January 31st, 2012
jeff-rosenberg

Senate may vote on Buffett rule

This is great news:

[Senator Sheldon Whitehouse] will introduce a bill that would ensure that millionaires paying lower tax rates than middle class taxpayers would henceforth pay a 30 percent tax rate.

…under the proposal, those making more than $1 million a year would be required to calculate their overall tax rate, taking into account all their income and the full sum of what they pay in taxes. If that amount adds up to less than 30 percent, they would be required to make up the difference.

Is this a stunt? Sure, in some respects. Whitehouse is certainly proposing the bill knowing full well that it will be voted down, at least. But it does illustrate a very real difference between the Democrats’ and Republicans’ ideologies. The Democrats truly support the bill, and would happily implement it. Likewise, the Republicans truly oppose it; they’re not being trapped with some sort of gimmick that forces them to take a stance they don’t actually hold.

The difference between the two parties on soaring inequality — and the preferential treatment the rich receive — will be a key deciding point in this election. I’m very glad the Democrats are taking steps to ensure that the public understands where the parties stand.

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