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Reckoning For The Rich: Buffett Rule Proposed By Senate
By
James Thilman
Published Feb 1, 2012
Modified Feb 1, 2012
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Pete Souza / White House Flickr
By
James Thilman
Published Feb 1, 2012
Modified Feb 1, 2012
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A version of the "Buffett Rule" was introduced today by Senate Democrats after a call by President Obama for the super-rich to start paying their fair share in the State of the Union Address last week. Senator Sheldon Whitehouse, a Democrat from Rhode Island, formally introduced what he's calling the "Paying a Fair Share Act of 2012." Under the law, millionaires would pay a minimum 30 percent effective tax rate, or more than double what millionaire Mitt Romney has been paying. According to the Congressional Research Center, approximately 94,500 taxpayers, a quarter of all U.S. millionaires, pay a lower tax rate than the vast majority of middle-income taxpayers. While potential revenue has yet to be formally calculated, Whitehouse estimates that the law could generate $40-50 billion annually.
Warren Buffett, for whom the billed is nicknamed, earned $62,855,038 in 2010 and has allied himself with Obama in a push for legislation that would change the rate on investments and hedge-fund partnerships. Buffett's—and Romney's—income is mainly derived from such capital gains currently taxed at a paltry 15 percent.
With little chance of passage, Republicans have dismissed the bill as a means to intensify class warfare. "The president is desperate to distract attention away from his failed economic policies," Kevin Smith, a spokesman for House Speaker John Boehner, said on Wednesday.
Whitehouse said in a statement, "There are lots of advantages that come with an enormous income, and that's great because America thrives on capitalism and we all love success; but paying a lower tax rate than regular working families should not be one of those advantages." Come on, Whitehouse. Everyone knows that each time you raise taxes, God kills a kitten. Can't the poors just wait for the trickle down to take effect? Think of the kittens!
Tagged
billionaires
buffett rule
economy
elections
millionaires
obama
rich people
sheldon whitehouse
taxes
warren buffett
James Thilman
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