Tag Archives: Buffett rule
February 3, 2012, 10:48 am
Senate Democrats have introduced legislation to require the richest Americans to pay a minimum share of their income in taxes, but allow them to continue claiming a deduction for charitable giving.
It would require taxpayers with adjusted gross incomes of more than $2-million, including capital gains and dividends, to pay at least 30 percent in federal taxes. The minimum tax would be phased in for people earning more than $1-million but less than $2-million under a formula that is spelled out in the legislation.
Donors would be able to deduct their charitable gifts from their adjusted gross incomes to lower their tax bills, thus preserving a giving incentive that has been fiercely defended …