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How about a "Buffett Rule" 2.0?
A lot of people support the so-called Buffett Rule. But a lot of folks don't. But I have my own thoughts on it.
I can see both sides of the issue and I have a counter proposal. I call it the Buffett Rule 2.0.
I propose a 3% added federal income tax. Every person who lives in the US, and every person having American citizenship and living outside fo the country, pays the new tax.
No matter what you income tax return looks like, if you have more than $1,000 in income, any income of any kind, you owe an additional 3% tax.
No write-offs, no deductions, no loopholes, no exceptions, everyone pays and additional 3%. This will be added to any income tax you owe-even if your owed a tax refund. Everybody pays.
This tax is on all income including social security, disability, retirement, child support, investment income, capital gains, and wages. EVERYBODY PAYS AN ADDITIONAL 3% ON ALL INCOME.
This tax will automatically disappear the day the national debt hits one trillion dollars.
So what do you think? Fair enough?
Tell me 2 things please:
1) Would you support this?
and
2) Was you family income last year over $35K?
Frank, that's a buffet with one "t". since you have been hiding under a rock might I suggest you google "Buffett Rule" and return your voters registration card.
4 Answers
- who WAS #1?Lv 79 years agoFavorite Answer
No. Historically the Federal government has gotten about 19% from taxes, but now it is spending 24%, hence the "deficit" and borrowing. But borrowing is actually spending, devaluing the FedNotes we call money and spreading the depreciation around the world.
More taxes will not help so long as the FedGov spends more than it takes in.
If you want to solve the Federal Budget, you have to find a way to spend only what it gets.
But that can't happen thanks to the Federal Reserve and interest on the notes. Due to the way the system is constructed, there has to always be an increasing money supply. Because when you borrow 10 you have to pay back 11, or 12, or 19. So the money supply has to be always increasing.
How is money created? By borrowing it into existence. Through the Federal Treasury issuing bonds. Hence the need to always borrow more and more, so as to increase the money supply so the interest on the loans can be serviced.
The only way to kill this monster which is eating us alive is to terminate the Federal Reserve system of fractional reserve banking. President Jackson worked his whole life toward this goal but now (since 1913) the monster has resurfaced. The Federal Constitution gives the money power to Congress. Congress gave it to the banksters. Until things are put right again, the problem can not be solved and will continue to get worse, with an ever-increasing National debt.
Source(s): http://www.trtam.com/ http://www.trtam.com/category/money-101 http://www.trtam.com/the-book - ?Lv 79 years ago
How about no deductions or loopholes period, and just have a flat tax. This includes no deductions for having children. Fire all the tax people.
- 9 years ago
Here's my "Buffet Rule"....if Warren Buffet thinks he should pay more taxes...he is free to write the U.S. government a check for however much money he feels he owes...He can give them his entire fortune should he so choose....
- Anonymous9 years ago
I don't get it. Isn't a Buffett a self serve food table?
