Per Wikipedia [link]:
So let me make sure I get this right. In order to make things fair, the government is proposing that individuals making over $1-million/year in income, the 1%, should pay at least the same tax rate as the middle-class because these 1%'ers are currently paying taxes at a lower effective rate than the middle-class."The Buffett Rule is a tax plan proposed by President Barack Obama in 2011 to alleviate income inequality in the United States between the top 1% of Americans and the remaining 99% of Americans, due to the income growth in the 1% group as compared to the 99% group. The tax plan would apply to individuals earning more than $1 million per year; this comprised the top 450,000 of Americans by income when the rule was proposed."
Not being a millionaire myself, but not one to begrudge the fortune of others, it seems to me that to government is in effect telling me the following.
"Hey, we've been charging you too much in taxes and charging them too little in taxes for some time now. So, since we know misery loves company and we know that schadenfreude is a great political tool to keep up that caste system mentality, instead of lowering your tax rates to what the 1%'ers pay, we're going to raise taxes on those naughty tax-dodging millionaires. See, this is so much better because:
- They suffer more
- You suffer no less
- You get their wealth thrown in your face while this is discussed in the public arena (giving us more class-envy based power)
On top of that we get to drain more money out of circulation in the public economy and spend it the way we think it should be spent, that is, mostly in ways you either won't like or won't think prudent or efficient."
Great, I feel so much better now.