Introducing the `Pay A Fair Share Act’
Introducing the `Pay A Fair Share Act’
By Greg Sargent
On a conference call with reporters just now, Senator Sheldon Whitehouse made official what I reported here on Friday: This week, he will introduce a bill that would ensure that millionaires paying lower tax rates than middle class taxpayers would henceforth pay a 30 percent tax rate.
Whitehouse clarified that the proposal — the first concrete legislative vehicle for implementing the “Buffett Rule” — will not tamper with existing tax rates. Instead, under the proposal, those making more than $1 million a year would be required to calculate their overall tax rate, taking into account all their income and the full sum of what they pay in taxes. If that amount adds up to less than 30 percent, they would be required to make up the difference.
Whitehouse boiled down the proposal into one line: “If your income is over 1 million, multiply it by 0.3, and if that number is bigger than you’d otherwise be paying, pay that.”
Interestingly, Whitehouse confirmed that the White House had been notified about what he’s up to, which suggests Obama advisers are happy to see this proposal proceeding, at a minimum for the purposes of discussion.
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http://www.washingtonpost.com/blogs/plum-line/post/introducing-the-pay-a-fair-share-act/2012/01/30/gIQAu8AacQ_blog.html
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