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The Buffett Rule is part of a tax plan which would require millionaires and billionaires to pay the same tax rate as middle-class families and working people. [1] It was proposed by President Barack Obama in 2011. [2] The tax plan proposed would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year.
In 2011, the Congressional Research Service said the current U.S. tax system violates the Buffett rule as “roughly a quarter of all millionaires (about 94,500 taxpayers) face a tax rate that is ...
Famed investor Warren Buffett recently floated a proposal at the 2024 Berkshire Hathaway Annual Meeting that could result in consumers not having to "pay a dime of federal taxes." Find Out: 7 Tax...
Over the past few months, as President Obama and congressional Republicans have battled over taxes, spending cuts and the deficit, billionaire Warren Buffett has repeatedly been cited -- both as a ...
In its update released this year for the tax year 2021, the IRS reported that the top 1% paid a slightly lower tax rate of 25.9%, while the bottom 50% were taxed more highly at 3.3%.
On PBS, Jamie Dimon described the Buffett Rule as a good idea for clamping down on US debt. It says richer households shouldn't pay taxes on a smaller share of income than middle-class ones.
"Right now, Warren Buffett pays a lower tax rate than his secretary -- an outrage he has asked us to fix," he said. ... In an interview with Charlie Rose, Buffett hinted that a similar plan could ...
On Monday, billionaire investor Warren Buffett appeared on CNBC's Squawk Box to discuss the so-called "Buffett Rule," a proposal to increase taxes on America's richest households. Buffett's plan ...