Posts Tagged ‘millionaire tax’

Buffett Rule Revenue

Critics of the Buffett Rule often argue that the idea is hardly worth the trouble since it would raise taxes on less than a tenth of one percent of Americans and generate less than $5 billion a year. With annual deficits projected at 100 times that amount over the next decade, the additional revenue is […]

How Would the Buffett Rule Affect Marginal Tax Rates?

The Paying a Fair Share Act of 2012 (PFSA) – Congress’ first crack at legislating the Buffett rule – would apply a broad-based 30 percent minimum tax for those earning more than $1 million a year. We have a pretty good idea of how this would affect people’s taxes: it would substantially raise them but […]

A Buffett Rule Proposal in Congress

In his State of the Union speech, President Obama’s called for a new law that would require high-income people to pay at least 30 percent of their income in taxes. In response, Senator Sheldon Whitehouse (D-RI) and Representative Tammy Baldwin (D-WI) have introduced the Paying a Fair Share Act of 2012, a proposal designed to […]

The Democrat’s Millionaire Tax: Smart Politics, Awful Policy

Senate Democratic Leader Harry Reid’s plan to fund a $445 billion stimulus, err, jobs bill with a 5.6 percent surtax on millionaires is not all bad. After all, Tax the Rich does make a nice campaign bumper-sticker. But it is mostly bad. Why? Here are five reasons. The idea, endorsed today by President Obama, would […]