By Wayne Dawkins
Regarding President Obama’s “Buffet Rule” that proposes taxing millionaires who pay a lower percentage of taxes than middle class Americans: The president should beat this initiative like a drum. He should not waver to the screams of the opposition, those Congressional Republican coddlers of the rich. Pound away Mr. President; GOP extremists by now should have lost credibility with most Americans.
Most Americans agree that in this economic crisis, everyone should make sacrifices, including the rich. This doesn’t seem to support the conventional wisdom to protect millionaires at the expense of the working class and poor citizens.
Today, Americans are lied to based on the GOP leadership argument that asking millionaires [especially multimillionaires] to pay a fair percentage share of taxes will cripple these “job creators.” In a climate of stubborn 9-percent national unemployment and near-default last month on the national debt, protecting “job-creating” rich people may sound like a logical counterargument.
It isn’t. A tax break will not help a well-off business owner already operating at full capacity; that executive will just pocket the windfall. Specifically, it is mind boggling that the media company General Electric [NBC, CNBC, MSNBC] paid no federal taxes in 2010.
Thanks to protective cover from super capitalist Buffet, who last month wrote his secretary pays at a higher tax rate than he and well off associates, Obama is not proposing the “soak the rich” strategy that in the past dripped with class resentment.
Today’s proposal is a modest plea that those with means should pay their fair share of taxes.
Don’t waver Mr. President. The American people are with you. Last year Obama blinked and extended the irresponsible Bush-era tax cuts that coddled the well off, during a budget crisis.
This time beat the higher-taxes-for-millionaires drum – like a jazz virtuoso– over the knee-jerk howls of Republicans.