The Republican Senate killed the “Buffett rule” which is meant to tax the Americans who earn over $1 million, or some other large amount–depending on the version of the legislation. Critics claim the tax will raise only $5 billion a year. That would make very little difference to the size of the deficit.
The rule remain a powerful political tool for those politicians who claim the rich are too rich and that American wealth should be redistributed. But, many of the rich create jobs, so there remains a case that the tax would be regressive.
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