The “Buffet Rule” is the “flat tax”!
The “flat tax” system, so often called for by republicans, is now being promoted under a new flag by president Obama titled the “Buffet Rule”.
The Buffet Rule will require taxpayers making over one million dollars to pay the same percentage of income as as the rest of us working folks. Which means the millionaires will pay the same as everyone else – otherwise called a “flat tax”.
Most of our readers were “A” students in high school. So they know what that means. If you were a “C” student or didn’t pay attention to percentages, then let me explain.
It means that the wealthy will pay more.
If your tax rate is 50-percent and you make $10,000 dollars – then you pay $5,000 dollars.
If Mr. Buffet’s tax is 50-percent and he makes $100,000 – then he will pay $50,000 dollars.
That is a flat tax.
The funny thing (sick, really) is that republicans have long sought a flat tax. And democrats have resisted it calling it “regressive”.
Now, republicans are bad-mouthing President Obama’s “Buffet Rule”.
So, basically, democrats are now promoting a flat tax and republicans don’t like it.
What a twisted world politics makes.