The Senate is voting today on legislation to swap the sequester spending cuts with a package evenly divided between other spending cuts and targeted tax hikes.
The core tax hike in this package is our old friend - the Buffett Tax. We’ve previously pointed out the serious flaws in both the premise and the execution of the Buffett Tax. The provision contained in S. 388 suffers from all these flaws.
How would it work?
In this case, the bill would impose a new, minimum tax of 30 percent on taxpayers earning $5 million or more. The minimum tax would begin to phase-in once …