I was saddened to read that the “Buffett Rule” did not pass thru the Senate. I was not surprised however based on how many millionaires are part of that club. More on the pigs feeding at the trough later.
The Buffett Rule is named after billionaire Warren Buffett who gladly told anyone within earshot that his secretary pays a higher percentage of taxes than he does. So President Obama and some Democrats and independents has an honorable idea of trying to pass legislation to have anyone making over a million dollars have to pay a higher percentage of taxes than they do know.
Say Mitt Romney for example whose wealth is estimated to be $190 million to $250 million and is currently paying about 14% tax rate would now be paying at 30%. Now if I was in Mitt’s shoes I would also be fighting against paying 16% MORE in taxes but the problem is I am not Mitt and neither is 99% of America.
Now back to the pigs at the trough. The latest figures are from 2009 but here is an interesting set of percentages that are about politicians that are in Washington D.C. to allegedly represent YOU.
In 2009 out of 535 members of Congress, 261 have an estimated wealth of at least ONE MILLION DOLLARS, that is almost half. Out of those 261, 55 of them have an estimated wealth of at least TEN MILLION DOLLARS.
The average median wealth in the House is $765,000 dollars. In the Senate its $2.38 MILLION DOLLARS.That is average income and that is in 2009 dollars. Wonder what it is in 2012?
Out of the 244 confirmed millionaires in 2009, 138 were Republicans and 106 were Democrats so it is fairly even.
So asking either the House or Senate to vote for a tax increase on basically themselves is like asking Hannibal Lechter if wants to vote for a Vegan or Meat diet in his jail mess hall. Not going to happen.
So it was a nice gesture by the Hipster and a billionaire to try to pass this placebo pablum for the masses but the millionaires in both houses will never pass it and the millionaires in Wall Street and in board rooms everywhere will fight it no matter what. So unless the 99% and the Occupy( fill in your ax to grind here) whatever have a complete occupation of power in the country, the rich will get richer and the poor will get the short end of a very thin stick.