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Tuesday, September 20, 2011

President Obama's Tax Plan

Report

PRINCIPLES FOR TAX REFORM

  1. Lower Tax Rates.  The tax system should be simplified and work for all Americans with lower individual and corporate tax rates and fewer brackets.
  2. Cut Inefficient and Unfair Tax Breaks.  Cut tax breaks that are inefficient, unfair, or both so that the American people and businesses spend less time and less money each year filing taxes and cannot avoid their responsibility by gaming the system.
  3. Cut the Deficit.  Cut the deficit by $1.5 trillion over the next decade through tax reform, including the expiration of tax cuts for single taxpayers making over $200,000 and married couples making over $250,000.
  4. Increase Job Creation and Growth in the United States.  Make America stronger at home and more competitive globally by increasing the incentive to work and invest in the United States.
  5. Observe the Buffett Rule.  No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. As Warren Buffett has pointed out, his effective tax rate is lower than his secretary’s. No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. This rule will be achieved as part of an overall reform that increases the progressivity of the tax code.

Press and blogosphere commentary:

http://taxprof.typepad.com/taxprof_blog/2011/09/president-obamas-1.html

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The President's newest tax plan isn't worth a lot of time. It will never pass, and it's not intended to.... [Read More]

Tracked on Sep 20, 2011 8:01:26 AM

Comments

and wat about the freelancers......?

Posted by: AB International | Sep 20, 2011 5:44:52 AM

Since it is Obama proposing it, it will be DOA with the Right. Nothing the President does, no matter how much he has compromised with the Right, will matter. HE proposes it and they are against it. Bipartisanship is a two way street and so far our friends on the Right have been given a free pass to obstructionist-ville.

Posted by: George W | Sep 20, 2011 9:32:19 AM

The Warren Buffett Tax Act should state that if your name is Warren Buffett and you pay a lower tax rate than your secretary, then your taxes will be tripled.

Posted by: Woody | Sep 20, 2011 12:34:19 PM

George W seems to have memory problems. Did he see bipartisanship when Obama, Pelosi and Reid would not take ANY Republican input on the stimulus, Obama care, etc? When Obama critizes Republicans for not passing the 3 free trade agreeements when he has not sent them to the Senate for THREE years?

Apparently, George W's idea of bipartisanship is when Rs agree with what Ds want. Explain how introducing bills that raise taxes and spending (but taxes 50% more) is a compromise? Especially when he is on record as twice saying that you don't raise taxes in a recession?

Posted by: Ed D | Sep 21, 2011 7:45:58 AM