The #Buffett Rule Is Dead; Which Side Did You Support?

17 April 2012 Thoughts


  • Tweet
  • Tweet

The Buffett Rule is dead. Senate blocked the bill.

We won’t hear about another so called Buffett Rule for some time. It’s good however to look at what entrepreneurs thought of the issue. The entrepreneurs we talked to were just about evenly split on the issue, who raised up great points from both sides.

  • Yay For Buffett Rule
  • Nay For Buffett Rule


  • “Yes, I Supported The Buffett Rule”



    1. CEO Believes The Fortunate Should Help The Less Fortunate


    Yes I do support the Buffett rule. I believe if you are more successful (and a lot of the times just more fortunate) it is ok to contribute a little more for the greater good.

    Thanks for the insight provided by:

    Erik Huberman

    SwagoftheMonth.com



    2. Yes- For The Prevention Of Paris Hilton’s


    Yes, Taxes ultimately have to come from some place, and once you’ve made more than 70 million or so, you really do start running out of things to functionally spend money on. Giving it your kids? Just makes for lazy, out of touch kids (see Paris Hilton). Remember, the tax laws start working very well once you make ~500k a year- The country had been very good to you to get there- why not give a bit back- besides- that tax rate is STILL lower than many parts of Europe.

    Thanks for the insight provided by:

    Randy Aimone

    Leading Results



    3. Entrepreneurs Who Disagree With Buffett Rule Don’t Understand Macroeconomics.


    I absolutely support the Buffett Rule. As an entrepreneur, if I manage exceed annual earnings of $1 million, I should still pay at least the same tax rate as the average citizen. To fail in this can break an economy in ways that are all too familiar to those paying attention. Why should wealthier individuals pay a smaller tax percentage? They are profiting (greatly) from a functional economy and should be at least as responsible for keeping it that way. Entrepreneurs who disagree with the Buffett Rule simply don’t understand macroeconomics.

    Thanks for the insight provided by:

    Collin Ferry

    Built by Collin



    4. The Buffett Rule Stimulates Economic Growth.


    The #1 thing entrepreneurs need is a strong, growing economy.

    Middle class & poor people spend more if they have more, so giving them tax breaks (like the Buffett Rule does) will lead them to spend more, thus growing the economy, which is better for entrepreneurs.

    Rich people already have more money than they can spend — this is the definition of “rich”. Giving them more won’t lead them to spend more. They’ll just gamble more in the stock market. This creates bubbles, which destabilize the economy.

    Thanks for the insight provided by:

    Edgar Matias

    Matias



    5. Level The Playing Field For Everyone


    Yes, I support the Buffett Law and any similar legislation that eliminates special tax advantages to select individuals. All income should be taxed at the same relative rates for everyone. There shouldn’t be special rules for one type of income over another.

    Thanks for the insight provided by:

    Jeff Hoffman

    ACT Network Solutions



    6. I Support The Buffett Rule


    I agree with President Obama. Wealthy people in America have so outpaced the earnings of the middle class for years and years. It is time that those earning over $ 1 million /year pay more in taxes. I support the Buffett Rule.

    Thanks for the insight provided by:

    B Seidman

    SEIDBET Associates



    7. Tax All Dollars Earned The Same


    Yes, I definitely support the Buffett rule. A dollar is a dollar, and whether one earns a thousand or a million dollars annually, each dollar should be taxed the same.

    Thanks for the insight provided by:

    Melanie Lundheim

    Good Copy Fast



    8. Of Course!


    Small business owners can write off a tremendous amount of expenses on their tax returns. The resources, financial and informational, are endless. Whole government departments are devoted to helping your business succeed. If you are a millionaire, especially a self-made one, the mere suggestion that you should pay back a relatively small amount of your riches to helping businesses like yours begin and expand should have you throwing cash off the rooftops.

    Thanks for the insight provided by:

    Jonathan Riedel

    Forword Translations, Inc.



    9. The World Taxes the Rich; We Should Too


    Yes. The wealthy in the US have seen massive tax cuts over the past 30 years (1970s: 50% top-bracket rate). The poor have been hit far harder in this recession, and the safety net is beyond frayed. Compared to Europe, our tax rates are far lower, especially at the upper levels. Government has a number of legitimate functions, and it needs money to run. And shifting some of the burden from those who can least to best afford it is only fair. I’m a 31-year entrepreneur, author of 8 books including Guerrilla Marketing Goes Green.

    Thanks for the insight provided by:

    Shel Horowitz-Green/Ethical Marketing Expert

    Green and Profitable



    10. Make the 1% Pay More than the 99%


    Yes, I support the Buffett Rule. The 99% pay most of the taxes in the country. Many low-to-middle income families pay too much in taxes. Many single tax payers are penalized by having to pay more in taxes because they have no children or are not married. The wealthy earn more and should pay more in taxes based on their earnings. The 99% pay taxes based on their earnings therefore the 1% should be required to follow the same guidelines.

    Thanks for the insight provided by:

    Harrine Freeman

    H.E. Freeman Enterprises



    11. We Owe Our Fair Share


    Yes, I wholeheartedly support the Buffett Rule. Those of us who are successful owe a greater debt to our society than those who are not; it’s our free society that has allowed us to succeed. Most government programs benefit us more than they benefit the less fortunate. We should pay our fair share.

    Thanks for the insight provided by:

    Bill Treloar

    Rank Mgaic, LLC






    “No, I Did Not Support The Buffett Rule”



    1. The “Buffett Rule” Is The Anti- American Dream Rule


    The Buffett Rule should be called the Anti-Entrepreneur Rule. It penalizes success, initiative, independence, and makes the successful, hardest-working people pay for everyone else. Those born with nothing, minorities, the underprivileged, the disadvantaged and who work the hardest deserve every penny they earn.

    The best name is really: The Anti- American Dream Rule, because those with billions in the bank, such as Buffett, already have their money, while those striving to earn billions through innovation and genius are told they don’t deserve the fruits of their labors. Which is why Buffett wants to take YOU, not himself.

    Thanks for the insight provided by:

    Steven Mason

    The Brand Mason



    2. Simplify The Tax Code & Trim Spending


    No. Let’s simplify the tax and end all those loopholes and other tax exceptions that benefit the wealthy. Then add a few more brackets if needed. However, we need to trim spending more and raise more revenues through simplifying the tax code. Combine long term spending reforms with tax reforms.

    Thanks for the insight provided by:

    John Boyd

    TTB Technologies, LLC



    3. Entrepreneurs Would Be Stupid To Support The Buffett Rule


    No. It would be stupid to support the Buffett Rule. You work hard, and create a business that you eventually sell, after 20 years, for a capital gain, of say $5 million dollars. Would you rather pay 15% in taxes $750,000 in taxes or 30% $1,500,000.

    Thanks for the insight provided by:

    Robert Harper

    NorthStar Wealth Management LLC



    4. Entrepreneur AGAINST the Buffett Rule!


    The Buffett Rule is asking for double taxation – first we are taxed on our earned income, and if we are smart enough to save any of that, we are taxed AGAIN on any unearned income we make from that.

    Entrepreneurship is discouraged by taxation. If you punish success and entrepreneurs, they will not start businesses that create good paying jobs. Unemployment will skyrocket. The working man will suffer the most. Reward entrepreneurs with lower taxes, and the working man is rewarded with plentiful, good paying jobs, and the economy stabilizes. Win – win!

    Thanks for the insight provided by:

    Aimee Elizabeth

    Poverty Sucks! How to Become a Self-Made Millionaire



    5. As Economic Policy the Buffett Rule Fails


    Higher taxes in any form are a drag on commerce. The goal of tax policy should be to collect necessary revenue as efficiently as possible, with the least impact on the economy. The “Buffett” Rule fails. It is designed to punish high income earners, who are often small business owners of partnerships or S-Corps that pass business income through as personal income. It will generate relatively small amounts of revenue, compared to the resulting economic damage. As economic policy, it fails.

    Thanks for the insight provided by:

    Matt Michel

    Service Nation Inc.



    6. Buffett Tax is NOT a Fair Tax


    I do not support the Buffett Rule because I think that a “fair tax” is a flat percentage tax for all. Think of how much revenue we’d gain by requiring that everyone contribute to the upkeep of our society. Think of how much money we’d save by having an easier tax schedule. For example, if everyone pays 35% and we call it a day there would be fewer complications and more tax revenue.

    Thanks for the insight provided by:

    Shay Olivarria

    Bigger Than Your Block



    7. Buffett Rule Is Apples to Oranges


    No as the Buffett rule is the old apple to oranges comparison. It’s based upon a false premise that being capital gains (apples) tax is equal to income tax (oranges). Taxation is regressive to human performance; encourages people not to perform, not to reach for more. Why should they when others do not have to perform at those higher levels? This rule only further entrenches an entitlement mentality and not meritocracy one.

    Thanks for the insight provided by:

    Leanne Hoagland-Smith

    ADVANCED SYSTEMS



    8. The Real Solution to Inequality: Creating Opportunity


    The Buffett rule is a bad idea because it treats the symptoms of income inequality and not its causes. The global economy has allowed highly intelligent individuals to expand their reach extraordinarily far, which is great for Americans and humanity overall. The wealth concentrated at the top of the income chain isn’t exclusionary, but reflects the fact that many people are ill-equipped to provide value in a knowledge economy. The Buffett Rule does nothing to treat the latter issue and instead foments a sense of unfairness and class warfare that militates against genuine solutions to the root causes of inequality.

    Thanks for the insight provided by:

    Jonathan Bechtel

    Health Kismet



    9. Spending Is The Problem, Not Taxes


    I don’t support the Buffett Rule – we shouldn’t solve fiscal problems by raising taxes without first seriously reassessing our spending.

    The US accounts for 43% of global military spending. This is by far more than any other country. China, the next biggest spender, accounts for just 7%. Do we need 1,000+ military bases in other countries? Do we really need to be at war right now?

    Before taxing more, let’s look at where the money is going.

    Thanks for the insight provided by:

    Kari DePhillips

    The Content Factory



Created By:

Chief Community Officer at TeenBusinessForum. I believe that successful and ethical entrepreneurs make the world a better place. To make that a reality, I help empower teen entrepreneurs that will be the next generation of business leaders.

Comments:

Leave a Reply