millionaire tax

millionaire tax - Ted Palmer 2/6/12 Buffett Rule A couple...

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Unformatted text preview: Ted Palmer 2/6/12 Buffett Rule A couple weeks ago, with billionaire Warren Buffett in attendance, President Obama proposed his policy of the millionaire tax during the State of the Union address. The millionaire tax, also known as the Buffett Rule raises the income tax rate for the top one percent of the U.S. population to a rate higher than what the other 99% of the population has to pay. Investor Warren Buffett has repeatedly complained that the wealthy pay a smaller share of their income in taxes than do the middle class. The tax hike would make it so those making more than one million per year would pay no less than 30 percent in income taxes. This tax hike accompanied with the expiration of the Bush tax cuts creates a burden for the upper class. Although President Obamas policy may sound good politically to the general public, it does not bode well economically. One expectation that all Americans have in society today is that everyone is paying a fair tax rate. With the millionaire tax, this will no longer be the case. Those earning an income of at least rate....
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