More and more working Americans realize they’re being screwed over by millionaires and billionaire not paying their fair share in taxes. A new CBS/New York Times poll shows that a majority of Americans favor getting rid of the capitalist gains tax – and treating investment income that people like Mitt Romney and Paris Hilton make while they sit on their butts at the pool – the same as regular income that average Americans earn putting in long hours at the office or factory.
Currently – investment income – known as capital gains – is only taxed at 15% - thus allowing Warren Buffett to pay a lower tax rate than his secretary – and Mitt Romney to pay far fewer taxes than most middle class Americans. But that might all change soon. Led by Senator Sheldon Whitehouse – Democrats in the Senate are pushing for a vote on what President Obama has called the “Buffett Rule” – requiring anyone who makes more than a million bucks to pay a minimum of 30% in taxes regardless of where their income comes from.
Senator Whitehouse is calling the legislation the "Paying a Fair Share Act." Of course – such legislation would also have to pass the Republican-controlled House of Representatives – where the oligarchs and their multi-millionaire lobbyists like Grover Norquist have compared any sort of tax increases on the rich to treason and high crimes.