The New York Times is reporting that Obama will come out Monday with a new Millionaire’s Minimum Tax. Adorably, he will refer to it as the Buffett Rule…
The millionaires’ rate would affect only 0.3 percent of taxpayers, they said. That would be fewer than 450,000; 144 million returns were filed for 2010.
Mr. Obama’s proposal comes a month after Mr. Buffett began reviving his longstanding objection that he and “my megarich friends” pay a significantly lower percentage of their income in federal taxes — income and payroll taxes — than everyone else, thanks to the tax code’s favoritism toward the rich, and especially toward investors like him.
Republicans on the Joint Committee that is in charge of ramming through the budget stuff this fall as part of the Debt Ceiling compromise will likely call the measure unacceptable before it is even discussed.
This one’s prolly Dead On Arrival – like everything else the President attempts these days. He’s essentially being treated like a lame duck at this point, it’s embarrassing and sad.