Daily Tax Update - April 10, 2012: White House Makes Case For “Buffett Rule”

WHITE HOUSE MAKES CASE FOR "BUFFETT RULE":  The White House National Economic Council released a new report today supporting President Obama’s proposed "Buffett Rule" to impose a minimum 30 percent tax on incomes of more than $1 million.  According to the report, 8 percent of the 400 highest-income Americans have an effective federal income tax rate of less than 10 percent and one-third pay less than 15 percent.  Eighty-five percent of the 400 highest-income households in the country pay less than 30 percent.

  • "The idea behind the Buffett Rule is to have a tax on high-income earners who manage to avoid paying a large share of their income in taxes," said Alan Krueger, Chairman of the president's Council of Economic Advisers.
  • A procedural vote on Sen. Sheldon Whitehouse’s (D-RI) legislation on the "Buffett Rule" is scheduled after the Senate returns from recess.
  • The report can be accessed here.

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