Obama Proposes Buffett Tax Rule

Filed in Gather Business News Channel by on September 19, 2011 0 Comments

As it stands, capital gains are taxed at about half the rate of wages. This means those that stand to make the most money are taxed less for it than the average Joe. The average Joe that works down the street at that donut shop, that wakes up before roosters do, that pours love and commitment into every single donut, even those weird-looking ones that no one seems to like, but still end up in pink assortment boxes. Yes, he is being taxed twice as much as unaverage John, who sits at home reading financial reports and invests in companies and real estate. That is right, the one who is working for his money pays proportionally more to taxes than the one whose money works for him.

This is the reason President Obama is proposing a “Buffett Rule” that sets a minimum tax rate for those that make $1 million or more annually. While this practice may make sense to most people, the rich and the Republicans provide opposition. However, Warren Buffett, is supporting the rule, and is content that his name dons the proposed bill. Appalled are the masses, for the unknown injustices they have suffered.

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