"Buffett rule" will not hurt U.S. economy-Geithner

[Eugene]

Source: Reuters

"Buffett rule" will not hurt U.S. economy-Geithner

WASHINGTON | Sun Apr 15, 2012 12:05pm EDT

(Reuters) - A proposal to impose at least 30 percent income tax on Americans making more than a million dollars a year will not hurt the economy by stifling investment and growth, U.S. Treasury Secretary Timothy Geithner said on Sunday.

The so-called Buffett rule, a tax plan proposed by President Barack Obama to reduce income inequality, has been vigorously criticized by Republicans who argue it will discourage people from starting new businesses as it will raise capital gains tax and taxes on investment.

"No credible basis for that argument, in my judgment," Geithner said on CBS's "Face the Nation."

The plan named after billionaire businessman and Obama supporter Warren Buffett who has noted that he pays a lower tax rate than his secretary.

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Read more: http://www.reuters.com/article/2012/04/15/us-usa-economy-geithner-taxes-idUSBRE83E0BP20120415

[Vehl]

1. Buffett rule is a good one

and should be adopted pronto.