The Buffett Rule (The Paying a Fair Share Act introduced)

[ProSense]

Via Senator Sanders' site:

The Buffett Rule

People making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay. The White House has called that concept the Buffet Rule, named for Warren Buffett, the billionaire investor. It is unfair, Buffett has said, that he pays a smaller tax rate than his secretary. Debbie Bosanek, Buffett's secretary, joined Michelle Obama in the first lady's box during the State of the Union speech last month when President Obama laid out proposals to make the tax code fairer . Under legislation introduced Wednesday in the Senate, those whose incomes come mostly from investments or hedge-fund partnerships, now taxed at 15 percent, would owe more. Sen. Bernie Sanders is an original cosponsor of the bill that would make the wealthiest Americans pay their fair share and help reduce the national debt.

"With a record-breaking $15 trillion national debt and a growing gap between the very rich and everyone else, it is absolutely absurd that the wealthiest people in the country are paying the lowest effective tax rate in decades," Sanders said. "There is no excuse for millionaires and billionaires to have an effective tax rate lower than middle-class families. If we are serious about addressing this deficit crisis, it is imperative that we have a tax system which is fair and which asks the wealthiest people in our country to pay their fair share."

The Paying a Fair Share Act would apply to taxpayers with incomes of more than $1 million - including capital gains and dividends. Taxpayers earning over $2 million would be subject to a 30 percent minimum federal tax rate. The tax would be phased in for incomes between $1 million and $2 million, with those taxpayers paying a portion of the extra tax required to get them to a 30 percent effective tax rate. The bill includes language to preserve incentives for charitable giving.

The chief sponsor is Sen. Sheldon Whitehouse. "As we continue working to restore our economy," he said, "it's more important than ever to make sure all Americans are paying their fair share toward our nation's success - and right now that just isn't happening. It's inexcusable that our tax system permits the wealthiest among us to pay a lower tax rate than a truck driver or a janitor, and this legislation would help fix that unfair system."

In addition to Sanders, other cosponsors are Sens. Daniel Akaka, Mark Begich, Richard Blumenthal, Tom Harkin and Patrick Leahy. "As we grapple with large budget deficits worsened by the Bush tax cuts and two wars overseas, it is just common sense that those who have benefitted the most shoulder their fair share of the burden," Leahy said.

http://www.sanders.senate.gov/newsroom/news/?id=3665889F-172E-4EC8-8273-A6F585C413FB

Whitehouse Introduces “Buffett Rule” Legislation
http://www.sanders.senate.gov/newsroom/news/?id=6849d8b7-6334-4e71-8f3d-36b408db29d4

[redqueen]

1. K&R

[ProSense]

2. There

should be a massive campaign to pressure Congress to pass this bill.

[ProSense]

3. Where Romney could get the money to pay at least 30 percent in taxes:

Romney Gave More To Mormon Church Than He Paid In Taxes In 2010

By Zack Ford

Mitt Romney has never hidden the fact that he has a promised tithe to the Church of Jesus Christ of Latter-day Saints, but according to his tax returns released today, he gives back more to the Mormons than he pays to the federal government. Since 2010, the Romneys have given $7 million to charity, but over $4 million of that went directly to the Mormon Church, while they paid only $3 million to the IRS last year.

The Mormon Church is notoriously anti-gay, having raised an estimated $22 million in support of California’s Proposition 8 in 2008, in addition to providing close to 90 percent of the early door-to-door volunteers advocating for the discriminatory measure. Because of blowback from this effort, LDS has been less aggressive in anti-gay campaigns, although just last week church leaders endorsed Minnesota’s marriage discrimination amendment. Some have questioned whether its involvement in ballot measures should compromise the church’s tax-exempt status and there is an on-going petition calling on the IRS to revoke it.

- more-

http://thinkprogress.org/lgbt/2012/01/24/410051/romney-gave-more-to-mormon-church-than-he-paid-in-taxes-in-2010/