Monday, April 16, 2012

As Americans Finish Up Tax Returns, Congress Set to Debate Buffett Rule

Posted By on Mon, Apr 16, 2012 at 8:43 AM

With Tax Day looming, the debate over the so-called "Buffett rule" intensifies this week. Today, the U.S. Senate is expected to vote on President Barack Obama's proposed rule that would impose at least a 30 pecent tax on those earning more than $1 million in an attempt to make America's wealthiest citizens pay rates comparable to those paid by middle-class citizens. The measure, named after billionaire Warren Buffett, who backs the concept, could raise as much as $47 billion.

This Thursday, the Republican-dominated House of Representatives is planning a vote on legislation providing a 20 percent tax deduction for small businesses with fewer than 500 workers.

Since April 15 fell on a Sunday and today is a holiday in the District of Columbia, this year's deadline for filing taxes is tomorrow, Tuesday, April 17. The Internal Revenue Service said it had received, through April 6, 99 million of the 145 million expected returns. So far, 80 million refunds have been issued, averaging $2,794 down $101 from last year.

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