Should Millionaires Pay As Much As The Rest Of Us?

Two recent polls show support for proposed "Buffett Rule."

Do you think millionaires should pay taxes similar to the middle class?

A new Gallup poll released Friday shows a majority of Americans support the proposed Buffett Rule, which would require individuals earning $1 million or more per year to pay at least 30 percent of their income in taxes.

The bill, intended to prevent the wealthy from paying a lower actual tax rate than most middle class workers, is named for billionaire investor Warren Buffett, who has argued that he should not be allowed to pay a lower tax rate than his secretary.

President Barack Obama has recently pushed this tax policy, and the Senate votes on it this week.

The survey, conducted April 9 to 12 among 1,016 adults (with a margin of error of plus or minus 4 percentage points) found that 60 percent of adults support enacting such a policy, while 37 percent oppose it.

By significant margins, both independents (63 to 33 percent) and Democrats (74 to 24 percent) supported the measure. Republicans opposed it by a smaller margin of 54 to 43 percent.

Another poll conducted by CNN shows that seven out of 10 — or nearly three-quarters of Americans — support the proposed legislation.

In Dublin, the median household income in 2010 was $103,324 and the average household income was $122,869.

The percentage of household incomes at $200,000 and higher was 4.38 percent.

To compare, in Pleasanton, the median household income in 2010 was $120,094 and the average household income was $159,045.

The percentage of household incomes at $200,000 and higher in that town was almost 22 percent.

Do you support the proposed Buffett Rule? Take a moment to vote below, and tell us what you think in the comments section.

R.Howell April 21, 2012 at 12:10 AM
Amy, I will comment, but I am still trying to figure out if you are being disingenuous in or your article or just ignorant. - First you fail to highlight that high income earners pay the highest rate on their INCOME. So to be clear, top wage earners pay the highest rates. In fact the top 1% pay ~ 37% of ALL income taxes (top 10% pay 70%, bottom ~50% pay NONE). What Obama and team are purposefully trying to confuse long term capital gains with income (this is where I can't quite decide if you are in league with them or just a useful idiot). Econ 101: Long term capital gains have already been taxed. This is where an investor (401k, your folks, you, or some evil rich guy) takes money they have already earned (and upon which have ALREADY paid INCOME taxes) and buys stock in a company. IF they hold that stock for > year AND if they sell it for more than what they paid for it, that money they made is long term capital gains. 1) Remember the money was taxed already 2) IF their investment LOSES money, Oh well? they are out of luck Long term capital gains have ALWYAS been taxed at a lower rate to encourage investment. Please do try to offer an accurate assessment of the issue when writing. It at least shows an attempt at objectivity.
Eloise Hamann April 22, 2012 at 04:13 PM
There are also top earners who pay none. Some individuals call themselves S corporations and other schemes to not only avoid income tax, but also social security taxes. Further, while the money one invests has been taxed, the money it earns while one sits on one's couch has not, and one only pays on gains. Taxes make sense on earners, not the history of where the dollar came from if we are all to pay a fair share. Does it really make sense to tax income earned by the sweat of one's brow at a higher rate than the income one earns by investing? And I am one who has done well on my couch. The myth that people would refuse to invest if the money earned was taxed at a higher rate is nonsense. People aren't going to put their money under a mattress because they might keep less of their gains. Note: losses are deductible from gains. The point of the Buffet rule is not to raise rates, but to help make our loophole ridden tax system more fair. Then there are 30 major corporations who have paid 0 taxes on over 160 billion dollars worth of profit over a 3 year period, but that's another topic, namely the corporatocracy we live in which at one time was a democracy. The article is about American people supporting the Buffet rule. Your objection should not be to the messenger, but to patriotic Americans who want everyone to pay a fair share. The poor pay payroll taxes on their total income, sales taxes, DMV taxes, property taxes, & can't afford to invest.


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