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The Buffett Rule is part of a tax plan which would require millionaires and billionaires to pay the same tax rate as middle-class families and working people. [1] It was proposed by President Barack Obama in 2011. [2] The tax plan proposed would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year.
The bottom 99% also saw an average federal tax rate increase by one percentage point from 2012 to 2013, mainly due to the expiration of the Obama payroll tax cuts, which were in place in 2011 and 2012. However, for income groups in the bottom 99%, the average federal tax rate remained at or below the 2007 level. [17]
On December 6, 2010, President Barack Obama announced a compromise tax package proposal had been reached, centered around a temporary, two-year extension of the Bush tax cuts. [48] In particular, the framework included key points such as: Extending the 2001/2003 income tax rates for two years.
The Obama proposal. President Obama released his budget proposal yesterday, and as expected, it included a number of new provisions that would dramatically change the tax laws once more, with ...
President Barack Obama's new budget proposal is out, and it includes a key provision concerning the earned income tax credit. But many people don't even know what this credit is, let alone how it ...
Although the Senate on Tuesday blocked action on the administration's $447 billion jobs bill, President Obama vowed to break the plan apart and bring the most popular aspects of it before Congress ...
The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 2003–2012 rate of 35%. [3] The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained.
President Obama's budget preserves the Bush income tax cuts for couples earning below $250,000, while eliminating some tax exemptions and deductions (tax expenditures). [44] Defense and non-defense discretionary expenses are essentially frozen in real dollar terms for the 2013-2022 period, growing at or below the rate of inflation.