Patch's Poll: Do You Favor the So-Called 'Buffett Rule'?

Do you agree or disagree with the president's proposal to increase taxes on the wealthy?

The so-called 'Buffett Rule' is a proposed minimum tax rate for millionaires named for billionaire Warren Buffett. It failed in a procedural vote in the U.S. Senate last month, but it might re-emerge in a different form before the election.

Republicans called the measure a divisive Democratic distraction from the nation's real problems that would not address the economy's real woes, reported FoxNews.com

"This legislation will do nothing with regard to job creation, with regard to gas prices, with regard to economic recovery," Sen. Jon Kyl of Arizona, the No. 2 Senate GOP leader, was quoted as saying on the website.

"Only around 210,000 taxpayers , a bit over 1 of every 1,000 , would face higher federal taxes if the measure were enacted, according to an estimate by one respected bipartisan research group," reported philly.com.

What do you think? Are you in favor of this change in the tax codes? Take our poll and add your thoughts in the comments.

R Eleveld May 11, 2012 at 02:36 PM
A business is made up of people. a business has varied stakeholders including employees. Business like people stop acting in the midst of change. I recently asked an adult in a class what she would do if there was a change in her life, a job change, or loss, an accident, a family member in need of help? Her response was to cut back, stop spending, hold onto cash, try to prepare for the unknown. I then asked if in the midst of wholesale change on a national or state level what the reaction of a national business might be. She said the same reaction. So very true. So voters got change. You also got the normal result of change more so when it is not defined. Today we have laws that are coming, the specifics are unknown. As I said people pull back in the face of change. It is a normal and an anticipated reaction. Businesses do the same, after all they are made up of people also. Government does not react the same way, because they can just take more (taxes) from the citizens (state and local government), or borrow more (federal government). Businesses do not have that luxury so they pull back hoarding cash. They will start to spend the cash when the changes are fully known in 2017 (in 5 years). When the full impact of PPACA is fully known and Obama is out of office (presuming re-election). Remember what Nancy Pelosi said: "We have to pass the bill to know what is in the bill." Today we are just starting to learn about the many new taxes created.
suzmar May 11, 2012 at 02:54 PM
But again, if they collected every dollar under the proposed "Buffet Rule" they would have enough money to fund the federal government for an additional 11 hours! Taxing more by itself will NOT do much to lower the national debt. It will only happen by cutting spending. There is a ridiculous amount of waste in government, and people have to get off the "entitlement" addiction.
Spiff May 11, 2012 at 05:13 PM
OK, here are some stats for you: - The top 1% of earners pay about 40% of all income tax, - The top 10% of earners pay about 70% of all income tax, and - The bottom 50% of earners pay about 2% of all income tax. (Source: Wall Street Journal and the Internal Revenue Service) So, you tell me, do the rich pay their fair share of taxes? I certainly think so, and then some! They are, essentially, already carrying this country! Obama and his Democratic cronies are trying to pull the wool over your eyes with their class warfare rhetoric. Don't believe them, they will not tell you the truth.
Spiff May 11, 2012 at 05:35 PM
Jonathan, I'm sorry but you are absolutely incorrect in your statement. Either you are purposely attempting to misinform your fellow posters, or you are simply misinformed yourself. Please refer to my 1:14pm post below.
R Eleveld May 11, 2012 at 06:24 PM
Flat tax is a concept I have suggested many times in these pages. The liberals do not like it because if flies in the face of a 'tax the rich' or 'progressive' tax concept. It also hurts there "friends". Republicans do not like it because is used by the liberals to paint them as regressive, and it hurts their friends. A flat tax is imminently fair to all concerned. It takes the working poor off the rolls, it is an understandably simple solution that taxes all with no deductions. It hurts Government because they can no longer give benefits to friends. It hurts those that live off the benefits of government 'gifts'. Think real estate agents (mtge./tax deduction), banks (interest deduction), charities (charitable deduction), taxing authorities, (state and local tax deduction). The reason we do not hear more of this is the ugly world of sound bite mentalities. As in many cases a thorough review of the facts requires time, and much more than a 10, 20 or 30 second sound bite. It takes all of 10 seconds to say the rich will not pay their fair share (class warfare).


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