U.S. Senator Tammy Baldwin is moving forward with a “Paying a Fair Share Act.” Also known as the Buffett Rule, it would require that multimillion dollar earners pay at least a 30 percent effective federal tax rate.
“For far too long our tax code has unfairly favored the wealthiest Americans, while middle class families in Wisconsin have struggled to get ahead,” said Baldwin, who along with Rhode Island Democrat Sheldon Whitehouse led a group of 16 Senators in introducing legislation this week.
The bill from Baldwin and her fellow Democrats is unlikely to advance in the Republican-controlled Senate.
“If our new Republican majority truley believes in strengthening the economic security of our middle class, I hope they’ll join us in supporting this common sense idea that if you work hard and play by the rules, you’ll have a chance to get ahead,” Baldwin said.
Baldwin said the legislation would produce some 70 billion dollars in revenue over the next ten years.