NLIHC joined 110 national organizations in signing a letter to members of the Senate organized by the Tax Revenue Campaign in support of S. 2230, the “Paying a Fair Share Act of 2012,” introduced by Senator Sheldon Whitehouse (D-RI).
Senator Whitehouse’s bill “would address an array of tax loopholes in the tax code that allows some millionaires and billionaires to pay a lower effective tax rate than working families,” write the organizations.
The bill addresses the current variation in tax rates paid based on household earnings. The bill calls for a change in the tax rate for households earning over $1 million annually. Senator Whitehouse’s bill would make the “Buffett Rule” part of the U.S. tax code, a reform that is being promoted by President Obama. The Buffett Rule, named for billionaire Warren Buffett, would require a tax rate increase for households earning more than $1 million annually to bring their tax rate equal to at least 30%.