‘Buffett Rule’ Becomes A Bill, And Congress Bickers

Sen. Sheldon Whitehouse, a Rhode Island Democrat, introduced legislation this week that would effectively raise taxes for most who earn more than $1 million annually.
Pete Marovich/Getty Images

Sen. Sheldon Whitehouse, a Rhode Island Democrat, introduced legislation this week that would effectively raise taxes for most who earn more than $1 million annually.

At last week’s State of the Union address, the secretary of billionaire investor Warren Buffett was seated prominently with first lady Michelle Obama.

President Obama invited Debbie Bosanek to a seat in the spotlight to underscore a complaint her boss has widely made: that she pays a much higher tax rate than the 17 percent Buffett himself pays.

Speaking to a joint session of Congress, Obama proposed what he called the “Buffett Rule“: Anyone making more than $1 million a year should pay no less than 30 percent in taxes.

“You can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense,” Obama said.

Sen. Mike Johanns, R-Neb., said Obama was simply trying to score political points in an election year.

“When he picks out one item — rich vs. poor — that’s class warfare,” said Johanns. “And I know he says, ‘Well, you can call it what you want.’ But the truth of the matter, he knows what he’s doing.”

New Legislation

This week, Obama’s Buffett Rule

You can read the rest of this article at: http://www.npr.org/2012/02/04/146342119/buffett-rule-becomes-a-bill-and-congress-bickers

One Response to ‘Buffett Rule’ Becomes A Bill, And Congress Bickers

  1. Herbert Beavis Reply

    April 16, 2012 at 2:35 pm

    Anyone making over ONE MILLION per YEAR, Personal Income, should pay UP TO 90% tax on ALL over ONE million! What can ANYONE do with that much money?
    It is obscene, especially when they cry about paying minimum wages and worker benefits and hiring
    full time(40 hours/week) employees!

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