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Should Millionaires Pay As Much As The Rest Of Us?

Two recent polls show support for proposed "Buffett Rule."

Do you think millionaires should pay taxes similar to the middle class?

A new Gallup poll released Friday shows a majority of Americans support the proposed Buffett Rule, which would require individuals earning $1 million or more per year to pay at least 30 percent of their income in taxes.

The bill, intended to prevent the wealthy from paying a lower actual tax rate than most middle class workers, is named for billionaire investor Warren Buffett, who has argued that he should not be allowed to pay a lower tax rate than his secretary.

President Barack Obama has recently pushed this tax policy, and the Senate votes on it this week.

The survey, conducted April 9 to 12 among 1,016 adults (with a margin of error of plus or minus 4 percentage points) found that 60 percent of adults support enacting such a policy, while 37 percent oppose it.

By significant margins, both independents (63 to 33 percent) and Democrats (74 to 24 percent) supported the measure. Republicans opposed it by a smaller margin of 54 to 43 percent.

Another poll conducted by CNN shows that seven out of 10 — or nearly three-quarters of Americans — support the proposed legislation.

In Pleasanton, the median household income in 2010 was $120,094 and the average household income was $159,045.

The percentage of household incomes at $200,000 and higher was almost 22 percent.

To compare, in Danville, the median household income in 2010 was $146,969 and the average household income was $198,103.

The percentage of household incomes at $200,000 and higher in that town was almost 32 percent.

Do you support the proposed Buffett Rule? Take a moment to vote below, and tell us what you think in the comments section.

Chuck Bierdeman April 19, 2012 at 10:22 PM
Interesting that no one yet answered the question directly. Yes. Millionaires should pay a similar percentage of taxes as the middle class. Why are we trying to protect millionaires? Are YOU a millionaire? I assure you that millionaires can (and do) speak for and take care of themselves. Consider this: • Millionaires earn money from investing in profitable companies. • Profitable companies make money by providing products and services. • Products and services are created by workers. • Workers use tax payer funded infrastructure (i.e. roads and utilities) to get to work so companies can sell products and services and millionaires can get rich from their investments. Since millionaires receive more revenue than normal workers from the same infrastructure that we all use and our taxes pay for, then they should pay at least as much of a percentage as the rest of us (probably more, but I won’t go there, let’s leave it with an equal percentage). Millionaires should consider taxes a cost of doing business, thus ensuring workers can get to their jobs and generate revenue for the wealthy.
Sandra April 19, 2012 at 10:42 PM
Everyone should pay their fair share. My household income is well under $100,000. and I am not for raising taxes just on the rich. Chuck, you left out the part where those rich employers hire US, the people so we can purchase goods like cars, homes, etc. and help provide jobs for others. This is the best country there is and unfortunately some don't appreciate how they got their wealth. (big or small) There is no money fairy and EVERYONE needs to put some skin in the game.
Chuck Bierdeman April 19, 2012 at 11:09 PM
Hi Sandra, I don't think that you and I are in disagreement: everyone should pay their fair share (skin in the game). As for the rich hiring people, some do (as employers), some don't (i.e. investors), either way I agree that they are definitely Investing in people and as such they earn profits from doing so (or lose money if they make bad choices). This is capitalism and this is good. Employers and investors will continue to employ and invest even if they have to pay a fair share of their profits - same as we have to pay a share of our earnings. If you and I (hypothetically speaking) pay a tax rate of 30% why shouldn’t the rich? I don't understand why regular people want to pay a higher tax percentage than they want rich people to pay.
Al Shumate April 20, 2012 at 12:27 AM
And just how much money does Buffett have stashed away that those rules would not touch that he will get income off of that would not be reported?
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