The Buffett Rule (Paying a Fair Share Act)

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 Baldwin introduced in the House the Paying a Fair Share Act, also known as “the Buffet Rule.” The measure will 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.

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.

Since introducing the Paying a Fair Share Act, Rep. Baldwin has called on House leadership to schedule an up or down vote on the measure. Senator Sheldon Whitehouse (D-RI) has introduced a companion bill in the Senate.

Over 110 organizations, and Warren Buffett himself, have endorsed Congresswoman Baldwin’s legislation.

More on the Buffett Rule

• Tax Dollars and (Common) Sense [Rep. Baldwin Column (4/12/12)]
• List of 110 Organizations Endorsing the Buffett Rule
• Letter to House Leadership Calling for an Up or Down Vote on the Buffett Rule

Press Releases

• Baldwin Repeats Call for Vote on Buffett Rule (4/19/12)
• Baldwin Says Momentum for Buffett Rule is Building (4/17/12)
• Statement of Rep. Baldwin on Senate Vote on Buffett Rule (4/16/12)
• Baldwin Calls for House Vote on Buffett Rule (4/9/12)
• Baldwin Backs Responsible Budget Alternative (that Includes Buffett Rule) (3/29/12)
• Baldwin Effort to Keep Student Loan Rate Law by Implementing Buffet Rule Blocked (3/28/12)
• Warren Buffett Endorses Baldwin’s “Buffett Rule” Legislation (2/22/12)
• Baldwin Introduces "Buffett Rule" to Ensure Tax Fairness, Protect Middle Class (2/6/12)

Video

Rep. Baldwin calls for a vote on the Buffett Rule on the House floor