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Americans Back so-called "Buffett Tax" on Rich by Large Majorities

Posted by SMAZ on Wed Mar 14 04:34:35 2012

Most Americans back "Buffett tax": Reuters/Ipsos
By Kevin Drawbaugh | Reuters


(Reuters) - Nearly two-thirds of Americans support imposing a minimum tax rate of 30 percent on those who earn $1 million or more a year, according to Reuters/Ipsos poll results released on Tuesday.
The poll showed that 64 percent of those surveyed favored a "Buffett tax" as proposed by the Obama administration and named for multibillionaire investor Warren Buffett, who backs it.
The Sage of Omaha, as Buffett is sometimes known, has been a vocal advocate of higher taxes on the wealthy. Obama called for the new tax in his State of the Union speech in January.

Legislation has been filed by Democrats in Congress to enact the tax into law, but it was widely expected to languish this year with the U.S. House of Representatives under the control of Republicans who are opposed to tax increases of any kind.
The poll said that support for the Buffett tax was strongest among Democrats, at 76 percent, but also significant among Republicans, with 49 percent of them viewing it favorably.
"There is a tolerance with the American public for conversations about tax increases or changing the tax code in some way," Ipsos research director Chris Jackson said.

In a related issue, the poll said that 57 percent of Americans would support eliminating the tax deduction for mortgage interest if it resulted in a lower overall tax rate.
Once again, Democrats were more supportive, at 63 percent, while Republicans were less so, with 52 percent in support.
"People talk about taxes as if you even mention it, you're going to get run out of town on a rail, but these polling numbers indicate that Americans are actually interested in some taxes, particularly ones they think will not affect them."

The U.S. government's budget deficit is expected to swell to $1.17 trillion in the 2012 fiscal year ending in September, with some landmark decisions on tax and spending policy awaiting Congress after the November elections.
The U.S. tax code has not been overhauled in 25 years. Since then it has become riddled with deductions, exemptions and other special provisions - such as the mortgage interest deduction - that deprive the government of more than $1 trillion a year.
Most budget experts agree that addressing the deficit situation will require cuts in spending and tax changes.

The March 8-11 telephone poll surveyed 1,084 adults nationwide and has a margin of error of 3.1 percentage points, Ipsos said.

(Reporting By Kevin Drawbaugh; Editing by Howard Goller and Paul Simao)

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Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities

Posted by SelkirkTMO on Wed Mar 14 04:36:48 2012, in response to Americans Back so-called "Buffett Tax" on Rich by Large Majorities, posted by SMAZ on Wed Mar 14 04:34:35 2012.

Fix the republicans, fix America! :)

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Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities

Posted by bingbong on Wed Mar 14 09:09:29 2012, in response to Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities, posted by SelkirkTMO on Wed Mar 14 04:36:48 2012.

Losing the bush tax cuts would be a good start. They were a bad idea to begin with.

There is no need to eliminate the mortgage interest tax deduction (after all, that interest money IS the bank's income, so they should be the ones paying tax on it). In doing so it would compromise the housing industry, making home ownership less attractive. Considering that housing in one of the few industries that provides something like living wages, I don't think they should be messing with that.

Aside from primary home sales, capital gains should be taxed at the same rates as income. Don't like that? Re-invest. As needed, domestic industries can be qualified for investment incentivizations.

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Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities

Posted by SUBWAYMAN on Wed Mar 14 13:56:57 2012, in response to Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities, posted by bingbong on Wed Mar 14 09:09:29 2012.

They should get rid of all the tax loopholes as well as cutting taxes.

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Re: Americans Back so-called "Buffett Tax" on Rich by Large Majorities


(919859)

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Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities

Posted by orange blossom special on Wed Mar 14 19:39:53 2012, in response to Americans Back so-called "Buffett Tax" on Rich by Large Majorities, posted by SMAZ on Wed Mar 14 04:34:35 2012.

They support Buffet cheating on over 400million bucks of taxes?

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Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities

Posted by SelkirkTMO on Wed Mar 14 19:44:59 2012, in response to Re: Americans Back so-called ''Buffett Tax'' on Rich by Large Majorities, posted by orange blossom special on Wed Mar 14 19:39:53 2012.

Nah ... that's the other guys ... :)

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