See How It Works!
US158 - Buffett Rule
| Apply a minimum tax rate of 30% on individuals making more than $1 million a year | |
|
|
|
   
|
|
Description
Warren Buffett publicly stated in early 2011 that he disagreed with rich people, like himself, paying less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. The rule would implement a higher minimum tax rate for taxpayers in the highest income bracket, to ensure that they do not pay a lower percentage of income in taxes than less-affluent Americans.
A White House statement released in January 2012 defined the rule as part of "measures to ensure everyone making over a million dollars a year pays a minimum effective tax rate of at least 30 percent ... implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions."
The non-partisan United States Congress Joint Committee on Taxation released a letter in March 2012 estimating that the Buffett Rule would raise $46.7 billion over the next 10 years. If the Bush tax cuts are extended, estimated Buffett Rule revenues would total $162 billion over the decade.
An October 2011 study by the Congressional Research Service found that a 30% minimum tax rate rule would mean up to 200,000 taxpayers, equivalent to 0.06% of all U.S. citizens, paying more.
Sources: barackobama.com and Wikipedia
Arguments
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.
Wealthy Americans should pay more income taxes than middle class Americans.
Our first priority has to be promoting economic growth and job creation. But we also need to address growing income inequality. Surveys show that the majority of wealthy people are ready to pay more in taxes if it serves to get our economy moving again, which is good for everyone. Specifically, tax cuts for those earning a million dollars or more each year should be eliminated. It is only fair.
Source: coolidgeforcongress.com
I am agree witch you
I agree to apply a minimum tax rate of 30% on individuals making more than $1 million a year
Obama, I am going to tell people to change their mind to vote for you. I am seeing you aren't presidential material, you wont even set military tankers with fuel in different areas for our people. We need you and your campaigning in Nevada. That is wrong, you're not doing good. Now people are mad. They need power, generators are all they have. Do something. I am embarrassed I campaigned for you, told people you would be there for the people in Sandy's path. Get these people gas just for generators damn it. What do you want, Mitt to win? I want you in the presidency. Get off your ass and do what's right. You need to act now, not later. The people need help now, wake up. Get to Sandy's path and show you care. To hell with Nevada, you're wanted in the path of Sandy. Take charge. The people you sent are slow. Kick some ass, take charge of our country, that is what the people need to see out there. I need to say if I could I would get out there and help. I am disabled i have bad legs cant stand long, I am on disability and can't send money. I have no extra money but you need to get to the people out there and take charge get your help there. Damn it do right now not later. You need to do something damn it. What are you doing? Listen to the news get the f--- out there help the people. You need the vote now not later. Don't act as dumb as Romney is. Wake your ass up. Who is your campaign manager? Snap out of dumb ass decisions. Help the people. They need you now not later. You're pissing me off and I'm not in Sandy's path.
It’s wrong that someone like Mitt Romney pays a lower tax rate than hard-working businesspeople, teachers, or entrepreneurs of the Inland Empire.
Source: drraulruiz.com
Let Obama do what he have to do to help us in life.
People with million dollar incomes shouldn’t pay a lower tax rate than hard working middle class families. It is simply unfair to ask middle class Wisconsin families to pay a higher tax rate than millionaires and billionaires.
Source: tammybaldwin.com
Source: tammybaldwin.com
Counterarguments
We should return to the tax rates of the 1950's. 94% over $1 mil
No one at any income level should pay more than 15% of their income to the government. Demonizing the wealthy because they are wealthy is just wrong.
The govt needs to get off this "fair share" bullshit and slash the overreaching bureaucracy who are taking away our freedoms one by one.
We don't need to become a fascist country.
The govt needs to get off this "fair share" bullshit and slash the overreaching bureaucracy who are taking away our freedoms one by one.
We don't need to become a fascist country.
2 Topics
Discussion
started
by SparkyJP
on Oct 30
Why did you extend the bush tax cuts?
Related Ideas
| Stop allowing hedge fund managers to treat their income as capital gains. More detail | |
|
|
|
|
|
|
| Tax capital gains the same as other personal income More detail | |
|
|
|
|
|
|
| We should have additional income tax brackets above $388,350 More detail | |
|
|
|
|
|
|
| Repeal the Alternative Minimum Tax (AMT) More detail | |
|
|
|
|
|
|
| 30 years of "supply-side" economics have concentrated wealth, reduced social mobility, and hurt the real economy. More detail | |
|
|
|
|
|
|
| 45% tax rate on personal income over $1 million per year More detail | |
|
|
|
|
|
|
| Raise taxes for those in the high class and decrease them for the middle class. More detail | |
|
|
|
|
|
|
| Those who caused the financial crisis should have to repay the country through increased tax rates More detail | |
|
|
|
|
|
|
| We can't even tax citizens enough to cover the interest on the debt. We can't keep printing & spending money frivolously More detail | |
|
|
|
|
|
|
| Make the Bush tax cuts permanent. More detail | |
|
|
|
|
|
|
Dignity, Fairness & Integrity