There are few things that bother me more than hearing the GOP argue that taking the rich at higher levels is somehow socialist. Apparently, the President has gotten fed up with hearing Republicans like Paul Ryan call asking richer Americans to contribute to eliminating the deficit “class warfare.”

Today, laying out a $3 billion dollar long term plan to erase the nation’s deficit, President Obama responded strongly to critics on the right who are against his so called Buffet Rule, a rule that would ask those making over a million a year to pay the same level taxes as those in the lower tax bracket.

According to CBS News:

“This is not class warfare — it’s math….The money has to come from some place. If we’re not willing to ask those who’ve done extraordinarily well to help America close the deficit… the math says everybody else has to do a whole lot more, we’ve got to put the entire burden on the middle class and the poor.”

The President continued:

“I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare. I think it’s just the right thing to do.”

Source

What do you think about President Obama’s so called Buffet Rule- is it unfair or long overdue? Weigh in Clutchettes and gents- tell us what you think!

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  • Yvette

    First of all, Warren Buffet and any person who wants to pay extra money to the government know that they can do so…all they have to do is write a check paid to the order of U.S. Treasury…it says it right in the tax forms and code. So Warren Buffet is disingenuous. Secondly, where is the incentive for ANYONE…black, white, brown, yellow, red…to want to become wealthy when the result will be the government wanting to take more from you and your family? Trust me, when you work hard and finally become wealthy, you’ll be thinking differently. Third, I don’t see any wealthy liberal Dems volunteering to automatically write a personal check to the U.S. Treasury. They should really lead by example by doing that very simple act. Fourth, how about we start by cleaning up the waste and fraud in government…that would be a very good start, now wouldn’t it? The government deals with finances the way many people handle their personal finances…instead of cutting back and being frugal, they ask others for money, or go into debt, or, God forbid, steal it from others who have more than they do.

    • Reason

      “…where is the incentive for ANYONE…to want to become wealthy when the result will be the government wanting to take more from you and your family?”

      I’m sorry but that is one of the dumbest line of arguments from the GOP. Essentially, someone would forfeit wealth to punish the government? Really?! I’m sorry I’d rather be wealthy with the prospect of being taxed out of my butt than poor. But if you’d rather be poor to spite the government than good luck to you.

      Lastly, no, the government can’t handle its finances like any old Joe would handle his personal finances, especially if that Joe doesn’t have massive DEBT to contend with. People with DEBT can’t just cut back on spending (basically the cable and internet bill) to bring that debt down in a reasonable amount of time (usually 3-4 years). Just like the government if someone wants to pay off their debt they’re going to have to find REVENUE (side hustles, overtime, a second job, etc.) in addition to cutting back on spending.

    • Nic

      “Secondly, where is the incentive for ANYONE…black, white, brown, yellow, red…to want to become wealthy when the result will be the government wanting to take more from you and your family? Trust me, when you work hard and finally become wealthy, you’ll be thinking differently.”

      That has got to be the silliest thing I have ever heard in my life. 1) where is the incentive for anyone to stay poor when you can just “become wealthy” and get all these nice tax breaks or just not pay at all? 2) cut the bullcrap about “working hard” to become wealthy. NO ONE becomes wealthy on their own, not Bill Gates, not Warren Buffett, and especially not someone who inherited money. You (read: anyone) became wealthy off the backs of someone else, either by guidance from someone else, by selling to customers, or by manipulating people. Because for anyone to gain, somebody HAS to lose.

      Of course, no one wants to just hand a check over to the government, rich or poor. That’s why the tax laws are in place, to make sure everyone does their part. Poor and middle class people expect taxes to reduce their income and budget accordingly. Wealthy people expect to keep and/or use it all and look for ways to make sure of that.

  • Future Mrs. Banks

    When I was in college I was in the 15% tax bracket. Now in 2011 I will find myself in the 25% tax bracket next year alone I can find myself in the 25 – 28%. But to say because I will have to pay more taxes will keep me from wanting to make more money is just plain dumb. I may never see Warren Buffet or Bill Gates wealth but paying taxes won’t deter me from wanting to make more money. I do believe that the Bill Gates, Warren Buffets of the world should pay higher taxes then I do. Although the problem starts in Congress when you have people like Darrell Issa, Jane Harman, Mark Warner whose net worth exceeds 2 million making legislation for all there is a problem. As much as I would like to believe that our elected officials look out for us I’m inclined to believe otherwise.
    On the other hand having worked for small business, in the public and private sector, I would like to see small business get a take break payroll and unemployment taxes are unbelievable. And can be hard to pay if you only have 30-50 employees. If anything I would like to see Social Security out my pocket because something tells me it won’t amount to 50 dollars for me and I’ve been paying in since I was 15.