January 31, 2012 at 9:26 am

Define “step up.”

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