Nice one! Now we know why the Buffet Rule limit is $1 million.
"The Obamas' rate is less than the 30 percent the president wants millionaires to pay under his proposed Buffett Rule." It's actually not millionaires, but multi-millionaires - people who ear $1million per year.
It's not just education that America is bad at compared to the rest of the developed world: the US is now ranks as mediocre in health care, in social mobility and a host of other measures. American exceptionalism now means exceptionally ordinary also-ran. Sadly, this is not just down to Obummer, We have been falling slowly behind for the past 30 years.
Why not raise the tax on capital gains and other unearned income and lower the tax on earned income until the two meet. That would be a fairer way accomplish the objective: the maximum number of people being equal contributors to the funding of their government.
You've heard of "Disgusted, Tunbridge Wells"? Well, I live in Holland Park and I've Had It. Up to here! An old curmudgeon, I rant and rave about things I read, see or hear in the News. Frequently sarcastic, irreverent and libertarian; often wrong - but never uncertain.