The Rich Bay Stater's Pony Up to the "Buffett Rule"!

It seems to as though President Obama will have his way with the Buffett Rule. For those who don't know, the Buffett Rule would be a tax increase on the wealthy. But to others, it would mean an end to a series of tax breaks that has seen America's wealthiest citizens paying proportionally less taxes than their middle class counterparts.

House Budget Committee Chairman Paul Ryan doesn't agree with Obama's new Buffett Rule plan.  He feels as if we would see America's wealthiest .3% citizens paying more taxes, this would amount to class warfare. Most Republicans see the Buffett Rule as being portrayed as an attempt to raise taxes on the rich or merely an attempt to cut back past decades of historic tax breaks for the country's wealthiest citizens.

Warren Buffet wrote an article for the New York Times  and said "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks," and he also said "Last year my federal tax bill -- the income tax I paid, as well as payroll taxes paid by me and on my behalf -- was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4% of my taxable income -- and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33% to 41% and averaged 36%."  I personally agree with the rule, everyone in American should pay their fair and equal share of taxes. I don't think the rich should get taxed at a higher rate, I just feel like we should all be paying the same percentage when it come to taxes. Why should should your bank account determine if you get a tax break or not?

Facts:
1)   Chris Cassidy, Boston Herald
2)   Warren Buffet,  Stop Coddling the Super-Rich - The New York Times. August 13, 2011