The Problem That the Buffett Rule Won’t Fix: Michael Kinsley
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Feb. 3 (Bloomberg) -- As everybody knows by now, WarrenBuffett -- class traitor -- pays a smaller share of his incomein taxes than does his secretary, Debbie Bosanek. In his Stateof the Union address last month, President Barack Obama proposedthe “Buffett Rule” to rectify this.
The rule would be a phased-in requirement that alltaxpayers making more than $1 million a year pay federal taxesof at least 30 percent of their adjusted gross incomes. If yourtaxes worked out to be less than that, you would owe Uncle Samthe difference.