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President Obama approached Congress with his so-called “Buffett Rule”, which calls for the “wealthiest” Americans to pay their “fair share” of taxes. Buffet argues that billionaires such as himself, pay a smaller percentage of tax, than does his own secretary. In fact, some time ago, he complained that he “only” paid $7 Million in taxes.
So, the president is proposing that certain aspects of the Bush-era tax cuts be rescinded for these “wealthy’ Americans. Surprisingly, his proposal is not gaining the widespread support from his own Democratic Party, and in fact, in somewhat of a shocker, former President Clinton, reportedly suggested that Obama’s proposal seemed to miss the mark. "I personally don’t believe we ought to be raising taxes or cutting spending until we get this economy off the ground. If we cut government spending, which I normally would be very inclined to do when the deficit’s this big, with interest rates already near zero, you can’t get the benefits out of it,"
On A New Day 4 Al-Islam, we will discuss the efficacy of the “Buffet Rule”, including why this writer feels that Buffet himself, does not come clean and correct in his assessment of his own taxes, and does so, more motivated by covering for President Obama, than he is, about any real and meaningful closing the budget gap.
So call in, and join our hosts in what is fast becoming one of the most riveting and critically dynamic radio/blog talk shows around.
Saturday, 6:30 AM, phone number (213) 816 – 0356.
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