Political Quotes

“The structure of our bill is simple: If your total income--capital gains included--is over $2 million, you calculate your taxes under the regular system. If your effective rate turns out to be greater than 30 percent, you pay that rate--the same rate you would pay without the bill. If, on the other hand, your effective tax rate is below 30 percent-- like the 11 percent tax rate Warren Buffett paid in 2010--then you would pay the fair share tax of 30 percent instead. Taxpayers earning less than $1 million--which is more than 99.8 percent of Americans--would not be affected by this bill at all. For taxpayers earning between $1 million and $2 million, the fair share tax gets phased in. Ultimately, when you earn over $2 million, you are subject to the full 30-percent minimum rate. The one exception the bill makes to the 30 percent minimum is to maintain the incentive for charitable giving. Under the bill, taxpayers are permitted to subtract the same amount of contributions allowed under the regular income tax from their taxable income. The reason for this one exception should be self-evident: charity benefits others and taxpayers should be encouraged to give. Some say, given our fragile economic recovery, now is the wrong time to raise taxes on anyone. While middle-class families continue to struggle through the recovery, it seems the boom times have already returned for those at the very top.…”