Flat tax on fat cats
December 26, 2012
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!
Recommended Stories For You
Trending In: Letters
- ‘Trimmigrants’ descend on Nevada County, for better or for worse
- Truckee police: Man drugged victim, raped her
- Grass Valley sinkhole’s impacts on creek will remain
- Nevada County staff recommend no Dollar General at Rough and Ready Highway site
- ‘Lucky to be alive:’ Man escapes fire, returns to find tree on house