For the first time in my life, tax day came and went like a regular day. You see, after paying thousands and thousands in federal income tax to the government for over 40 years of work, I have finally retired. To my shock I had income of over $50,000 in 2012, and yet I only had to pay $41. I hardly tipped the scales on the side of the 52 percent who pay any income taxes with that small amount.
We must have hit the sweet spot by not making too much money, but I feel like I should be included in the Buffett Rule somehow. What is a fair share, anyway? The president is proposing a 30 percent tax on those “rich” folks that will bring in $4.7 billion per year for the next 10 years. This sounds unfair to me since the top 1 percent already pay 37 percent of all the taxes.
How about if the 48 percent (72 million) who pay no income taxes were to pay just $100 each? That would be equal to $7.2 billion per year, or about 50 percent more income to the IRS than the “rich” would generate under the Buffet Rule. Now that sounds fair – why shouldn’t every participant in this republic pay some portion of the economic support for the greatest nation on earth? How about a BMT (Buffett Minimum Tax) rule letting everybody be a shareholder or partner in America? And why should anyone get to vote on the outcomes of the Treasury if the don’t put any in? Didn’t the president say that everybody needed to have some skin in the game of the country?