Posted on April 12, 2012 |
On Monday, the Senate is set to vote on whether to begin debate on the Paying a Fair Share Act (S. 2230) sponsored by Sen. Whitehouse (D-RI). By requiring that all households with incomes above $1 million pay at least a 30 percent tax rate (with a phase-in for incomes between $1 million and $2 million), this bill would implement the tax policy often referred to as the “Buffett Rule” (after Warren Buffett, the billionaire who famously pays a lower effective income tax rate than his secretary). The details of the bill are rather complex, but the principle behind it is simple – and true: millionaires and billionaires shouldn’t be paying a lower tax rate than many middle-income families pay.
So why do I think millionaires aren’t already paying their fair share? And why should women care? I’m glad you asked:
The rich are getting richer, while the poor are getting poorer.
I’m sure you’ve heard this maxim before, but it’s especially true today. Read more »