OBAMA's Trojan Horse - No, He Won't Cave! - by David Corn

[bluestate10]

38. I favor Warren Buffet's plan.

His plan calls for taxes to be something like 19% of GDP and short-term spending to be 21%. I would like to see the opposite of taxes being 2% more than spending. Buffet calls for a minimum tax of 30% on earnings of 1 million and a minimum tax of 35% of earnings of 5 million or more. Buffet would raise the minimum salary that is protected from tax increases to $400,000-$500,000 from $250,000, I agree with the increase, but there should be a waiver option that a taxpayer wanting to pay the higher rate for earnings between $250,000 and $400,000 can file to pay the higher rate, with the understanding that the money won't be returned as a tax return. An earner would have to include the waiver declaration as part of the filing for the past year's tax return and the declaration would be good until the next tax filing, with the requirement that the declaration be filed by the annual tax deadline date - with no extensions.