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View Diary: Warren Buffett calls for A Minimum Tax for the Wealthy (107 comments)

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  •  Maybe, Ferg, that you aren't (0+ / 0-)

    understanding the idea of marginal rates.  Buffett's proposal seems to be

    35% on AGI (adjusted gross income) up to $500K
    39.6% on AGI from $500K to $1M
    69.6% on the AGI over $1M but less than $10M
    74.6% on the AGI over $10M.

    So, you are right that the rate on income over $1M (after all the adjustments and deductions which Buffett doesn't appear to want to disturb) would be taxed at or over 70% -- but the first million would have a maximum tax rate of 39.6%.  And, surely those with more than a million dollars income can find accountants to minimize the AGI of the big bucks over a million.

    The good we secure for ourselves is precarious and uncertain, is floating in mid-air, until it is secured for all of us and incorporated into our common life. Jane Addams

    by Alice Olson on Mon Nov 26, 2012 at 02:24:42 PM PST

    [ Parent ]

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