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Senate Dems should force GOP to hold vote on Buffett Rule
Senate Dems should force GOP to hold vote on Buffett Rule
By Greg Sargent
Picture this scenario. The Senate holds a high-profile vote on a proposal focused directly on implementing the Buffett Rule, one that would bring the current tax rate for millionaires paying lower rates on investments up to 30 percent. This, at at exactly the moment when the GOP is picking a nominee who is worth $250 million and is personally benefitting to an enormous degree from the current rate — one that’s lower than many middle class taxpayers pay.
It could happen. I’m told that Senator Sheldon Whitehouse is set to announce a proposal to do just this. The Senate Dem leadership is not commenting on this idea, but Dem leaders are looking for ways to hold votes on the agenda Obama laid out in his State of the Union speech. This would accomplish that perfectly.
<...>
The bill would ensure that taxpayers who make over $1 million would pay at least a 30 percent tax rate on all their income, Whitehouse aides say. It would do this by requiring millionaires to calculate their overall effective tax rate under the regular system — by taking into account all their sources of income and the various rates they are taxed at.
Those taxpayers whose effective rate is under 30 pecent would be required to pay taxes on all their income at the 30 percent rate. (Charitable contributions that are deductible under the current system would be exempt from income calculations.)
- more -
http://www.washingtonpost.com/blogs/plum-line/post/senate-dems-should-force-gop-to-hold-vote-on-buffett-rule/2012/01/27/gIQAZFDoVQ_blog.html
By Greg Sargent
Picture this scenario. The Senate holds a high-profile vote on a proposal focused directly on implementing the Buffett Rule, one that would bring the current tax rate for millionaires paying lower rates on investments up to 30 percent. This, at at exactly the moment when the GOP is picking a nominee who is worth $250 million and is personally benefitting to an enormous degree from the current rate — one that’s lower than many middle class taxpayers pay.
It could happen. I’m told that Senator Sheldon Whitehouse is set to announce a proposal to do just this. The Senate Dem leadership is not commenting on this idea, but Dem leaders are looking for ways to hold votes on the agenda Obama laid out in his State of the Union speech. This would accomplish that perfectly.
<...>
The bill would ensure that taxpayers who make over $1 million would pay at least a 30 percent tax rate on all their income, Whitehouse aides say. It would do this by requiring millionaires to calculate their overall effective tax rate under the regular system — by taking into account all their sources of income and the various rates they are taxed at.
Those taxpayers whose effective rate is under 30 pecent would be required to pay taxes on all their income at the 30 percent rate. (Charitable contributions that are deductible under the current system would be exempt from income calculations.)
- more -
http://www.washingtonpost.com/blogs/plum-line/post/senate-dems-should-force-gop-to-hold-vote-on-buffett-rule/2012/01/27/gIQAZFDoVQ_blog.html
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