On the recordApril 19, 2012
The Buffett rule seeks to restore balance to families, and the Tax Code would make sure that no millionaire would pay a lower tax rate than middle class Americans. In fact, the Buffett rule is targeted. The legislation will only impact taxpayers with a taxable income of over $1 million who are not paying a minimum tax rate of 30 percent. So realize that. Of the 144 million tax returns filed in 2010, fewer than 500,000 of them--0.1 percent of the taxpayers--had taxable incomes of over $1 million. Remember, these are taxable incomes because there are lots of write-offs.
