Millionaire Tax Bill Reintroduced in U.S. Senate

6:05 pm Asset Protection, Tax Planning

Capitol Hill e1335986610272 Millionaire Tax Bill Reintroduced in U.S. SenateImportant News For High Net Worth Individuals

A bill to impose a minimum 30 percent income tax on Americans who earn more than $1 million annually has been introduced again in the U.S. Senate, according to a news report.

The Paying a Fair Share Act of 2013 – also known as the “Buffet Rule” – was introduced last month by Sen. Sheldon Whitehouse (D-RI) and is co-sponsored by a dozen other Democratic and one Independent senator as a way to help reduce the federal deficit.

The same legislation was introduced in the House in mid-February by Rhode Island Rep. David Cicilline and 17 Democratic co-sponsors, including California representatives Barbara Lee and Judy Chu.

“This Act is an interim step that can be done quickly and serve as a floor on taxes for the highest-income taxpayers, cut the deficit by billions of dollars a year, and help encourage more fundamental reform of the tax system,” Whitehouse said in the bill.

The bill would apply to taxable years beginning in 2014.

If you have questions regarding asset protection or estate planning strategies, contact the law firm of Matsen Voorhees for a free initial consultation with one of their top rated attorneys.

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