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Distribution of average tax rates including individual income tax and employee payroll tax. The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. [5]
62% (This consists of 40% income tax on the GBP 100k–125k band, an effective 20% due to the phase-out of the personal allowance, and 2% employee National Insurance). The marginal rate then drops to 47% for income above GBP 125k (45% income tax plus 2% employee National Insurance) [237] [238] 20% (standard rate) 5% (home energy and renovations)
The tax percentage for each country listed in the source has been added to the chart. According to World Bank, "GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions ...
Over the past 30 years, the divide between the wealthy and the rest of America has ballooned. The "great contraction" of the past few years has only accelerated the trend. Recently, the top 1% ...
Asked at Saturday's shareholder meeting why Berkshire Hathaway sold 115 million shares in Apple stock over the past quarter, Buffett warned it may have to pay higher corporation tax.
On PBS, Jamie Dimon described the Buffett Rule as a good idea for clamping down on US debt. It says richer households shouldn't pay taxes on a smaller share of income than middle-class ones.
Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their source as dividends and capital gains) while his employees paid 33% of theirs, despite making much less money. [205]
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