This is the Buffett Rule. It would apply only to taxpayers with income over $1 million. At income levels over $2 million, there would be a flat 30% tax. At income between $1 million and $2 million there would be a phase-in to get the effective tax rate to 30%.
The bill is co-sponsored by the following:
· Sen Daniel Akaka, D-Hawaii
· Sen Mark Begich, D-Alaska
· Sen Richard Blumenthal, D-Conn.
· Sen Tom Harkin, D-Iowa
· Sen Patrick Leahy, D-Vt.
· Sen Bernie Sanders, I-Vt.
· Sen Chuck Schumer, D-N.Y.
It is very doubtful that this bill is going anywhere.
Here is another proposal. We can call it the Biden Rule:
Politicians who stay in Washington more than 10 years pay a 100% tax rate.
