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105:, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. The rule would implement a higher minimum tax rate for taxpayers in the highest income bracket, to ensure that they do not pay a lower percentage of income in taxes than less-affluent Americans. In October 2011, Senate leader
221:–winning economist, wrote in January 2012 that "such low taxes on the very rich are indefensible". He stated that "the economic record certainly doesn’t support the notion that superlow taxes on the superrich are the key to prosperity" asserting that since the U.S. economy added 11.5 million jobs during President Bill Clinton's first term, when the capital gains tax rate was over 29 percent, he thinks there's no real reason to keep from raising the tax rate.
184:. The Joint Committee on Taxation calculated that the Buffett Rule plus the repeal of the Alternative Minimum Tax would increase the deficit by $ 793.3 billion in the next decade. The $ 793.3 billion loss projected did not take into account additional proposed measures, such as incremental increases in retirement age and payroll tax lifetime contributions raised to $ 190,000 by 2020, about $ 22,000 higher than it would be under current law.
176:
The estimated $ 47 billion would offset by 0.7% the $ 6.4 trillion increase in spending over the next decade estimated by the
Congressional Budget Office, based on President Obama's 2013 budget plan. Using the higher estimate from the Tax Foundation, the estimated $ 367 billion would offset by 5.7%
172:
released a letter in March 2012 estimating that the
Buffett Rule would raise $ 46.7 billion over the next decade. The divergent estimates come about because of different assumptions about the details of the Buffett Rule. For example, the Joint Committee on Taxation assumes that many high-income
124:
of at least 30 percent ... implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions." The White House also stated that "no household making more than $ 1 million each year should pay a smaller share of their income in taxes than a
157:. These figures assume that the 2001/2003/2010 tax cuts are not extended. If the 2001-2010 tax cuts do not expire as scheduled, estimated Buffett Rule revenues would total $ 162 billion over the decade. An alternative study released that same month by the
84:
in 2011. The tax plan proposed would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year. According to a White House official, the new tax rate would directly affect 0.3 percent of taxpayers.
128:
The
Buffett Rule was not in the President's 2012 budget proposal and the White House initially stressed it as a guideline rather than a legislative initiative. The rule, however, was later submitted for deliberation as
294:) has spoken against the proposed rule and said that, "there's a reason we have low rates on capital gains ... because it spurs new investment in our economy and allows capital to move more quickly."
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If enacted, the rule change would result in $ 36.7 billion per year in additional tax revenue ($ 367 billion over the next decade), according to a
January 2012 analysis by the
1108:
80:
is part of a tax plan which would require millionaires and billionaires to pay the same tax rate as middle-class families and working people. It was proposed by
President
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1001:
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A White House statement released in
January 2012 defined the rule as part of "measures to ensure everyone making over a million dollars a year pays a minimum
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117:) proposed a 5.6 percent surtax on everyone making over a million dollars a year to pay for new stimulus provisions, but the change did not go through.
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is taxed at a maximum rate of 23.8%. It's not entirely clear how many individuals would be affected by the change. An
October 2011 study by the
68:
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poll released in
January 2012 found that 52 percent of Americans agreed that investments should be taxed at the same rate as income. A
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which favors the change, stated that the change would add $ 50 billion per year in tax revenue ($ 500 billion over the decade). The
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poll released in April 2012 also found that 60 percent of
Americans support the rule. A similar poll released later that month by
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found that a 30% minimum tax rate rule would mean up to 200,000 taxpayers, equivalent to 0.06% of all U.S. citizens, paying more.
824:
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791:
188:
162:
138:
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537:
396:
530:"CTJ Calculates Buffett Rule Would Raise $ 50 Billion in One Year and Affect Only the Richest 0.08 Percent of Taxpayers"
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taxpayers would reduce the amount of capital gains realized in one year to fall beneath the
Buffett Rule threshold.
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criticized the proposed tax as a gimmick, stating that President Obama was prioritizing the Buffett Rule over the
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The 2013 budget proposed by the Obama administration stated that the Buffett Rule should replace the
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and also stated that it would negatively impact job creation and investment. Senate Minority Leader
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608:"Bill Summary & Status - 112th Congress (2011 - 2012) - S.2230 - THOMAS (Library of Congress)"
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Congrassional Record : Proceedings and Debates of the 112th Congress : Second Session
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137:. On April 16, 2012, the bill received 51 affirmative votes, but was stopped by a Republican
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282:) said the conditions of the U.S. economy were ill-disposed to raising taxes. House Speaker
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Distribution of average tax rates including individual income tax and employee payroll tax.
72:
Average tax rates for selected income groups under a fixed income distribution, 1960–2010.
8:
950:"Obama details "Buffett Rule," says millionaires should pay at least 30 percent tax rate"
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Please help update this article to reflect recent events or newly available information.
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Part of the reason for the inequality in taxation is that revenue from long-term
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1027:"Rep. Ryan Accuses Obama of Waging 'Class Warfare' With Millionaire Tax Plan"
792:"Cutting Waste, Reducing the Deficit, and Asking All to Pay Their Fair Share"
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that required 60 votes to proceed to debate and a vote on final passage.
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379:"Obama's 'Buffett Rule' to call for higher tax rate for millionaires".
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976:"Gallup poll: 60% back Obama's 'Buffett Rule' - Los Angeles Times"
1002:"Polls: Americans divided over taxes but support 'Buffett Rule'"
709:"Why The Buffett Rule Would Raise More Revenue Than Critics Say"
713:
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762:"Buffett Rule Tax Bill Would Raise $ 47 Billion Over 10 Years"
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1054:"GOP slams Obama's millionaire's tax as 'class warfare'"
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266:, criticized the new tax provisions. He labeled it as
590:"The Buffett Tax Rule Is Really More of a Guideline".
397:"The Buffett Rule: a Basic Principle of Tax Fairness"
242:
found that 72 percent of Americans support the idea.
735:
United States Congress Joint Committee on Taxation.
502:"Buffett rule tax set at 30 percent: Obama speech’".
177:the $ 6.4 trillion spending over the next decade.
170:United States Congress Joint Committee on Taxation
101:The Buffett Rule is named after American investor
1109:Buffett Rule or Not, Most Rich People Already Pay
878:"How the Government Subsidizes Wealth Inequality"
1116:
198:
476:"US economy: New Obama plan to tax wealthiest"
759:
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638:"Senate Blocks Buffett Rule With 51-45 Vote"
1082:"Rebuffing Obama's gimmicky 'Buffett Rule'"
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360:. U.S. Government Printing Office. p.
316:Economic policy of the Obama Administration
852:"Debt commission: What Obama's panel said"
737:"Memo On 'Buffett Rule' Revenue Estimates"
433:"S.2059 - Paying a Fair Share Act of 2012"
560:"The Buffett Rule | The White House"
1051:
948:Caldwell, Leigh Ann (January 25, 2012).
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678:"Buffett Rule's impact? W.H. won't say"
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1052:Eldridge, David (September 18, 2011).
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974:Memoli, Michael A. (April 13, 2012).
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306:for political, not economic reasons.
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1140:Personal taxes in the United States
449:Buffett, Warren (August 14, 2011).
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707:Williams, Roberton (May 2, 2012).
536:. January 27, 2012. Archived from
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850:Sahadi, Jeanne (April 13, 2012).
760:Richard Rubin (March 20, 2012).
354:United States. Congress (2012).
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16:2011 tax plan by President Obama
1135:Tax reform in the United States
1080:Dana Milbank (April 11, 2012).
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903:"The Case for the Buffett Rule"
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676:Boak, Josh (January 26, 2012).
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262:), who was the chairman of the
135:Paying a Fair Share Act of 2012
1000:Geiger, Kim (April 16, 2012).
876:Stein, Harry (June 25, 2014).
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451:"Stop Coddling the Super-Rich"
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193:Congressional Research Service
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326:Taxation in the United States
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882:Center for American Progress
331:United States Federal Budget
199:Reactions and public opinion
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1145:Wealth in the United States
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125:middle-class family pays."
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507:January 28, 2012, at the
41:This article needs to be
534:Citizens for Tax Justice
159:Citizens for Tax Justice
19:Not to be confused with
829:The Wall Street Journal
304:alternative minimum tax
182:Alternative Minimum Tax
825:"The Buffett Tax Loss"
766:Bloomberg BusinessWeek
264:House Budget Committee
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1130:Works by Barack Obama
386:, September 17, 2011.
377:Carrie Budoff Brown.
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1059:The Washington Times
1033:. September 18, 2011
919:(January 19, 2012).
618:on December 16, 2012
597:, February 16, 2012.
482:. September 18, 2011
1086:The Washington Post
688:on January 28, 2012
516:, January 25, 2012.
300:The Washington Post
925:The New York Times
921:"Taxes at the Top"
594:The New York Times
540:on October 8, 2012
455:The New York Times
231:The New York Times
214:The New York Times
122:effective tax rate
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1006:Los Angeles Times
980:Los Angeles Times
811:National Archives
772:on March 22, 2012
662:. April 16, 2012.
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416:National Archives
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50:Last update: 2013
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682:The Politico
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692:January 30,
642:Consumerist
564:White House
544:January 30,
404:White House
219:Nobel Prize
1119:Categories
513:Yahoo News
342:References
246:Opposition
166:think tank
155:think tank
139:filibuster
107:Harry Reid
1091:April 16,
1011:April 17,
985:April 17,
887:August 1,
835:April 16,
776:April 16,
745:April 11,
660:USA Today
622:April 17,
570:April 17,
460:April 16,
410:April 17,
252:Paul Ryan
131:US Senate
954:CBS News
505:Archived
480:BBC News
383:Politico
310:See also
226:CBS News
612:loc.gov
204:Support
163:liberal
89:History
43:updated
861:May 6,
805:May 6,
720:May 6,
714:Forbes
236:Gallup
801:. n.d
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161:, a
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115:Nev.
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240:CNN
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