Today is tax day. Hopefully by now you know what percent of your paycheck went to the government. You probably donâ€™t make that much money, being a struggling college student and all. How about your parents? Do you know how much they give in taxes?
Now think about the richest person you can think of. Should that person have the same tax rates as your parents who are trying to put a kid through college?
The top earners in our country face lower tax rates than most middle class families. This is not OK.
In Washington, Senate has been debating what has been called the Buffett Rule â€“â€“ legislation that would give the super rich a tax rate of at least 30 percent in an effort to battle tax inequality.
Sounds fair right? People with a bunch of money donâ€™t have to give a smaller percentage of their income than people without money.
Unfortunately, Senate republicans donâ€™t think that makes sense. Republicans blocked a move to open debate on the Buffett Rule Monday. They apparently think that even though the super rich have the means to help the country, that burden should be put on people who are struggling to put food on the table.
It really doesnâ€™t make sense to have low tax rates on the wealthy. New York Times columnist Paul Krugman has blasted these low taxes on the richest 1 percent of the country, calling them â€œindefensible.â€
Republicans have no problem defending this shameful inequality.
But what does Krugman know anyway? Heâ€™s only a winner of the Nobel Prize for economics.