Skip to comments."The Buffett Rule"
Posted on 04/15/2012 2:23:03 PM PDT by Sasparilla
Here's the latest Obama class warfare shot. He is trying to show that "millionaires" should keep less of their money because it belongs to him. It's a "Buffett Rule" calculator. But, there's no calculator for multi millions in taxes due and owing to the IRS by Buffett.
The Direct link is above
Their email said,
" No household making more than $1 million each year should pay a smaller share of their income in taxes than a middle class family pays. This is the Buffett Rulea simple principle of tax fairness that asks everyone to pay their fair share.
ABOUT 55,000 MILLIONAIRES PAY A LOWER EFFECTIVE TAX RATE THAN MILLIONS OF MIDDLE-INCOME AMERICANS. How many millionaires paid a lower effective tax rate than you?
Find your Buffett Number using the calculator on the right.
White House White Board: The Buffett Rule
Brian Deese explains why the Buffett Rule is necessary to restore fairness to the American tax system and ensure that everyone plays by the same set of rules.
The Buffett Rule Explained What's the deal with our current tax system? Under the current U.S. tax system, a number of millionaires pay a smaller percentage of their income in taxes than a significant proportion of middle class families. Warren Buffett, for example, pays a lower effective tax rate than his secretary, and thats not fair.
A full 22,000 households that made more than $1 million in 2009 paid less than 15 percent of their income in income taxes and 1,470 managed to pay no federal income taxes on their million-plus-dollar incomes, according to the IRS.
And, the very wealthiest American households are paying nearly the lowest tax rate in 50 years some are paying just half of the federal income tax that top income earners paid in 1960. But the average tax rate for middle class families has barely budged. The middle 20 percent of households paid 14 percent of their incomes in 1960, and 16 percent in 2010.
What is the Buffett Rule? The Buffett Rule is a simple principle that everyone should pay their fair share in taxes. No household making more than a $1 million should pay a smaller share of their income in taxes than middle-class families pay. For the 98 percent of American families who make less than $250,000, taxes should not go up.
How would it make sure everyone pays their fair share? The Buffett Rule would limit the degree to which the best-off can take advantage of loopholes and tax rates that allow them to pay less of their income in taxes than middle-class families.
Anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get aheadnot just a few. And at time when we need to pay down our deficit and invest in the things that help our economy grow and keep our country safeeducation, research and technology, a strong military, Medicare and Social Securitygiving tax breaks to millionaires simply doesnt make sense."
I'm 100% behind this idea
It's called the FLAT TAX
I like the buffett rule. Lets drop the middle class rates down to Buffets rate.
Congress should call his bluff, and vote on this. The democrats would not allow this to pass, much less the GOP.
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