The Instigator
SouthernPhilosopher
Con (against)
Tied
0 Points
The Contender
RyozoTabikashi
Pro (for)
Tied
0 Points

Millionaires Tax Rate

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Voting Style: Open Point System: 7 Point
Started: 4/16/2012 Category: Politics
Updated: 4 years ago Status: Post Voting Period
Viewed: 874 times Debate No: 22901
Debate Rounds (3)
Comments (10)
Votes (0)

 

SouthernPhilosopher

Con

As I understand the President's position correctly, he objects to people whose annual income is $1,000,000+ using loopholes in
order to avoid payment of their "Fair Share". That said, I propose that Obama, if he truly is interested in fairness, will shift his position from increasing the tax rate to pushing for modification or abolition of the loopholes.
RyozoTabikashi

Pro

as i undrstand it i am supposed to be helping Obama on his tax rate decision. correct me if i am wrong.

for starters i agree with Obama because the millinaires are making so much money, but are not paying the tax rates that us poor people are having to pay. another thing is the fact that companies like Microsoft and Apple are big major companies, and they only have to pay the minimum percentage of the taxes. if i am debating the wrong side plzs let me kno. thanks.
Debate Round No. 1
SouthernPhilosopher

Con

SouthernPhilosopher forfeited this round.
RyozoTabikashi

Pro

my argument still stands unless it is proven false.
Debate Round No. 2
SouthernPhilosopher

Con

SouthernPhilosopher forfeited this round.
RyozoTabikashi

Pro

i understand my opponent is probably busy. Voter pls take that into consideration
Debate Round No. 3
10 comments have been posted on this debate. Showing 1 through 10 records.
Posted by Greyparrot 4 years ago
Greyparrot
Hay dad! Good luck on your debate!
Posted by joshuaXlawyer 4 years ago
joshuaXlawyer
Is it called a buffet plan because the government eats our money? lol jk
Posted by RoyLatham 4 years ago
RoyLatham
I'd go with the flat tax and ending loopholes.

Keep in mind that Buffett pays a lot of taxes through his corporations. A rough calculation is that Buffett probably makes about 6% profit on the $45 billion of corporate assets he owns. So now he's paying roughly $675 million in corporate taxes. Then whatever is paid out in dividends from the corporations is taxed at an additional 15%. If the yield on his stocks is only 3%, that's another $211 million. At Buffett's "unfair" low rate he's paying about $880,000,000 in taxes. His secretary makes about $400K and pays about $100K on that.

Buffet's "unfair" low rate gets him off paying $880,000,000 compared to his secretary's $100,000.
Posted by ConservativePolitico 4 years ago
ConservativePolitico
If we really want to be "fair" like the President so desperately wants then we need a ...
FLAT TAX!

Then everyone (every working American citizen) will pay a flat % on what they make. It's genius!
Posted by Contra 4 years ago
Contra
Roy, I agree that the Buffet rule is pretty much useless. To fully get more revenue in a better way, the whole tax system needs to be cleaned up by removing the loopholes, deductions, and exemptions that in many cases allow a bus driver to pay a higher tax rate than a millionaire.

We also need to end the Bush tax cuts.
Posted by RoyLatham 4 years ago
RoyLatham
Yes, it's "Buffett," and I fully agree that a buffet plan would be both more interesting and more useful.
Posted by Scorbie 4 years ago
Scorbie
If i need a fact check i look no further than Roy lol
Posted by Dik_Dawg 4 years ago
Dik_Dawg
Did I just see a buffet plan! Thats great, I'm starved!!!
Posted by RoyLatham 4 years ago
RoyLatham
What is the resolution?

the Buffet Plan proposed by the President is a new version of the alternative minimum tax. If the gross income is over $1 million, an alternative tax is computed with all deductions eliminated. The Administration now admits this produces almost no revenue. The claim is it would bring in about $4.7 billion, compared to the roughly $1500 billion deficit. The sole purpose is to provide a class warfare campaign issue.
Posted by Scorbie 4 years ago
Scorbie
I really would Change the Resolution someone could try to use semantic and derail you. Obama should target business loopholes rather than target the wealthy for income, But even that resolution is flawed. Someone can easily say i think Millionaires should have a tax rate.
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