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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: longnshort who wrote (119324)12/7/2011 10:39:19 AM
From: gronieel2  Read Replies (1) of 224742
 
The results of this analysis show that the current U.S. tax system violates the Buffett rule in that a
large proportion of millionaires pay a smaller percentage of their income in taxes than a
significant proportion of moderate-income taxpayers. Roughly a quarter of all millionaires (about
94,500 taxpayers) face a tax rate that is lower than the tax rate faced by 10.4 million moderateincome
taxpayers (10% of the moderate-income taxpayers). Tax reforms that are consistent with
the Buffett rule would likely include raising tax rates on capital gains and dividends. For
example, the President has proposed allowing the 2001 and 2003 Bush tax cuts to expire for highincome
taxpayers and taxing carried interests of hedge fund managers as ordinary income as tax
reforms that observe the Buffett rule. Research suggests that these tax reforms are unlikely to
affect many small businesses or to deter saving and investment
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