The new proposal of the “Millionaires Tax” that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the budget deficit in the United State.This is call “Buffett rule” after billionaire investor Warren E. Buffett, a supporter of his who recently called the tax system unfair, noting that it lets him pay a lower rate than his secretary does.
"Right now, Warren Buffett pays a lower tax rate than his secretary, an outrage he has asked us to fix, We need a tax code where everyone gets a fair shake and where everybody pays their fair share",Obama said this month in a nationally televised address to a joint session of Congress.
Just thinking about economic crisis in United State, need some financial support to get out of this situation. So this proposal would help government to get substantial amount of bills to Government.
Paying bit of attention to this statistics, income over $379,150 is taxed at 35%, but the overall average tax for those earning more than $1 million a year in 2009 was 24.4%, according to the IRS. For those earning between $125,000 and $150,000, it was 11.7%. Reducing for the wealthy as a result of tax relaxation available to them, such as a lower rate on capital gains.
I would say America is a providing equality to the nation. Why wealthy pays less tax than everybody else pay. They got to start think fishing “Big Fish” right now. This is an absolutely outstanding proposal to up the capital in United State.