Congress is much more focused on maintaining what should be called the “Romney Rule,” that allows the ultra-rich to hide money in Cayman and Switzerland while paying less taxes than Buffet’s secretary.
By the way, isn’t the “Romney Rule” supposed to exist so people like Mitt Romney reinvest and create new jobs, rather than sit back and collect income from his previous job? The only job creation Romney cares about is his ongoing, failed, attempts to get elected to office, going on twenty years nows. CNBC:
If passed, it would require that anyone earning more than $1 million a year, including capital gains, would pay a minimum 30 percent federal tax rate.
The bill provides for a phase-in period for those making between $1 million and $2 million to “make sure that no taxpayer is ever in a situation where earning an additional dollar of income will increase his or her taxes by more than that dollar,” according to Whitehouse.