The Buffett Rule And The Ethics Of A Millionaire's Tax
Business Ethics Project:
“The Ethics of Taxation Trilogy: Part II –
The Buffett Rule and The Ethics of a Millionaire’s Tax”
Course: Investments
Instructor: William Callahan
Summary
Часть Алишера
Problem
This problem was discovered by famous investor and billionaire – Warren Buffet. In his situation, he informed us the main points of “millionaire’s tax”. He explained us, that in 2010 he paid tax rate of 17.4%, when other peoples who worked in office with less revenue paid much higher tax rate (between 33% and 41%). These two situations about taxation had such different result. In reason that, first side – investors, people with high profit, while another people with high efficient rate – people, with stable wage. The main reason …show more content…
The main idea of this rule is to increase taxes for people who earn more than $1,000,000 annually. Probably, some of these millionaires may try to evade paying taxes by using different tax schemes and it is, at least, unethical from the point of different virtue ethics, such as deontology and contemporary virtue ethics.
But, is this enough to apply the “Buffett Rule” on each one who earns more than $1 million? And what about those people,who earn $999,000? Even though, that most of millionaires pay taxes, because United States have progressive rates, it is not rational to pay the same amount (or even lover amount, like Warren Buffet) of taxes as lower or middle class. President Obama wants that people to pay 30% tax. This proposal is verydebated and has not been applied …show more content…
In other words, the goal of classical utilitarianism is to maximize the overall good, while minimizing the overall harms caused by a particular action. Thus, classical utilitarianism takes into equal account the effect an action will have on a particular person or group of persons. No one person’s utility matters more than any one else’s. Furthermore, classical utilitarianism is marked with the trait of ‘agent-neutrality’, which means the value of my reason to promote the good is the same as anybody else. The value comes, not from consequences of an action which affect one personally, but rather from the consequences of an action which positively affects the greatest number of
“The Ethics of Taxation Trilogy: Part II –
The Buffett Rule and The Ethics of a Millionaire’s Tax”
Course: Investments
Instructor: William Callahan
Summary
Часть Алишера
Problem
This problem was discovered by famous investor and billionaire – Warren Buffet. In his situation, he informed us the main points of “millionaire’s tax”. He explained us, that in 2010 he paid tax rate of 17.4%, when other peoples who worked in office with less revenue paid much higher tax rate (between 33% and 41%). These two situations about taxation had such different result. In reason that, first side – investors, people with high profit, while another people with high efficient rate – people, with stable wage. The main reason …show more content…
The main idea of this rule is to increase taxes for people who earn more than $1,000,000 annually. Probably, some of these millionaires may try to evade paying taxes by using different tax schemes and it is, at least, unethical from the point of different virtue ethics, such as deontology and contemporary virtue ethics.
But, is this enough to apply the “Buffett Rule” on each one who earns more than $1 million? And what about those people,who earn $999,000? Even though, that most of millionaires pay taxes, because United States have progressive rates, it is not rational to pay the same amount (or even lover amount, like Warren Buffet) of taxes as lower or middle class. President Obama wants that people to pay 30% tax. This proposal is verydebated and has not been applied …show more content…
In other words, the goal of classical utilitarianism is to maximize the overall good, while minimizing the overall harms caused by a particular action. Thus, classical utilitarianism takes into equal account the effect an action will have on a particular person or group of persons. No one person’s utility matters more than any one else’s. Furthermore, classical utilitarianism is marked with the trait of ‘agent-neutrality’, which means the value of my reason to promote the good is the same as anybody else. The value comes, not from consequences of an action which affect one personally, but rather from the consequences of an action which positively affects the greatest number of