Buffet, Obama administration supporting bill proposing Buffet Rule
By Lauren McNitt
ProWEB Wire (Industry News)
Warren Buffet is backing legislation that would put his ideas for taxing the wealthy into law.
Buffet, in a New York Times op-ed last year, said households taking in more than $1 million annually should pay a higher tax rate than their middle class peers. Sen. Sheldon Whitehouse, D-R.I., has introduced the legislation to the Senate and announced Buffet’s support Wednesday.
President Barack Obama and Democratic legislators have indicated in recent months they will be making a push to fight income inequality and promote fairness within the tax code. The president touted the so-called Buffet Rule in his State of the Union address last month.
“I have no problem endorsing any large step in the direction of greater fairness in the tax code," Buffet wrote to Sen. Whitehouse in a letter.
The Obama administration has said it support Whitehouse’s bill and called for it to be included in any efforts to reform the tax code.