INCOME – For Those Interested In This Trending Topic

Spring Forward = On The Up And Up!

in·come

[in-kuhm]
noun
1. the monetary payment received for goods or services, or from other sources, as rents or investments.
2. something that comes in as an addition or increase, especially by chance.
3. Archaic . a coming in.

What’s Good In The Hood?

On this end, between us as friends, this formula of posting images along with the definitions while keeping the post short and neat has been leading to some phenomenal off line results which I find to be satisfactory, so in honor of Tax Season along with the new Buffet Tax Rule that is currently being taken into consideration by the U.S. Congress via the Obama administration, here is some valuable and useful pimpformation to add to the matter of class systems and household income statuses, income as in the term that precedes the term tax, which is a term that precedes the term season.

Buffett Rule

The Buffett Rule is a tax plan proposed by President Barack Obama in 2011 to reduce income inequality in the United States between the top 1% of Americans and the remaining 99% of Americans, due to the income growth in the 1% group as compared to the 99% group. The tax plan would apply to individuals earning more than $1 million per year; this comprised the top 450,000 of Americans by income when the rule was proposed.

The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he disagreed with rich people, like himself, paying less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy. The rule would implement a higher minimum tax rate for taxpayers in the highest income bracket, to ensure that they do not pay a lower percentage of income in taxes than less-affluent Americans. In October 2011, Senate leader Harry Reid (D–Nev.) proposed a 5.6 percent surtax on millionaires to pay for new stimulus provisions, but the change did not go through.

A White House statement released in January 2012 defined the rule as part of “measures to ensure everyone making over a million dollars a year pays a minimum effective tax rate of at least 30 percent … implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions.”The White House also stated that “no household making more than $1 million each year should pay a smaller share of their income in taxes than a middle class family pays.”The rule was not in the President’s 2013 budget proposal and the White House initially stressed it as a guideline rather than a legislative initiative.The Buffett Rule, however, was later submitted for deliberation as Senate Bill S. 2059, Paying a Fair Share Act of 2012.
Source: en.wikipedia.org/wiki/Buffett_Rule

A different perspective to consider….along with Congress.