Talk of The Villages Florida - View Single Post - Buffett rule
Thread: Buffett rule
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Old 04-13-2012, 01:55 PM
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Darryl,

How much of the millionaire's wealth belongs to the dirt-poor person with the bad car and the house in foreclosure? None, of course. No one says it does.

How much tax should the millionaire pay vs the dirt-poor person? Chances are the dirt-poor person pays no income tax. If the millionaire has invested his money correctly with the advice of a tax counselor, he probably pays a very low percentage in income tax.

How much does the middle-class person with a job that pays $75,000 pay in income tax? Probably around 25%.

The Buffet Rule is trying to have the tax code be more equitable for the millionaires and the middle-class.