Posted on 02/01/2012 1:40:05 PM PST by Oldeconomybuyer
WASHINGTON — Democratic senators introduced a bill Wednesday based on President Barack Obama's proposed "Buffett rule" that would require the wealthiest Americans to pay at least 30% in taxes.
The legislation introduced Wednesday by Sen. Sheldon Whitehouse (D., R.I.) would ensure that anyone earning more than $2 million in income each year, including from capital gains, would pay a minimum 30% federal tax rate, Mr. Whitehouse said on the Senate floor Wednesday morning. Wealthy taxpayers who face a tax rate above 30% would still pay the higher rate.
Democratic Sens. Daniel Akaka of Hawaii, Mark Begich of Alaska, Patrick Leahy of Vermont, Tom Harkin of Iowa, Richard Blumenthal of Connecticut, and Bernie Sanders of Vermont have signed on to co-sponsor the bill.
(Excerpt) Read more at online.wsj.com ...
Yep, that’s “fair” The nearly 50% not paying a dime in Fed Tax..that’s “fair” too.
Uhmmmmmmmm, Don’t we already have the delightful AMT (Alternative Minimum Tax)?
Could SOMEONE explain to me how a Tax that treats some differently than others is "Equal Treatment under The Law" (aka, the 14th Amendment)?
I've never quite grasped how a Progressive Income Tax is Constitutional, anyway, but this selective Targeting of success is outright Crimes Against Humanity, in my book.
Got Galt?
I bet there is a loophole or two in there for Senators and Obama.
People pay 30% or more on their INCOME. Capital Gains is taxed at a different - lower - rate to ENCOURAGE INVESTMENT. Taxing it at a higher rate will result in LESS INVESTMENT.
To say this is beyond stupid really does not do it justice.
My understanding is that this change in the tax code is estimated to raise a whopping $40 billion. That’s a really, really big chunk of the $1.5 trillion deficit, isn’t it?
Unconstitional....
Article 1 - The Legislative Branch
Section 7 - Revenue Bills, Legislative Process, Presidential Veto
All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
Golden opportunity for a Republican to introduce a bill to rollback the AMT. Who will have the ‘nads to do it?
This is going to be a 2nd form of an AMT ! Of course the AMT was designed to punish the super rich but now snares the middle class. And with the Fed trying to impose more inflation, the middle class will once again get punished due to having to deal with three different tax systems !
This is utter nonsense! The so-called "rich" are paying exactly what the tax laws allow. If their net taxes are lower than 30% then it is because they have approved deductions and expenses.
To somehow claim that the "rich" are not paying enough because it is not "fair" is ignorant. So we have ignorant Democrats wanting to increase taxes to make sure the rich are paying their "fair" share, when the rich are already, by tax law, paying their "fair" share. There is no need for the Democrats to look into the tax code and see where the "loopholes" exist so they can close them by due process.
The Democrats have had no budget for over 1,000 days because they do not need a budget when they can tax or whine about people not paying their fair share, they can print and borrow money. What a deal!
That means they would pay 60 - 65% federal income tax when it is all said and done. Add on all the other taxes and they could be paying 75% or more. My God! How is that ‘fair’?
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