‘Buffett Rule’ Is More Complicated Than Politics Suggest
Private Wealth Services Co-Chair David Sloan was quoted in a New York Times article titled "‘Buffett Rule’ Is More Complicated Than Politics Suggest."
The "Buffett Rule,” included in the budget plan President Obama sent to Congress, stipulates that people who make more than $1 million a year should pay at least the same percentage of their earnings as middle-class Americans. The author writes that behind the entertaining political theater, some complicated tax questions are being raised. Although the prospects of the rule ever becoming law are poor – there is strong opposition to it among Republicans in Congress – some variation is possible. The articles reports that this prompted Mr. Sloan to calculate how much Mr. Buffett’s secretary would have to make to pay a higher percentage of her income than one of the richest men in the world. But Mr. Sloan gave up. “It’s so nonsensical,” he said. “It’s not rich, poor. It’s source of income.”