Posts Tagged ‘Warren Buffett’

Tax Policy in September: Racing to a Grinding Halt?

Have it your way… unless you’re Burger King. Five Senate Democrats—Illinois’ Dick Durbin, Michigan’s Carl Levin, Rhode Island’s Jack Reed, Vermont’s Bernie Sanders and Ohio’s Sherrod Brown—asked Burger King to not move its legal headquarters to lower-tax Canada. They accused it of trying to avoid paying its fair share for roads and other public services […]

Raising Taxes on the Rich

This afternoon, I moderated an interesting Tax Policy Center panel on taxing the rich. With the Senate about to debate a Buffett tax on millionaires, the timing couldn’t be better. Unfortunately for the White House, about the only thing the panelists agreed upon was that the Buffett tax is a terrible idea.   My fellow […]

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 […]

Obama’s Buffett Rule: Keep Your Eye on Capital Gains

President Obama didn’t quite get around to saying so when he rolled out his latest deficit reduction plan on Monday, but his Buffett Rule—that no one making more than $1 million should pay a lower tax rate than those in the middle-class—is mostly about investment income. On average, high income people do pay significantly higher tax rates than […]

Debating the Buffett Rule

On Monday, the Administration released its deficit reduction blueprint.   One part of the Administration’s proposal, which has received enormous attention, is that the Joint Select Committee on Deficit Reduction should observe the “Buffett Rule” if it attempts tax reform.  The furor over this proposal is surprising and the debate about it seems to have largely […]

Why Investors Pay Less Tax than the Rest of Us

After I wrote last week about Warren Buffett’s New York Times op-ed on the low tax rates paid by wealthy investors, Tax Policy Center visiting scholar Brian Galle pointed out that my graph showing the maximum tax rates Americans could pay was misleading. Actual tax rates, he noted, are much lower than what the graph […]

Was Buffett Right? Do Workers Pay More Tax than Their Bosses?

When Warren Buffett called for higher taxes on the wealthy in a New York Times op-ed last week, the billionaire investor argued that he and wealthy people like him face lower federal rates than the rest of us. Low rates on long-term capital gains and qualified dividends and limited exposure to payroll taxes mean low […]