Today the White House unveiled a list of deficit reduction proposals, including the “Buffett rule,” named for billionaire Warren Buffett, who called on taxing millionaires more in an overhaul fo the tax code. Stars like Matt Damon have also called for higher rates for higher income earners, joining a chorus of wealthy figures from the left who are willing to pay more against their own self interest.
Last week, a video was posted to the web featuring game show host Chuck Woolery, in which he reminded those rich people calling for higher taxes on the rich that they can donate to debt relief now on their own, without raising rates, under a program instigated by the IRS.
Sen. Orrin Hatch made the same argument last spring, and the org pushing for higher taxes on the wealthy, Patriotic Millionaires for Fiscal Strength, responded in a letter: “If there were even the remotest chance of making a noticeable dent in the problem by acting alone we would have done it already. But we are a few dozen people in a nation of over 300 million facing a debt measured in the tens of trillions. “To suggest that we try to tackle this problem by making individual contributions is, frankly, insulting. It is like suggesting to someone expressing a desire to serve their country by bearing arms that they buy a rifle and a plane ticket to Afghanistan. Some problems are too big to be solved except through collective effort and shared sacrifice, and this is one of them.”
But neither argument got much play back then. Perhaps the former host of “Love Connection” — and we presume a millionaire himself — will connect with the conservative argument.