Would tax hike on millionaires help Miss.?

Here in the nation’s poorest state, the potential impact of President Barack Obama’s Buffett Rule might seem comparable to that of a pigeon alighting on the state Capitol.

In his Jan. 24 State of the Union address, Obama made a case for enforcing a minimum tax rate of 30 percent on anyone making more than $1 million, noting even billionaire Warren Buffett says it’s unfair his rate is lower than his secretary’s.

But even in Mississippi, which has perhaps the nation’s shallowest millionaire pool, the consequences of such a tax could be profound – profoundly bad or beneficial, depending on your view.

“In Mississippi, we need to be hoping they can find some millionaires they can tax a little higher,” said Marty Wiseman, director of the Stennis Institute of Government.

Clarion Ledger
1/4/12