September 20, 2014

Public Backs ‘Buffett Rule’ to Have Rich Share Tax Load

April 13, 2012
Daily Review Atlas

Excerpt

Diane Lim Rogers of the nonpartisan Concord Coalition on fiscal responsibility suggests one alternative: “taxing capital gains and dividends at the same rate as labor income, or limiting itemized deductions so that the rich do not receive higher subsidies than middle-income households. We could start by letting all of the Bush tax cuts expire, as already scheduled under current law.”
U.S. Rep. Sander Levin (D-Mich.) agrees. He introduced the Carried Interest Fairness Act this winter, a bill to close the loophole that lets people who manage other people’s money pay just 15 percent tax on their income, compared with the up-to-35- percent many Americans pay on their income.