April 17th, 2012 — Tax Day!
Why Americans want a Buffett Tax…
from Robert W. Wood, via Forbes April 3, 2012
If you believe the latest poll, most Americans want a Buffett tax. Yup, 64% support a minimum tax of 30% if you earn $1 million or more. With considerable stage savvy, the “Buffett tax” was proposed by President Obama at his State of the Union address, with Mr. Buffett’s secretary sitting in First Lady Michelle Obama’s box. See State of the Union’s Taxes: Buffeted Poor.
While a Buffett tax has been proposed, the “Paying a Fair Share Act of 2012” (S.2059), passage seems unlikely. See Warren Buffett Endorses Whitehouse’s “Buffett Rule” Legislation. Yet March 29th it was proposed again by Sen. Tom Harkin (D-Iowa) in his Rebuild America Act. Think alternative minimum tax (AMT) on steriods.
The U.S. government’s budget deficit is expected to swell to $1.17 trillion in the 2012 fiscal year.
People cry out for change, but how?
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