The “Buffett Tax,” quickly adopted by President Barack Obama as a way to raise revenue was just as quickly attacked by Republicans as “class warfare.” But really, what does the “Buffett Tax” actually mean and is it actually an appropriate proposal? In the political warfare between the parties there seems to be little discussion of what it actually is.

What the “Buffett Tax” actually refers to is based on billionaire Warren Buffett’s assertion that rich people, like him, often pay less in tax than those who work for them. While Bill O’Reilly attacks this proposal as “unfair” and questioned what a “fair share” of taxation would be, he never seems to debate the taxation issue itself. Do the super wealthy actually pay less?

For the top 1 percent of incomes in the U.S. this is true. They pay less in percentage than those who work for them. On average the top 400 tax filers pay just 18.11 percent of their total income, and in 2009 there were 1,470 individuals with income of more than a million dollars who did not pay tax based on their income. This is because, like Buffet, many of them have income pegged to investment funds. These funds aren’t taxed as normal income, even though it generates millions of dollars for those who have them.

The “Buffett Tax” would increase the capital gains tax. This would target effect the 0.3 percent of Americans who earn more than a million dollars a year. If Bill O’Reilly wishes to debate the issue of “fairness” maybe he should consider billionaires who pay 18 percent tax or less because they don’t have traditional “income.” Capital gains is a source of income. Right now income generated from capital investments is only taxed at 15 percent and if this is your primary source of wealth then you don’t have a “income” as measured by labor and subject to income taxes.

Maybe to make it easier capital gains should simply be considered as income and subject to the 35 percent tax bracket of the upper class. In this way whatever return investments generated would be accounted for in addition to your labor. Then you could pay one simple tax according to your tax bracket.

Calling the “Buffett Tax” class warfare is using words carelessly. When 15 percent of the country is making less than $22,000 a year, a country has increasing debt issues on the national and individual levels, and we’re fighting the possibility of another depression, it’s fair to think the billionaires of the country should help out by paying their taxes. We’re all in this country together and we all have a stake worth saving. Why not take up a civic duty and pay our taxes?