The ‘Buffett Rule’ in History’s Grand Sweep

[marmar]

from Too Much: A Commentary on Excess and Inequality:



The ‘Buffett Rule’ in History’s Grand Sweep
January 29, 2012

President Obama has proposed a specific new minimum tax rate for millionaires. Should America’s rich feel angry or relieved? We check the IRS tax data archives for an answer.

By Sam Pizzigati


The most famous secretary in America works “just as hard” as her billionaire boss — according to her boss, billionaire Warren Buffett — but pays federal taxes at twice the rate her boss does.

Debbie Bosanek, America learned last week, has been working for investor Warren Buffett since 1993. In 2010 she paid 35.8 percent of her income in federal income and payroll taxes. Buffett paid his federal taxes at a 17.4 percent rate.

GOP White House hopeful Mitt Romney sits with Buffett in America’s richest 0.006 percent of taxpayers. Romney, America also learned last week, paid his federal income taxes for 2010 at a mere 13.9 percent rate.

At what rate should wealthy Americans like Warren and Mitt pay their taxes? President Obama last week suggested — for the first time — a specific minimum percentage for what he has been calling, since last fall, the “Buffett rule.” ..................(more)

The complete piece is at: http://toomuchonline.org/the-buffett-rule-in-historys-grand-sweep/

[baldguy]

1. Noblesse oblige

With great power comes great responsibilities.