Thursday, February 2, 2012

Paying a Fair Share Act

U.S. Senator Whitehouse (D-R.I.) has introduced a tax bill named the Paying a Fair Share Act.

This is the Buffett Rule. It would apply only to taxpayers with income over $1 million. At income levels over $2 million, there would be a flat 30% tax. At income between $1 million and $2 million there would be a phase-in to get the effective tax rate to 30%.

The bill is co-sponsored by the following:
·         Sen Daniel Akaka, D-Hawaii
·         Sen Mark Begich, D-Alaska
·         Sen Richard Blumenthal, D-Conn.
·         Sen Tom Harkin, D-Iowa
·         Sen Patrick Leahy, D-Vt.
·         Sen Bernie Sanders, I-Vt.
·         Sen Chuck Schumer, D-N.Y.
It is very doubtful that this bill is going anywhere.
Here is another proposal. We can call it the Biden Rule:
         Politicians who stay in Washington more than 10 years pay a 100% tax rate.

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