Sen. Whitehouse introduces 'Buffett rule' tax plan
Sen. Whitehouse introduces 'Buffett rule' tax plan
Senator Sheldon Whitehouse (D-RI) Wednesday introduced a bill based on President Obama's proposal in his State of the Union address, to impose a 30% tax rate on high earners.
The so-called "Buffett rule" is based on billionaire Warren Buffett's complaint that he pays a lower tax rate than his secretary.
"Americans deserve a straight deal, and right now they are not getting one from their tax system," said Whitehouse Wednesday morning on the Senate floor, as he introduced the bill, which he calls the "Paying a fair share act".
The bill requires those who earn more than $1 million a year to pay taxes at a 30% rate
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update: http://www.dailykos.com/story/2012/02/01/1060663/-Sheldon-Whitehouse-introduces-Paying-a-Fair-Share-tax%C2%A0bill-?via=siderecent
Whitehouse has made one change from his original proposal, now including a provision that phases the rule in for earners making between $1 and 2 million, who would pay a portion of the extra tax required to get them to a 30 percent effective tax rate. Those over $2 million would pay a minimum 30 percent rate.
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