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View Diary: Obama pushes Buffett Rule passage, cites its spur to growth in weekly address (41 comments)

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  •  Correct me if I'm wrong (1+ / 0-)
    Recommended by:
    commonmass

    but don't we get the Buffett rule automatically when the bush tax cuts expire?  So why fight?

    •  Maybe 30 years worth of loopholes (1+ / 0-)
      Recommended by:
      commonmass

      ..written for and by the 1% into the tax code?

      The only "left" the Democrats have given us is the last couple of decades is a Southpaw President

      by Anthony Page aka SecondComing on Sat Apr 14, 2012 at 08:45:02 AM PDT

      [ Parent ]

    •  No, the Buffett rule would mean (1+ / 0-)
      Recommended by:
      CuriousBoston

      that tax payers with income over a certain amount (one million dollars) would not get the benefit of lower rates for capital gains.  One of the main reasons why so many millionaires have low tax rates is that the tax on capital gains is only 15%.  Obama's plan would raise that substantially.  Even before the Bush tax cuts, capital gains were taxed at a substantially lower rate than earned income.

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