Sunday, October 2, 2011
Obama's New Tax Rate for Millionares
President Obama is stressing a tax rate for millionaires. This new tax rate would be equal to the same percentage that middle class americans pay, roughly 33% depending, but Obama is going to let congress decide on the actual percentage for exactly how much the millionares will have to pay. The thing is, this only affects roughly 450,000 people so it will not be very many people. This new tax for millionares would repeal the Alternative Minimum Tax (tax that requires all people to pay a certain amount of their income towards taxes). Obama wanted to put an end to the Bush era tax cuts but could not get enough votes to pass his legislation. Also, a fun fact: Warren Buffet, an extremely wealthy investment banker was the one who urged Obama to do this tax.
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I completely think that millionaires need to pay the same percentage of taxes as middle class Americans. Obama's proposition is completely logical- wealthy people should be paying taxes at least equivalent to a lower income person, despite the fact that investment gains earned by millionaires have an overall lower tax rate than wages. It's only fair after all. As Lexi said, the vocal billionaire Warren Buffet agrees. I also looked up this proposal and found that Republicans will most likely oppose this proposal, but shouldn't fairness be considered in this? Middle class people work just as hard as millionaires, yet are asked for a greater percentage of their income in taxes and have less to give. http://www.nytimes.com/2011/09/18/us/politics/obama-tax-plan-would-ask-more-of-millionaires.html?pagewanted=all
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