By Tyler Goff ’14, Staff Writer

Famous investor Warren Buffett originally proposed the concept for the Buffet Rule.  Buffett, citing his low annual income tax rate, asserted that the top 1% of American earners should pay more income taxes than less wealthy Americans.  The rule has not yet been legally enacted.  However, a bill entitled “Paying a Fair Share Act of 2012” that captured the essence of the Buffett Rule was proposed and defeated in the Senate – it was nine votes short of being passed.  The bill would ensure that all Americans earning more then 2 million dollars would have to pay a minimum income tax rate of 30%.

Since its inception, the bill has sparked considerable debate.  Public support for the bill has remained high with a recent Gallup poll reporting that 60% of the population approves of the bill.  In Congress, however, opinion remains divided along party lines. The Republicans blocked the bill from being passed in the Senate.  GOP presidential nominee Mitt Romney spoke for many conservatives when he argued that the added revenue would not amount to much.  Indeed, the projected $47 billion that it would add in revenue over the next 10 years is a small fraction of the government’s large budget deficit.  President Obama, however, remains committed to the bill, signaling the fundamental ideological debate at the crux of the Buffett Rule.

The basic controversy over the bill revolves around the central issue of whether the higher earners should pay a higher tax rate.  This debate has been rooted in American tax policy since the early 20^th century and almost always splits people according to party loyalty.  Here at Newark Academy, there is also much debate over the bill. Think Tank, a Newark Academy club for discussing a variety of global issues, had a debate about the rule earlier this year. Many students also have their own opinions.  One such student, sophomore William Delaney, says, “I don’t think the Buffet Rule should be passed because it establishes inequality between citizens of [different] incomes.”   Delaney voices the fundamental “equality of opportunity” idea of conservative fiscal policy.  Regardless of economic status it seems as if everyone has an opinion on the controversial rule.