Buffett Rule

Currently, close to half of all taxpayers enjoy an effective federal tax rate of zero percent? In contrast, the top one percent of taxpayers contribute more federal income tax revenues than the bottom ninety percent of taxpayers combined. Should there be a minimum federal tax rate that all taxpayers should be required to pay? If so, how do you think that it should be calculated for different income levels? In 2011, Barack Obama proposed the “Buffett Rule” tax plan (which was never implemented) which would have required that people making over one million dollars to pay no less than 30 percent of their income in taxes. Discuss this proposal in your analysis of minimum federal tax rates. ANSWER THE ABOVE DISCUSSION AND THEN REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTION AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 125 WORDS EACH) CLASSMATE’S POST I can second the recently posted discussions by fellow classmates Joe, Rachelle, and Rene! Taxes of any kind have been a long-argued issue with American citizens for decades. Taxes are needed to stabilize economies at every level, however, there needs to be a better way of controlling the collections by all citizens. Each of the recent responses implies the same thing, that the poor/ median income families or individuals get taxed and causes a greater effect on their livelihood than the persons who have greater income. The rich or wealthy seem to have other means of avoiding the same tax issues that the hard-working middle-class people do not have the opportunities to take advantage of. As stated in the previous unit’s discussion boards, it sickens me to work endless hours and the deductions are endless when it comes to taxes being taken from the hard work that I put in for me and my family. The government makes out over my work ethic and I get penalized for it by taking more taxes if I work more hours. 

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