Sen. Sheldon Whitehouse (D-RI) and seven others introduced “Buffett Rule” legislation Wednesday that implements President Obama’s principle, advocated in the State of the Union, that millionaires and billionaires should pay a minimum tax rate of 30 percent.
The “The Paying a Fair Share Act” is sponsored by Sens. Daniel Akaka (D-HI), Mark Begich (D-AK), Richard Blumenthal (D-CT), Tom Harkin (D-IA), Patrick Leahy (D-VT), Bernie Sanders (I-VT), and leadership member Chuck Schumer (D-NY).
Whitehouse’s office said it’s still waiting for an official score but expects the legislation to produce tens of billions of dollars in deficit reduction. The policy is structured as a minimum tax for people making over $1 million per year.
“It’s inexcusable that our tax system permits ultra-high income earners to pay a lower tax rate than a truck driver or a janitor, and this legislation would help fix that unfair system,” the Rhode Island Democrat said.