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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 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 was almost 32 percent.

In Alamo, the median household income in 2010 was $165,977 and the average household income was $234,626.

The percentage of household incomes at $200,000 and higher was 39 percent.

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

Terry Parris Jr. April 17, 2012 at 10:15 PM
What does overhauling the tax code mean? Should there just be one tax on everything everyone earns, and that is it? We hear a lot of talk about overhauling the tax code, simplifying it, what would that look like? What should be done to make it "simple"?
Beau Hunk April 18, 2012 at 12:25 AM
The problem with the existing tax code is that it is designed for social engineering and not for revenue. This means that the tax code is grotesquely complex and ever-changing. Go with a flat tax. It would be predictable and consistent. It would save literally billions of dollars in accounting and tax tracking. The arguments in favor of it are legion. Some social engineering is needed, but it can be done using other vehicles and legislative initiatives.
Terry Parris Jr. April 18, 2012 at 12:54 AM
Are there negatives to switching from the current tax code to a flat tax? Or even this "Buffett Tax"? Obviously that's a crystal ball question but, since we're just talking here, let's talk about it. Let's talk negatives and positives in each of these situations -- if you all are willing. What do you think?
Harry Jenkins April 18, 2012 at 04:46 AM
Social engineering is never, ever needed. Never.
Jon April 18, 2012 at 02:37 PM
They already paid way more than you do in terms of both tax rate and absolute amount! Most of those millionaires are big shareholders of their companies and they've paid 35% corporate tax before their income is charged another 15% (which is called DOUBLE TAXATION!). Buffett and Obama are fooling ordinary Americans by saying the millionaures pay a lower tax rate. Simple and easy!

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