COMMENTARY | Reuters reports that on April 16, the Senate blocked the “Buffett Rule,” which would have placed a 30 percent minimum tax on Americans making over $1 million. The vote was mostly along party lines, with 51 members of the Senate voting in support of the legislation. President Barack Obama has been adamant that a tax on the wealthy is the only fair way to conduct business, and it has caused a lot of controversy among Democrats and Republicans. As a Republican voter, here is why voting down the “Buffett Rule” is the best thing for this country, and how it might impact the general election.
The impact on the general election over the failure to pass the “Buffett Rule” is going to be huge, considering that the Democrats are going to be blaming the Republicans the entire time. Mitt Romney made over $21 million in 2011, but only paid $3.2 million in taxes, which is about a 15 percent tax rate. Obama is going to use the 15 percent tax rate to slam Romney during the general election, and he will try to pit the wealthy and poor against each other to win. The Democrats are going to say that the Republicans do not care about middle class Americans, and that the Republicans want to keep all the money for themselves. Romney can attack Obama on the premise of the government wanting to take money that was earned through hard work by wealthy Americans, and punish them for being successful.
Taxing the wealthiest Americans will do nothing to create jobs, and will only give the government more disposable income to waste, which will negatively impact the economy. The “Buffett Rule” is more about Obama wanting to spread the wealth around, instead of trying to find true tax reform and close obvious tax loopholes. There are many celebrities in trouble for not paying their taxes, so it seems the wealthy might not approve of an even higher income tax. As a Republican, I am glad to see that Republicans in the Senate voted to block this legislation, because successful people should not be under financial attack in this country. If the legislation would have passed, it would have voided the sentiment that hard work pays off, and could deter future innovation from taking place. I also think that the best way to help the economy is to let people have as much of their money as possible, so they can give to charity where they see fit. There is a place on the tax forms where you can donate money to the Internal Revenue Service, so if wealthy Americans feel a moral obligation to give more money away to the government, they can do that without there being legislation to force it upon everyone. Democrats should be praising those that make the most money and achieve the dreams of America, because America should not be an entitlement society.