'Buffett Rule' Moves Us in the Right Direction
It is a national disgrace that millionaires pay effective income tax rates substantially lower than middle class taxpayers do.
This is largely the result of the way our tax code privileges income from wealth and investments over income from work and wages. In 1986, income from wages and capital gains were both taxed at the same rate of 28 percent. Today, we tax higher incomes from wage earnings at 35 percent and income from capital gains and dividends at 15 percent, creating huge distortions.
The wider public widely supports increasing taxes on millionaires because they recognize the U.S. has developed a "two-tier" tax system. We have one set of rules for the vast majority of people and another set of advantaged rules for the super-wealthy. They understand how tax rules have been tilted in favor of the 1 percent at the expense of everyone else.
Instituting the Buffett rule will be a step in the right direction but inadequate to reverse several decades of regressive tax policies and meet our revenue needs.
Since 2001, we have borrowed over
The Buffett rule moves us to greater fairness and trust in the tax system and ensures the rest of our nation's taxpayer that we are not chumps for paying our fair share on
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'Buffett Rule' Moves Us in the Right Direction | Politics
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