Picture this scenario. The Senate holds a high-profile vote on a
proposal focused directly on implementing the Buffett Rule, one that
would bring the current tax rate for millionaires paying lower rates on
investments up to 30 percent. This, at at exactly the moment when the
GOP is picking a nominee who is worth $250 million and is personally
benefitting to an enormous degree from the current rate — one that’s
lower than many middle class taxpayers pay.
It could happen. I’m told that Senator Sheldon Whitehouse is set to
announce a proposal to do just this. The Senate Dem leadership is not
commenting on this idea, but Dem leaders are looking for ways to hold
votes on the agenda Obama laid out in his State of the Union speech.
This would accomplish that perfectly.
Harry Reid has spoken positively about the general idea of a vote on
the Buffett Rule, so it seems likely that Whitehouse’s idea will get
serious consideration.
Whitehouse’s office shared some details of the proposal — which is
called “Paying A Fair Share Act,” and will be introduced by Whiteouse
next week.
The bill would ensure that taxpayers who make over $1 million would
pay at least a 30 percent tax rate on all their income, Whitehouse aides
say it would do this by requiring millionaires to calculate their
overall effective tax rate under the regular system — by taking into
account all their sources of income and the various rates they are taxed
at.
Those taxpayers whose effective rate is under 30 pecent would be
required to pay taxes on all their income at the 30 percent rate.
(Charitable contributions that are deductible under the current system
would be exempt from income calculations.)
Whitehouse plans to begin building support for the proposal among
Democratic colleagues next week. Aides say he’s already reached out to
other Senate Dems and gotten positive feedback. Whitehouse has been
working on this proposal independently for months.
Senate Democratic leaders have already suggested they are likely to
bring Obama’s State of the Union proposals that Obama laid out in his
State of the Union to a vote in some form or other, perhaps as part of a
package.
Whitehouse is hoping for a vote on his legislation, which would
require Republicans to take a Yes or No stand directly on the Buffett
Rule itself.
“In these tough economic times, it’s important that millionaires and
billionaires are paying their fair share, and that middle class families
are getting a straight deal,” one Whitehouse aide said. “This bill
would be one step in that direction.”
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