A tax rule change included in President Obama's budget proposal named after Warren Buffett's public support of increasing income taxes on the wealthy. If enacted, those who earn more than one million dollars a year would pay a minimum effective tax rate of 30%. This would not affect millionaires that receive most of their income from their salary and already have tax rates higher than 30%, but would affect those who earn the majority of their income from investments and long-term capital gains which are typically taxed closer to 15%.
Related information about Buffett Rule:
- Buffett Rule - Wikipedia, the free encyclopedia
The Buffett Rule is a tax plan proposed by President Barack Obama in 2011. The tax plan would apply a minimum tax rate of 30 percent on individuals making ...
- The Buffett Rule | The White House
The Buffett Rule is a simple principle that everyone should pay their fair share in taxes. ... The Buffett Rule would limit the degree to which the best-off can take ...
- FactCheck.org : Obama and the 'Buffett Rule'
Apr 13, 2012 ... In their zeal to pass the “Buffett Rule,” President Obama and Vice President Biden leave the false impression that many, if not most, millionaires ...
- Pass the Buffett Rule — Barack Obama
Pass the Buffett Rule. Billionaire Warren Buffett and many wealthy Americans pay a lower tax rate than middle-class families do. That's just not fair. Warren ...
- The Buffett Rule - Right Goal, Wrong Tool - NYTimes.com
Apr 16, 2012 ... If the Fair Share tax became law, it would not live up to its name.
- 'Buffett Rule' Debate Blocked by Republicans - NYTimes.com
Apr 16, 2012 ... Republican opposition ensured that a measure pressed by President Obama and Senate Democrats to raise effective tax rates for the superrich ...
- House passes new Buffett Rule - Washington Times
Sep 19, 2012 ... The House on Wednesday passed Republicans' own version of the Buffett Rule, which allows wealthy Americans to voluntarily pony up to ...
- House passes Republican take on 'Buffett Rule' - Los Angeles Times
Sep 19, 2012 ... WASHINGTON -- The House on Wednesday afternoon passed by voice vote the Republican version of the Buffett Rule. The bill, which ...