Should millionaires pay more taxes?
September 20, 2011
Billionaire Warren Buffett created quite a stir a few months ago when he argued that it is unfair that he pays taxes at a lower rate than does his secretary. Yesterday, as part of his plan to reduce the federal deficit, the President channeled the “Buffett Rule” when he called for a minimum tax rate for those earning more than $1 million yearly. Republicans quickly countered by calling the President’s proposal “class warfare,” saying it would punish employers and would do nothing to stimulate the economy. Is the President playing politics or would a tax hike for the millionaires raise an additional $1.5 trillion toward reducing the deficit? We’ll get the answers to these questions and others about millionaires and taxes from Huffington Post’s SAM STEIN, the Wall Street Journal’s wealth reporter ROBERT FRANK and SETH HANLON of the Center for American Progress’s Doing What Works Project.