Do You Support the Buffett Rule?

Tax ReturnsToday, the Senate is scheduled to vote on whether to hear debate on the Buffett Rule. That's the popular term for the Paying a Fair Share Act, which is a centerpiece of President Obama's reelection campaign. Under the Buffett Rule, taxpayers earning $1 million or more per year would have to pay 30 percent on their income in taxes -- that would include income earned from capital gains.

A new Gallup poll shows the idea is catching on among Americans. And since we're likely to hear a lot about it in the months to come, we decided to ask our political bloggers this week the following question.

Do you support the Buffett Rule? Why or why not?

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According to the Gallup Poll, six in ten Americans currently support the Buffett Rule. Not surprisingly, the majority of Americans who support the bill are Democrats and independents; Republicans, on the other hand, are opposed to the Buffett Rule.

In addition, Gallup found last year that 59 percent of Americans support a tax increase on those who make $250,000 or more per year. Obama has pledged to allow Bush tax credits to expire for taxpayers in that income bracket at the end of this year.

And here's more interesting information about the Buffett Rule from New York Magazine:

The Buffett Rule would affect [few] people: the 0.08 percent of taxpayers, according to calculations by Citizens for Tax Justice, who earn most of their income through capital gains. And, though raising the tax rate on those gains to 30 percent would be a doubling of the rate that currently obtains, it would still be 5 percent lower than it was after the 1986 tax reform ushered in by (and venerated by conservative fans of) the sainted Ronald Reagan.

Despite all the attention the Buffett Rule is getting, there's not much hope for it to pass the Republican-controlled House this year. The vote is seen as symbolic for the Obama administration -- and a way to spotlight Mitt Romney's personal wealth.

Here's what our political bloggers have to say about the Buffett Rule:

The Buffett Rule Is Pathetic Pabusm, Class Warfare at It's Lamest

The Buffett Rule: What We Could Do With $32 Million Per Millionaire

Republicans Reject Buffett Rule: Hooray!

I Love a Good Buffett Rule

Image via MoneyBlogNewz/Flickr

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