Morning Bell: Buffett Rule 101

President Obama traveled to Florida yesterday to distract the nation from its real problems by laying out his case for the Buffett Rule, a plan to drastically raise taxes on successful Americans and small businesses. The core of his argument is that the rich aren’t paying their fair share. It makes for great populist rhetoric, especially when families are hurting and angry under today’s high unemployment, but the result is terrible policy. Worse, it’s a distraction from the big issues facing the nation, like the deficit, the economy, jobs, gas … More

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Romney’s Taxes: Too Little or Too Much?

Much has been made of Mitt Romney’s asserted 15 percent or so tax rate. There is both a material error and an irony to this story. The release of Romney’s tax returns for 2009 and 2010 and a preliminary assessment for 2011 shows a remarkably consistent picture. First, he makes a pretty penny, but we knew that. His income is about $20 million a year, and he consistently pays about 15 percent in federal income tax. Most of his income is either dividends or capital gains, which are each taxed … More

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