Saturday, October 8, 2011

Facing Buffett

At an attempt to force the Buffett rule the democrats look to raise taxes on millionaires and billionaires by 110,467$ per household on Obama's new jobs bill. Than would mean 392,00 households But the bill will likely not pass because of the republicans firm position in not raising any taxes. But that doesn't mean Buffet is going to give up on ruining his former country club buddies payouts.

After billionaire Buffett claimed he had paid less in taxes than his secretary, conservatives from the Wall Street Journal doubted his claims and asked to have his tax returns to be released to the public. Here is where things get interesting... The Wall Street Journal is controlled by the conservative media outlet Fox. Warren Buffett is only willing to release his tax records if the owner of Fox, Rupert Murdoch, releases his own public tax records. What Warren just did could make the icon of the conservative political media known as one of the most greedy individual in America. If Rupert does not release his records Buffett proves his point that there are millionaires hiding the fact they pay a very low rate due to loop holes in the tax code, if Rupert releases his tax records and they are as low as Buffett's then it makes the republican party look greedy.

I think the Buffett rule should not lower taxes rather declare all tax records open to the public! That way if anyone cheats the tax code everybody in America will know it and think they're greedy. Uncle Sam can now guilt trip you to pay your taxes.

1 comment:

Smith said...

Do you think this is a good idea?