ProPublica takes a look at The Buffett Rule

[chill_wind]

Here's the WH Deficit Reduction Plan (80 page pdf)for The Joint Committee

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/jointcommitteereport.pdf

re: the Buffett Rule

The description

Observe the Buffett Rule. No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. As Warren Buffett has pointed out, his effective tax rate is lower than his secretary’s. No household
making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. This rule will be achieved as part of an overall reform that increases the progressivity of the tax code.

ProPublica takes a closer look at what's known so far:

Key Context on Obama’s Vague Proposed Millionaires’ Tax

by Lois Beckett and Marian Wang
ProPublica, Sep. 19, 2011, 5:06 p.m.


This morning, as part of his broader deficit reduction plan, President Obama called for a new rule that would raise taxes on the the wealthiest Americans. The proposal was quick to spark reaction from Republicans, who labeled it “class warfare.”

But politics aside, we thought it would be helpful to run through what’s actually known about the proposal, the impact it might have on the deficit, and the history behind it all.

full article:
http://www.propublica.org/blog/item/the-basics-on-obamas-vague-proposed-millionaires-tax

[blindpig]

1. critical paragraph

Nope. The White House has left it quite vague. In fact, it’s unclear how serious the proposal is at this stage.

Yes, indeed. We have been there and done that.

If it happens in any way, shape or form it will be accompanied by an attack on Social Security and/or Medicare.

[chill_wind]

2. A great political talking point

an exciting one for the base- easier said than done.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/20/bloomberg_articlesLRTS1V1A1I4H.DTL