Open Thread

Entitlements 101

Artist - Jen Sorensen

In other news, President Obama is expected to announce a "Buffet Tax" (named after its progenitor Warren Buffet) on Monday morning which would raise taxes on persons making more than $1 million per year. Communications Director Dan Pfeiffer describes the tax as an alternative minimum tax which is intended to ensure millionaires pay a minimum rate of tax that is at least on par with that of middle-income earners.

It's a creative way of raising taxes without raising the top marginal rate. As you may be aware, many millionaires and billionaires pay a lower effective tax rate than your typical secretary or janitor.

Naturally, the Republicans will oppose this. Let them.