Opinion

Government should follow in steps of wealthy

Recently, when the news was plastered with talk of the looming deadline for the U.S. national debt, many financial pundits thought that the fiscal apocalypse was approaching.

At the last moment, however, Congress passed a bill that allowed them and the president to raise the debt ceiling by $2.4 trillion, while cutting only a little more than $900 billion immediately out of the national budget. Along with this came a 12-person, bipartisan, congressional “super committee,” whose responsibility is to reduce the deficit by another $1.5 trillion.

However, all these cuts will hardly put a dent in our national debt (more than $14 trillion) unless the cuts work jointly with increases in government revenue. Yet many members of the Republican Party refused to vote for a bill with any increased tax revenue. Rather, they chose to play the game of partisan politics, gambling with the U.S. economy.

One person who spoke out about his refusal to compromise is Warren Buffett, the wealthy investor and businessman who recently wrote an editorial in The New York Times outlining a plan to increase tax revenues for only the wealthiest Americans. He states that tax rates should rise for households earning more than $1 million in taxable income and an even greater increase in rates should be applied for households earning more than $10 million.

I respect Buffett for taking this stand, especially when middle and lower class families continue to struggle to pay off home mortgages, college costs and everyday living expenses.

Buffett is not the only affluent individual who is calling for greater taxes on the rich. Just this week, 16 of France’s wealthiest individuals were signatories on a petition for higher tax rates for the wealthy in France. These small yet significant acts display teamwork – something the U.S. government hasn’t seen in a while.

Members of Congress should look to these individuals for guidance in these fiscally difficult times. The wealthy are willing to pay more taxes, which could be put toward research grants, better federal college funding and subsidies, and improved national infrastructure.

America is broke and we have to learn to live within our means. Many of the wealthiest people in America are willing to help us get there, but Congress first needs to take a step in the right direction by realizing increased tax rates will not destroy American society.

Paul Ryan is a freshman majoring in economics and history.

September 18, 2011

Reporters

Paul Ryan


2 COMMENTS ON THIS POST To “Government should follow in steps of wealthy”

  1. Kristine Baker says:

    I could not agree more! Well stated!

  2. This Paul Ryan here knows what he’s talking about!

Around the Web
  • Miami Herald
  • UM News
  • Error

Duke Johnson, the all-time leading rusher in Miami Hurricanes history, was one of a dozen members of ...

The Miami Hurricanes, still waiting for a starting quarterback to be named, are in the top 25 again. ...

Happy first day of school for everyone out there, including the University of Miami students. We jus ...

With the University of Miami season opener closing in, the next starting quarterback has yet to be n ...

The second fall scrimmage, closed to the media and public, is over. University of Miami coach Mark R ...

UM’s new chief academic officer holds some 40 patents, and in 2017 was inducted into the National Ac ...

University of Miami students and researchers are blogging during a month-long expedition in the Gulf ...

María de Lourdes Dieck-Assad, a world-renowned economist and former ambassador, fills a new role for ...

Through the U Dreamers Grant, DACA students find essential support as they pursue their college degr ...

UM students talk about their internships up north in a city that never sleeps. ...

RSS Error: A feed could not be found at http://www.hurricanesports.com/. A feed with an invalid mime type may fall victim to this error, or SimplePie was unable to auto-discover it.. Use force_feed() if you are certain this URL is a real feed.

TMH Twitter Feed
About TMH

The Miami Hurricane is the student newspaper of the University of Miami in Coral Gables, Fla. The newspaper is edited and produced by undergraduate students at UM and is published weekly on Thursdays during the regular academic year.