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February 3, 2012

The Problem That the Buffett Rule Won't Fix

Michael Kinsley, Bloomberg


AP Photo

As everybody knows by now, Warren Buffett -- class traitor -- pays a smaller share of his income in taxes than does his secretary, Debbie Bosanek. In his State of the Union address last month, President Barack Obama proposed the “Buffett Rule” to rectify this.

The rule would be a phased-in requirement that all taxpayers making more than $1 million a year pay federal taxes of at least 30 percent of their adjusted gross incomes. If your taxes worked out to be less than that, you would owe Uncle Sam the difference.

 

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Related Topics: taxes

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