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Old 04-16-2012, 11:51 AM   #79
classicman
barely disguised asshole, keeper of all that is holy.
 
Join Date: Nov 2007
Posts: 23,401
Quote:
“It’s simple,” the president said on Tuesday. “If you make more money — more than $1 million a year, not if you have $1 million, but if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle-class families do.”

And that is simple. But it’s not how the Buffett rule actually works.
Quote:
me: We’ve adapted the bill to have a phase in between one and two million. So you pay a portion of the tax the Buffett rule adds as you go up the line between one and two million and it doesn’t kick in fully until you get to two million.

EK: So if it’s not 30 percent, what’s the minimum effective tax rate someone making $1,000,001 would pay?

SW: It’s hard to do the math on that because it would be highly specific to their situation. If they were paying 18 percent now, and if they only went over one million by one dollar, they would be 18 percent plus one one-millionth of the Buffett rule adjustment. And if they were one dollar short of two million, they would pay the full 30 percent minus one one-million of the full adjustment. So there’s a ramp.
Ezra Klein
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