I received one of those forwarded emails recently that I usually delete without reading but when I noticed Warren Buffett’s name in the headline I took notice. I am a big admirer of Mr. Buffett because he is one of us; the simple folk who try to keep this insane country headed in the right direction. When Buffett said he shouldn’t pay less taxes than his secretary, I thought there would be a major rush to sign him up for the nation’s number one job.
|The “Big Guys” discuss money
But the cagey investor knew, as most of us progressives do, that we have a great President in Barack Obama and all he needs is some support. Hence, the “Buffett Rule” was born and the man told the President he could run with it and he did. It is well known by most that this tax on millionaires would make only a small dent in the deficit, but it is the nature of the inequity between what the wealthy pay in taxes and what the simple folk like you and I do.
|Senate minority leader Mitch McConnell, a Republican, poop pooped the idea when it was introduced and even some Democrats were soft in their support. But the American public was solidly behind the concept. A Gallup poll in April found that 60 percent of Americans supported the proposal, including 63 percent of political independents. Chuck Schumer, a Democratic Sen. from New York said it’s “proof positive” the GOP is on the defensive over taxes.
So it’s agreed that Barack Obama is the one for November. So what else could Warren Buffett do to help the President in his re-election? In a recent CNBC interview he claimed, “I could end the deficit in 5 minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”
How the Buffett Rule works by Warren Buffett:
In another Gallup poll taken in February, Congress was at a record-low of 10 percent, down from 13 percent in January alongside another previous low of 11 percent. Congressional approval averaged only 17 percent in 2011. With all of these facts in the books, it was only natural that the financier would come up with some proposed legislation of his own. His idea is the “Congressional Reform Act of 2012.” Here are the sections of his bill.
1. No Tenure / No Pension.
A Congressman/woman collects a salary while in office and receives no
pay when they’re out of office.
2. Congress (past, present & future) participates in Social
All funds in the Congressional retirement fund move to the
Social Security system immediately. All future funds flow into
the Social Security system, and Congress participates with the
American people. It may not be used for any other purpose.
3. Congress can purchase their own retirement plan, just as all
4. Congress will no longer vote themselves a pay raise.
Congressional pay will rise by the lower of CPI or 3%.
5. Congress loses their current health care system and
participates in the same health care system as the American people.
6. Congress must equally abide by all laws they impose on the
7. All contracts with past and present Congressmen/women are void
effective 1/1/12. The American people did not make this contract with
Warren Buffett comments that “Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work. Right now there is 90 percent of the country that would agree.