Dems bring back ‘Buffett Rule’
The bills from Whitehouse and Democrats aren’t new — all three, including so-called “Buffett Rule” legislation, were introduced in the last Congress — and stand little chance of progressing on a GOP-controlled Capitol Hill.
Along with the Buffett Rule, Democrats also introduced legislation Tuesday to target offshore tax havens, an issue long championed by former Sen. Carl Levin (D-Mich.), and companies that manufacture goods abroad to sell in the U.S.
“Our tax system is upside down when billionaire investors pay lower effective tax rates than janitors and truck drivers,” Whitehouse said about the Buffett Rule legislation.
More than 15 other Senate Democrats, including Minority Leader Harry Reid (Nev.) and Minority Whip Dick Durbin (Ill.), signed on to the bill. The measure is named for billionaire investor Warren Buffett, and would install at least a 30 percent effective tax rate on the country’s highest earners.
