Last week at my other tax blog: Tax deduction reductions; Estimated tax deadline
Tax amount projections for 2012

Millionaire tax proposed by Obama

It's time to once again play that popular political game, Who Wants to Tax a Millionaire?

The latest contestant is none other than the President himself. Obama wants a new minimum tax rate for individuals making more than $1 million a year.

The goal, according to the Administration, is to ensure that richer Americans pay at least the same percentage of their earnings as middle-income taxpayers.

This might be a fun new after-dinner game in the White House, but don't look for many players on Capitol Hill.

The GOP leadership is already out in force blasting the so-called Buffett Rule, named after the Oracle of Omaha Warren Buffett who earlier said he and his fellow wealthy Americans don't pay enough tax, as class warfare.

And even Democrats who might personally agree with the plan are likely to be leery of supporting any type of new individual tax with next year's elections on the horizon.

Watch out television programmers. With the 2012 campaigns already under way, your jobs could be in jeopardy. Who needs reality TV when we have Washington, D.C., follies?

Speak up: What's your take on raising the tax rate on those who make $1 million of more? Let me and the ol' blog's readers know by voting in the poll below and/or leaving your thoughts in the comments section.

Should the rich pay a higher top tax rate?
Yes, create a new top rate for taxpayers with adjusted gross incomes (AGIs) of more than $1 million.
Yes, create two new top rates for taxpayers with AGIs of more than $1 million and more than $10 million.
No, the tax rates are fine as they now exist.
No, all tax rates should be lowered on all income levels.
The Bush tax rates should expire as soon as possible.
Only Buffett and those who agree with him should pay higher tax rates.
Other; please leave a comment with your tax rate thoughts.

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Milbrun Pearson

Yes we should tax millionaires they haven't paid their fare share since Bush was in office.


I would agree that the wealthy should be paying just as much if not more than middle class. For the most part it seems as though they are able to keep a lot more money then the average citizens. With that being said the tax is also for those who make more than $1 million per year but I am not clear if its based from employement.

Erica Barber

I think that EIC should be adjusted. It all sorta pans out to welfare having to take drug tests. my husband and i make about $70k a year and we don't get help paying the $6500+ in medical insurance plus the money we have to put into the HSA account to pay the high deductible or the $7500 we have to pay to put our 3 year old in day care. That doesn't include the mortgage and utilities that we pay. I feel bad for those who don't make a lot of money BUT I also prepare taxes and see the true abuse on EIC. thankfully most people with EIC don't come running to our firm because we don't offer bank products...

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