Tax Break

Do you support a “Buffett tax” on the wealthy?

March 16, 2012

Warren Buffett (C), chairman and CEO of Berkshire Hathaway, sells jewelry at Borsheims jewelry store in Omaha, Nebraska, May 1, 2011 as part of his annual shareholders' meeting. Buffett supports higher taxes on the wealthy. REUTERS/Nati Harnik/Pool

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.

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 U.S. government’s budget deficit is expected to swell to $1.17 trillion in the 2012 fiscal year ending in September. 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 that deprive the government of more than $1 trillion a year.

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.

Do you support the idea of a “Buffett tax”? How would you answer the poll?

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