Schumer: We Want A Vote On The “Buffett Rule” To Tax Millionaires

[kpete]

Source: Talking Points Memo

Congressional Democrats will draw a sharp distinction between themselves and Republicans by pushing for a vote on the "Buffett Rule" -- that millionaires should, at the very least, pay taxes at the same overall rate as middle class workers.

In a sign that Democrats on the Hill see this as both effective politics and a significant step toward erasing medium term deficits, Sen. Chuck Schumer (D-NY) -- tasked with helping the party more effectively message its policies -- said members of Congress should have to go on the record on this issue.

"I'd find it very useful to make some proposal along the lines that fits within the confines of the Buffett rule and put it on the floor," Schumer told reporters in a Monday conference call. "When the President goes around the country and keeps talking about it, as I believe he will do, we are going to win this fight."

Dems have been here before. Schumer pitched a new tax bracket for millionaires during the fight over the expiration of the Bush tax cuts last year. The administration rebuffed his efforts, as did a small handful of congressional Democrats and all Republicans. But the administration has in effect come around to Schumer's basic insight -- that drawing a line at $1 million is both clarifying politics and an effective way to raise revenue -- and it's thus likely to be the centerpiece of the Democrats' arguments in the ongoing debates about jobs, the economy, and the budget.

Read more: http://tpmdc.talkingpointsmemo.com/2011/09/schumer-we-want-a-vote-on-the-buffett-rule-to-tax-millionaires.php?ref=fpb

[Vincardog]

1. I believe the rich should pay at least the same effective rate as the poor. Tax every cent for FICA

at 15% tax every penny at at least 43% = 35% Income and 8% sales. Overall make it 60% just to make it easy

[valerief]

2. Tax what? Income or capital gains? nt

[Vincardog]

3. TAX BOTH

[GreenPartyVoter]

4. +1

[24601]

5. Sure, tax capital gains the same as ordinary income - just as

long as you add a tax credit for capital losses - and also make sure no investment is ever at risk.

And this, make the 1st $250K in capital gains tax free - only tax the amount above that so you snare the rich and leave the "almost rich" alone.

Better yet - just pay ME the amount of tax that Warren Buffet paid last year - and I'll even pay 36% tax on that. How could anyone object if it's really the puny sum implied.

[melm00se]

8. you do now that

capital gains occur to a lot more people than just the "rich", yes?

among them are:

- any person who owns a stock and sells it for a profit (plenty of folks out there who hold "ESPP" shares and shares purchased through "DRIPs" who will get hit when they sell those shares)
- any person who has a position in a mutual fund (and that fund itself doesn't necessarily have to be sold for an investor to get hit)
- pension funds (the higher the tax rates that impact them, the less $$$ available to pay out the benefits)

this impacts a very large segment of the population far more than those who would be classified as "rich".

[Vincardog]

9. You do know that the VAST majority of the capital gains accrue to the richest 1% right?

Those poor working people who would have to pay additional tax on their capital gains would more than make it up by the increase in Social Security income.

[cstanleytech]

6. Since corporations are people now according to the supreme court they should atleast pay the same

or atleast thats my opinion.

[Pterodactyl]

7. A day late and a buck short, Chuck.

They should have voted on this BEFORE the Repubs took control of the House of Representatives, back when we controlled the both houses of congress and the presidency. It would have been a slam dunk.