Buffet Rule Will Go to a Vote

The way to end all of this crap on Wall St, is not a transaction tax. It would be better to set up a progressive tax on capital gains based on the time that the instrument was held, including gambling on shorting. Make anything bought and sold within 24 hours taxable at 90%. Drop that rate at a week, a month, 6 months, one year, 3 years, 5 years 7 years, and at 10 years you are tax free.

We make investing for the gamblers still possible, yet we would create a more stable economy for the future.

I read somewhere that Buffets secretary paid tax at 30%. I don't know if this was federal or combined but if it were federal her taxable (different from total income) income for 2010 would have been somewhere around 200K for married filing joint. Even if she lived in New York state it would have been somewhere in the 7% rate for the state which would be about 137K for taxable income. Not bad for a secretary. These numbers are REALLY broad and not exact but an estimation. I have not seen her return and do not know anything about her tax picture. In any event, this "Buffet Rule" is what happens when a bunch of people who know nothing about a subject get all up in arms about it.
It's my understanding that Buffet has W2 income of about 100K and pays the appropriate federal rate on that income, more than 15%. It would be at the highest rate given his total taxable income or more than his secretary. He has the absolute ability to structure his pay so that his income all comes from W2 earning and none from capital gains which are NOT income tax.
Let's continue to punish the successful. It's a great economic strategy.

I get negatives for suggesting the secretary pay lower taxes. What do liberals have against secretaries?

So then they'll just find a way to hide their income to avoid the tax or take a small cut in order to keep from paying it. I wish I wasn't so cynical but let's face it this will more than likely not pass or if it does they will find a loophole. Now a financial transactions tax might be a different story. Of course the rest of us would still be paying the same rate so that doesn't really help us does it?

Here's what's going to happen. It will go for a vote. Republicans will cry, cry, cry complain about class warfare against them will hold the bill hostage into all of their demands are met. Democrats will agree to all their demands then the bill will be killed.

why not just lower the secretaries rate?

I don't intend to sound cynical, but I seriously doubt this will pass.

This is a good, sensible step in the right direction, so naturally, it will be blocked by the teabag caucus in the House.

Now all we have to do is get a bunch of people who make more than $1,000,000 per year to vote for this.

Good. +^d

Hope it passes, this makes sense. My parents didn't like the thought of capital gain taxes going up cause if they sold the house me and my sister were living in they'd have to pay that tax. Under this rule though they and most middle income families can keep the lower tax rate on investments while those making millions will actually have to pay more.