Random thoughts from a farm boy living in rural Illinois
Tuesday, April 10, 2012
Buffet Rule to affect on farmers?
President Obama is pushing for the so-called "Buffet Rule". If enacted, individuals making over $1m per year would pay a minimum of 30% in taxes. The effects of such a plan on farmers is unknown, although most would agree that $1m per year in profits is not the norm. The bigger issue is whether the US should have a progressive tax plan that punishes success. At what point does 30% for $1m in income turn into 30% for $100k in income?