May 24, 2019 | 62° F

‘Buffet Rule’ fosters shared sacrifice


Despite being labeled as a hypocrite by some a few weeks back because of Berkshire Hathaway’s failure to pay its taxes, Warren Buffet’s reputation as a millionaire who loves paying taxes lives on strong in President Barack Obama’s newly proposed “Buffet Rule.” According to talking points obtained by the Huffington Post, the “Buffet Rule” is a simple principle which states, “No household making more than $1 million annually should pay a smaller share of its income in taxes than middle-class families pay.” For the fair-minded, it’s hard to argue against the “Buffet Rule.” It is the most practical manifestation to date of the “shared sacrifice” narrative Democrats and Republicans alike have been espousing since the recession of 2008.

For too long now, the burden of our country’s debt fell on the shoulders of the middle class and the poor, who have seen higher taxes and deflating public services. For a long time, it looked like this was going to continue being the case, despite the loud protestations of people like Buffet and Netflix CEO Reed Hastings, two millionaires who practically publicly begged Obama to raise their taxes in order to help with America’s growing debt. People like Buffet and Hastings were some of the only public figures actually trying to make shared sacrifice a reality, even though it seemed like their efforts were falling on deaf ears.

Which is why it is so great to see that Obama actually took note of such agitation. Under the “Buffet Rule,” millionaires will no longer be taxed at absurdly minuscule rates. Instead, they will finally start helping the middle class and poor shoulder the burden they have been sagging under for so long. The United States is the country that gave these millionaires and billionaires the opportunities to succeed and become rich. It is only fair they start giving back.

We are sure cries of socialism will resound from Obama’s detractors once he brings the “Buffet Rule” to them. However, this is not socialism — it is a request for the rich to do what is right for the country that made them. Too many people are suffering because of American debt. It’s time that suffering end. The rich should be excited to help right our capsizing economic boat. The United States is a democracy, which means that we, the people, are all in this together. A high economic class should not be reason to shirk your responsibility to this country.

By The Daily Targum

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