Implant the “Buffet Rule” on the Rich
The American economy has been recovering, following the recession. However, the progress has been slow and hampered, partly due to our increasing debts/deficits, and low taxes on the rich.
The low, unfair tax rates that millionaires and billionaires pay to the government have left their checkbooks largely unaffected. In contrast, the middle-class and the poor pay higher rates, taking away much-needed money to pay for basic necessities such as food, water, clothing, and bills.
This practice has facilitated the rich in getting richer, the poor becoming poorer, and the middle-class gap widening to its largest margin ever. To curb this practice, President Obama, with the support of most of the American people, many who are millionaires and billionaires, is looking to get the “Buffet Rule” enacted. The rule would raise taxes on the rich, who would pay higher tax rates than the poor and middle-class, while lowering the tax rates for the poor and middle-class to manageable levels. This would help level the playing field, narrow the class gap, and enable the post-recession recovery to move quicker.