Nearly one-quarter of all millionaires (about 55,000 individuals) pay a lower tax rate than millions of middle-class families. Warren Buffett has famously said that he pays a lower tax rate than his secretary, and he agrees that isn’t fair. To reform our tax system, which is currently tilted in favor of very high-income households, President Obama has proposed a basic principle of tax fairness called the Buffett Rule.
Americans need to wake up when they hear Republicans talking about flat taxes or fair taxes. Both are regressive taxes that shift the tax burden to the middle class. Herman Cain's 9,9,9 plan is a perfect example of this. So was Mike Huckabee's 'fair tax' in the 2008 election.
The Republicans have not only flattened the income tax system which includes capital gains and deferred interest and other special tax break, they have also established numerous exemptions for c-coprorations and also curtailed the estate tax which had been suspened until recently.
The net effect is that the US has a huge deficit that was worsened by the Iraq War and another unfunded bush initiative, Medicare Part D.
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