WASHINGTON (MNI) – The Obama administration FY2013 budget proposals
sent to Congress Monday elevates Warren Buffett’s complaint about paying
a lower tax rate that his secretary to a formal policy initiate that
would replace the Alternative Minimum Tax.
The summary of the proposal follows:
Observe the Buffett Rule. No household making over $1 million
annually should pay a smaller share of its income in taxes than
middle-class families pay. As Warren Buffett has pointed out, his
effective tax rate is lower than his secretary’s. And, the President is
now specifically proposing that in observance of the Buffett rule, those
making over $1 million should pay no less than 30 percent of their
income in taxes. The Administration will work to ensure that this rule
is implemented in a way that is equitable, including not disadvantaging
individuals who make large charitable contributions. And he is proposing
that the Buffett rule should replace the Alternative Minimum Tax, which
now burdens middle-class Americans rather than stopping the richest
Americans from paying too little as was originally intended.
** Market News International Washington Bureau: 202-371-2121 **
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