Chris Christie has never been one to sugar-coat his words, so it should come as no surprise to anyone what he had to say about Warren Buffet. The New Jersey Governor was interviewed by Piers Morgan and when the subject of tax rates came up Christie had this to say about Buffet’s idea about millionaires being taxed at a higher rate, “He should just write a check and shut up,” Christie said. “I’m tired of hearing about it. If he wants to give the government more money, he’s got the ability to write a check — go ahead and write it.”
Harsh words from the Republican governor who may someday be looking to have his turn in the oval office. Chris Christie is not alone, many other Republicans do not agree with the proposed “Buffet Rule” that makes millionaires pay a higher percentage than middle class families. Mitch McConnell has also criticized the plan on many occasions. However, Warren Buffet has been sure to point out that his middle-class secretary pays a higher effective tax rate than her boss who makes billions. She even spoke about it at the State of the Union Address in January.
An effective tax rate is the amount of tax an individual or firm pays when all other government tax offsets or payments are applied, divided by the total income. Many millionaires and billionaires have a have high degree of tax offsets and it affects their effective tax rate. In January of 2012, the White House stated that the “Buffet Rule” would work to “ensure everyone making over a million dollars a year pays a minimum effective tax rate of at least 30%… implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions.”
Various polls and surveys have shown that the majority of Americans favor a rule that would make the wealthy pay more in taxes. Although, some Republicans like Chris Christie and Mitch McDonnell don’t support it, a poll showed that in general two-thirds of Republicans do support the rule. So, whether Warren Buffet “shuts-up” or not, enough other people will keep talking about the tax rate and Christie will likely have more to say on the subject. So far, Buffet has had no response to Christie’s comments.
What do you think? Are you in favor of the “Buffet Rule”?