U.S. weighs 30 percent "Buffett Rule" tax on millionaires

Feb 1, 2012 Full story: Reuters 145

Berkshire Hathaway Chairman Warren Buffett wanders the company trade show before his company's annual meeting in Omaha, Nebraska April 30, 2011.

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Since: Sep 08

Placitas, NM

#147 Feb 3, 2012
Tony wrote:
<quoted text>
The progressive tax system we have had for years is not a bad one. Tax codes have been written by corrupt bribed congress for special interests to avoid taxes. Eliminate tax loopholes and lower tax expenditures that is equal for all.
Check this out: Soaking the Poor, State by State
"..it's true that the federal income tax is indeed progressive. Conservatives are right about that—though it's not as progressive as it used to be, back before top marginal rates were lowered and capital gains taxes were slashed in half. But conservatives are a little less excited to talk about other kinds of taxes. Payroll taxes aren't progressive, for example. In fact, they're actively regressive, with the poor and middle classes paying higher rates than the rich.

And then there are state taxes. Those include state income taxes, property taxes, sales taxes, and fees of various kinds. How progressive are state taxes?

Answer: They aren't. The Corporation for Enterprise Development recently released a scorecard for all 50 states, and it has boatloads of useful information. That includes overall tax rates, where data from the Institute on Taxation and Economic Policy shows that in the median state (Mississippi, as it turns out) the poorest 20 percent pay twice the tax rate of the top 1 percent. In the worst states, the poorest 20 percent pay five to six times the rate of the richest 1 percent. Lucky duckies indeed. There's not one single state with a tax system that's progressive. Check the table below to see how your state scores." http://motherjones.com/kevin-drum/2012/02/soa...

Since: Sep 08

Placitas, NM

#148 Feb 3, 2012
And related to the above is this GREAT interactive map!
Assets & Opportunity Scorecard
http://assetsandopportunity.org/scorecard/
ABO not ABC

UK

#149 Feb 3, 2012
Buffet made $63 b in 2010.

A liberal here defended Buffet by claiming he donated $1.6 b to charity.

LOL! That's only 2.5% of his $63 b income in 2010.

The man is a fake like Obama.

Buffet thinks donating 2.5% of his income is adequate to "share the wealth"! It's how miserly he is. He does it only to reducing the taxes he pays, and to eliminate any guilt he has from stealing from middle americans 401K investments.

He may live well on the planet, but God ain't letting him past those pearly gates to eden. Buffet like Gates is a massive money hoarder, and they do not represent American capitalism and opportunity. They represent loss of opportunities, lack of competition and monopolies which are the representatives of corrupt communist regimes.
autogirl

Edmonton, Canada

#151 Feb 5, 2012
ABO not ABC wrote:
Buffet made $63 b in 2010.

A liberal here defended Buffet by claiming he donated $1.6 b to charity.

LOL! That's only 2.5% of his $63 b income in 2010.

The man is a fake like Obama.

Buffet thinks donating 2.5% of his income is adequate to "share the wealth"! It's how miserly he is. He does it only to reducing the taxes he pays, and to eliminate any guilt he has from stealing from middle americans 401K investments.

He may live well on the planet, but God ain't letting him past those pearly gates to eden. Buffet like Gates is a massive money hoarder, and they do not represent American capitalism and opportunity. They represent loss of opportunities, lack of competition and monopolies which are the representatives of corrupt communist regimes.
Well said soooo true
Charlie

Ruston, LA

#152 Feb 10, 2012
PlacitasRoy wrote:
<quoted text>
Check this out: Soaking the Poor, State by State
"..it's true that the federal income tax is indeed progressive. Conservatives are right about that—though it's not as progressive as it used to be, back before top marginal rates were lowered and capital gains taxes were slashed in half. But conservatives are a little less excited to talk about other kinds of taxes. Payroll taxes aren't progressive, for example. In fact, they're actively regressive, with the poor and middle classes paying higher rates than the rich.
And then there are state taxes. Those include state income taxes, property taxes, sales taxes, and fees of various kinds. How progressive are state taxes?
Answer: They aren't. The Corporation for Enterprise Development recently released a scorecard for all 50 states, and it has boatloads of useful information. That includes overall tax rates, where data from the Institute on Taxation and Economic Policy shows that in the median state (Mississippi, as it turns out) the poorest 20 percent pay twice the tax rate of the top 1 percent. In the worst states, the poorest 20 percent pay five to six times the rate of the richest 1 percent. Lucky duckies indeed. There's not one single state with a tax system that's progressive. Check the table below to see how your state scores." http://motherjones.com/kevin-drum/2012/02/soa...
Don't low income people get their withholding taxes refunded when they file their taxes?

Don't most upper income people get caught up in the alternate minimum tax? At 28% it is only two percentage points below what Obama is calling the Buffett Rule.

I personally know lots of people who earn about $25,000 to $30,000 a year and get paid in cash and never even file a return. They even declare themselves a dependent on their spouse's tax return.

I have read that Buffett has trusts set up so he can get around almost any taxes that can be dreamed up by the tax and spend crowd in Washington.

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