President Obama Proposes New Millionaire Tax: The Buffet RulePublished:
President Obama, in a Rose Garden speech last week, proposed a new minimum tax on those who are making $1 million or more per year. His idea was inspired by billionaire investor Warren Buffet of Berkshire Hathaway. Warren Buffet has said that he pays a lower tax than his secretary, prompting many discussions and debates over the fairness of our personal income tax system.
Democrats have been pushing for higher taxes on the wealthy as a way to deal with the mounting federal debt. Opponents of this new tax argue that the rich already pay their ‘fair share’ ‘ as the top 10% of income earners pay about 40% of the taxes. One thing is for sure, the never-ending tax debate will continue in Washington D.C., most likely right up to the 2012 presidential election.
For more information about Obama’s new millionaire tax, see the following articles: