The Paying a Fair Share Act, also known as the Buffett Rule
, would ensure that multi-million-dollar earners pay at least a 30% effective federal tax rate.
President Barack Obama, meanwhile, when asked about the wealthiest paying more, noted, "By the way, more voters agreed with me on this issue than voted for me." Many of Obama's campaign speeches featured a short description of the "Buffett rule
," which says that "if you make a million dollars a year, then you shouldn't pay a lower tax rate than your secretary" (White House 2012b).
The origin of the so-called "(https://obamawhitehouse.archives.gov/blog/2012/04/10/white-house-report-buffett-rule-basic-principle-tax-fairness) Buffett rule
," which would apply a minimum tax rate of 30 percent to individuals making $1 million or more annually, Buffett had a few words for Republicans' tax overhaul plans.
If investors were to choose a single Warren Buffett rule
to guide them through a lifetime of investing decisions, our nomination would be:
The bill would have been paid for with the so-called Buffett Rule
, which sets minimum tax rates for people making over $1 million.
The senators propose implementing the Obama administration's "Buffett Rule
" (named after investor Warren Buffett) to offset the loss of revenue to the Department of Education.
The release of the first couple's tax return comes with far less fanfare than it did a year ago, when the President spent the week before Tax Day advocating for the Buffett rule
, which would set a minimum tax rate of 30 percent on those earning more than 1 million dollars annually.
Campaign Promise: Baldwin was the lead sponsor on the House version of the "Buffett rule
," or the Paying a Fair Share Act of 2012, which would increase tax rates on millionaires and billionaires.
While the November election season will likely delay any action until the end of this year, the Buffett Rule
, which targets capital gains tax rates and top-earning Americans, is receiving national attention.
We hear talk about the so-called "Buffett Rule
" that will add another layer to an already burdensome, complicated tax code.
Obama got Buffett to endorse the 'Buffett Rule
' - a minimum tax rate of 30 percent for any individual who makes more than $1 million a year so that all millionaires have to pay a higher tax rate than their secretaries.
Some of these developments have become live political issues in recent months, as shown by President Obama's proposal to tax Americans making more than $1 million a year at a minimum rate of 30 per cent (the "Buffett rule
") or the Ontario NDP's insistence on a surtax on the rich as a condition for supporting the minority Liberal government's budget in April.