Buffett Rule
On April 10, 2012, President Obama urged Congress to pass legislation establishing a minimum tax for millionaires — thereby enacting the “Buffet Rule,” a tax plan proposed by the Administration in 2011 to reduce income inequality among Americans. The legislation, originally included in the Administration’s Fiscal Year 2013 budget request, would ensure that any household making more than $1 million pays an effective tax rate of at least 30 percent. The Buffett Rule is named after investor Warren Buffett, who stated publicly last year that he did not believe rich people like himself should pay less in Federal taxes, as a…
