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December 3, 2012
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Flat tax on fat cats

As you might have heard, Warren Buffet wants a flat tax on fat cats.

Every year at the last moment, Congress gets around to patching the AMT deductions, which are not indexed to inflation. That is if they don’t have anything more important on their lame-duck plate, e.g. the fiscal cliff. Last year for joint filers, the deduction was $72,450. Without action, it drops to $45K. Translation, if you have income between $75K and $300K, lucky you, you’re a fat cat! Yes the AMT (a two-tier flat tax) was created to make those fat cats pay their fair share. You’re not honored to be a fat cat? You are so ungrateful!

Bill Thomas

Grass Valley

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The Union Updated Jun 6, 2013 11:41PM Published Dec 26, 2012 02:04PM Copyright 2012 The Union. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.