Warren Buffett’s tax rate shouldn’t be lower than his secretary’s
It is simply unfair to ask middle class Americans to pay a higher tax rate than millionaires and billionaires. Yet our tax code has unfairly benefited the wealthiest Americans for too long, while middle class families have taken it on the chin. It’s up to Congress to fix this obvious injustice.
With those commonsense principles in mind, Congresswoman Tammy Baldwin introduced in the House the Paying a Fair Share Act, also known as “the Buffet Rule.” The measure would help level the playing field between middle class taxpayers and millionaires and billionaires. The “Buffett Rule” is so-named because billionaire Warren Buffett has decried the fact that his secretary pays a higher tax rate than he does.
The Paying a Fair Share Act would apply only to the 0.1% of taxpayers with income greater than $1 million (including capital gains and dividends) and ensure that the highest-earning Americans pay at least a 30% effective tax rate. The bill preserves the incentive for charitable giving.
The additional revenue generated by asking millionaires and billionaires to pay their fair share is expected to reduce the deficit by tens of billions of dollars.
Sign the petition today to join Rep. Baldwin and the bold leaders who stood with her as cosponsors.
Bills: HR 3903 & S 2059