President Obama: The Buffett Rule Rundown

President Obama - The Buffett Rule RundownSupplyBoys News - Real-Time
Lately, there has been much discussion regarding what is now known as the Buffett Rule (no not buffet, Buffett this has nothing to do with food…it is named after billionaire Warren Buffett).

This leads me to my first question…What exactly is the rule?

In its most simplest terms it is a tax plan proposed by President Barack Obama to reduce income inequality between the top 1% of Americans and the remaining 99% of Americans. Ok, great right…not so fast. Let’s first breakdown the arguments of pros and cons.

According to The Tax Foundation if this rule was enacted it would create a minimum tax of 30 percent to individuals making more than a million dollars a year (yes, we weep…the 99% do not understand the plague that would arise…meaning some may not have enough money left to put gas in their private planes, I mean uhhh, that means flying commercial!).

On the other hand it could put a final nail the the coffin of the failed “Trickle Down Economics” theory…ies (in whatever version(s) they are presently being offered).

The question now becomes how does the blocking of this rule by Senate Republicans effect the GOP during this increasingly rocky voting season?

In-other-words how effective is a campaign that basically states how Republicans would rather end Medicare as we know it and slash education funding rather than ask the richest 1% to contribute even one cent more?

In the end, people like Warren Buffett, Pierce Morgan, and even Barack Obama himself all believe in the Buffett rule even if it does tax them as well.

By refusing to support what could be considered a breakdown of the trickle down economic system may give instant satiation to the GOP party. However, one could argue as you could with many of the GOP choices this year is how this may not translate into a winning strategy.

Perhaps, in the long run brushing this ideology off as a “gimmick” or “not fair” may further perpetuate the theme of insensitivity that falls so harshly on Mitt Romney.

Finally, if the Republican party does not learn how to pick and chose their battles themselves then the Obama Administration will gladly help them with that…over the course of Obama’s second term (which according to the polls seems to have already started).