Buffet Rule legislation in the works
By Lauren McNitt
ProWEB Wire (Industry News)
Legislation implementing the Buffet Rule will be finalized Wednesday, according to bill sponsor Sen. Sheldon Whitehouse, D-R.I.
The Buffet Rule, named after billionaire Warren Buffet, would require individuals who earn more than $1 million per year to pay a tax rate of at least 30 percent. President Barack Obama reaffirmed his support for the rule in his State of the Union Address last week, indicating Democrats would start a renewed push for tax reform.
Whitehouse said his “Paying a Fair Share Act” has two co-sponsors, but did not name them. Republicans have come out against any type of tax increase, making it unlikely the bill will get bipartisan support.