Vast Majority Americans Favor Buffett Rule's Millionaire Tax

Vast Majority Of Americans Favor Buffett Rule's Millionaire Tax: Poll

Nearly three-quarters of Americans say they support President Barack Obama's proposal to tax households making $1 million or more at the same or higher rate as middle-class households, according to a recent poll from website Daily Kos.

The poll found two-thirds of Republicans also support the so-called "Buffett Rule" –- named after famed investor Warren Buffett, who proposed increasing taxes on wealthy in a recent op-ed in The New York Times. But the measure faces stiff opposition. After Obama unveiled the Buffett rule earlier this month as part of a proposal to cut the national deficit through a combination of tax increases and spending cuts, Republican leaders derided the plan as "class warfare."

The report’s findings parallel the results of a Gallup poll released earlier this month, which found that two-thirds of Americans favor boosting taxes on households earning more than $200,000 per year.

One demographic is even more supportive of the Buffett rule than the national average. The under-30 set is overwhelmingly in favor of the proposal, according to millennial advocacy group, Our Time. A Facebook survey of its members found that 80 percent support the measure.

http://www.huffingtonpost.com/2011/09/2 ... 85154.html



Well, dang... It looks like somewhere between 75% and 80% of the general public...(and 66% of REPUBLICANS)...aren't buying the teabagger Kool-Aid about the "job creators."

What I fail to understand is that this is already the case. The ordinary income of million dollar a year plus households is already taxed at the same or higher rate than the ordinary income of the middle class. Even the capital gains are taxed at a higher rate when one realizes that the gain has already been taxed once before being distributed and taxed a second time at the individual level.

I agree too! So lets reduce the middle class tax rate to 15% and we will be good to go.

Funny how few people think that way isn't it? The first thought is raise the other guys taxes and get the ba$tard!

Does anybody even know just what Obama wants to do with taxes? Has he stated specific rates that he wants? I missed his Sept 19th speech, and am having trouble finding any details.

If it's just eliminating the Bush tax cuts for those making over $250K, that doesn't achieve the so-called "Buffett Rule". To do that, you'd have to raise the capital gains tax rate and probably make it the same as the regular income rate. Did Obama propose that?

It's tough to vote in a poll if you don't know what you are voting for, other than the rather general idea of raising taxes for high income earners.

Thats correct Pine, it is more of a general concept, no detail. I suspect it would have to be some kind of new alternative minimum millionaire tax calculation to muck up the complex tax code some more. Probably with some clever loopholes added over time. Same ol BS. It won't pass, it is simply a campaign strategy.

I guess you guys missed the part about "reducing the deficit." I can understand...

I guess you missed the part about complete tax reform in "Obama's" Deficit Commission report.

LadyJazzer wrote: I guess you guys missed the part about "reducing the deficit." I can understand...

Just asking for specifics. Cuts, tax increases, both? How much?

I thought the Buffett tax was going to be used to pay for Porkulus II (jobs bill), not for deficit reduction. But I could be wrong, its hard to keep up with Obama's new tax proposals.

Only if you're a conservative.