Tax Notes has published an article by Meg Shreve
indicating that statistical estimates of Obama's fiscal 2013 budget proposal would fall short of meeting the amount necessary to replace the alternative minimum tax (AMT). The Buffett Rule, named after Warren Buffett, would require millionaires to pay higher tax rates and could possibly replace the AMT. However, removing the AMT would cost $1.2 trillion over 10 years and according to the Joint Committee of Taxation and the Urban-Brookings Tax Policy Center, the rule would raise only $46.7 billion and $113.8 billion, respectively.
See Meg Shreve, "JCT Score Prompts Hatch to Criticize 'Buffett Rule' Bill
", 2012 TNT 55-4, (March 20, 2012).
Posted by Myriam Clerge
, Associate Editor, Wealth Strategies Journal