A minimum tax for millionaires | Arkansas Blog

A minimum tax for millionaires

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What about it? President Obama is about to propose a minimum income tax rate for people reporting more than $1 million a year in income. They'd have to pay at least the same percentage rate as middle income taxpayers.

This would affect a tiny number of extremely wealthy people, who — over the last decade — have amassed an even greater percentage of the country's wealth with no discernible trickle-down on the rest of the country.

The idea is, of course, dead on arrival in the Republican-controlled House, where the likes of Arkansas's Reps. Steve Womack, Rick Crawford and Tim Griffin think taxes are still too high on the "job creators." These oppressed tycoons amount to about 3 in every 1,000 taxpayers, maybe 3,000 or 4,000 people in Arkansas, where $1 million a year can still buy you a lot of house.

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