It’s a message with a face now that former Massachusetts Gov. Mitt Romney has released his tax returns — income tax rates far exceed capital gains (money made on investments) rates for many Americans, and some in DC have pushed to raise the capital gains rates to make this more equitable. That proposal has seen stiff opposition from Republicans, but a new poll from the New York Times and CBS News shows that a majority of Americans agree with it.
The survey shows that 52 percent of Americans think the capital gains rate should be the same as income tax rates, while 36 percent say Congress should keep things the same. Both Democrats and Republicans think increasing them are a good idea, although Democrats moreso, and the proposal also gets support from 54 percent of independent voters.
The general idea here — that those making large sums from investments shouldn’t pay markedly less than those with traditional wage incomes — has been dubbed the “Buffett Rule” by the White House, in reference to billionaire investor Warren Buffett. “Buffett last year decried the fact that he paid a lower tax rate than some middle-income earners in his office, such as his secretary,” CBS writes. “To drive home the president’s point tonight, Buffett’s secretary, Debbie Bosanek, will be in First Lady Michelle Obama’s box.”
