Buffett Rule

Buffett Rule

A proposed tax policy in the United States. The rule would impose a special tax on those earning more than $1 million per year. The rule is intended to circumvent the fact that many wealthy persons pay less in taxes than they otherwise would because much of their income comes from capital gains and so is subject to (lower) capital gains tax rates. The Buffett Rule was proposed in 2011. It is named for Warren Buffett.
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The bill would have been paid for with the so-called Buffett Rule, which sets minimum tax rates for people making over $1 million.
The release of the first couple's tax return comes with far less fanfare than it did a year ago, when the President spent the week before Tax Day advocating for the Buffett rule, which would set a minimum tax rate of 30 percent on those earning more than 1 million dollars annually.
While the November election season will likely delay any action until the end of this year, the Buffett Rule, which targets capital gains tax rates and top-earning Americans, is receiving national attention.
After all, what would help Obama more right now: Repeating over and over the Buffett Rule gimmick or campaigning from now to Election Day by starting every stump speech saying: "Folks, I have an economic plan for America's future that Warren Buffett and other serious business leaders endorse - and Mitt Romney doesn't.
ITEM: In his weekly address on April 14, which called for the passage of the so-called Buffett Rule, President Barack Obama declared: "One of the .
However, he accuses President Barack Obama of standing in the way of reform, saying that the Buffett Rule the President has endorsed "makes it more difficult" to get reform passed.
Mr Obama calls this the Buffett rule, named after billionaire Warren Buffett, who has said it is unfair that his secretary pays a higher tax rate than he does.
This year, he has adopted a Clinton 1996 type of campaign - strong partisan attacks combined with an emphasis on small and mediumsized policies - like the Buffett Rule and student loans - intended to display his common man values.
Given President Obama's persistent emphasis this year on the need to increase taxes on higher-income Americans, and his adoption of a "fair share, fair shot, equal playing rules" campaign theme, it is not surprising to see that Democrats favor the Buffett Rule by almost a three-to-one ratio.
We need a Buffett Rule for corporations as well as wealthy individuals," said Scott Klinger, director of tax policy for Business for Shared Prosperity.
But what if we adopted the Buffett Rule, under which top earners' tax rates would be no lower than those paid by middle-income families?
Some Democrats have noted that passing the Buffett Rule would cover the cost of the loan program, but it's safe to assume most Republicans would reject that option.