Who Says There's a "Buffett Rule"?
Carol Platt Liebau
9/18/2011 10:24:00 PM - Carol Platt Liebau
President Obama is trying to institute a "Buffett rule" -- since billionaire Warren Buffet is willing to pay higher taxes, so should any American deemed "high income" by the Obama administration.
What's more, since when does one billionaire's willingness to pay higher taxes mean that everyone should have to? If, in years to come, a billionaire Thurston Howell announces his absolute unwillingness to pay a cent in taxes, does that mean that a different president should institute a "Howell rule" -- that is, that no one should pay taxes? Of course not -- but the hypo points out the silliness of trying to craft national policy based on the proclivities of one (very rich) person.
If it's so essential that everyone with anything to pay "contributes" more, why doesn't Mr. Buffett simply rearrange his foundation so that his enormous wealth goes to the government, rather than to a (charitable) tax shelter?