Turning the ‘Buffett Rule’ Into Law

By artappraiser on Wed, 02/01/2012 - 7:00am |

By the New York Times Editorial Board, Jan. 31/Feb. 1, 2012

On Wednesday, Senate Democrats are expected to create legislation that would require million-dollar earners to pay at least 30 percent of their income in taxes. Even if the bill faces a brick wall of Republican opposition, which it will, a vote on this proposal cannot come soon enough.

The bill, to be introduced by Senator Sheldon Whitehouse of Rhode Island, would impose a new rate of up to 30 percent that would phase in gradually on incomes between $1 million and $2 million. The new rate would have to be paid if it is higher than the taxpayer’s current rate. It would operate like the alternative minimum tax [....]

URL:

http://www.nytimes.com/2012/02/01/opinion/turning-the-buffett-rule-into-law.html