The Buffett Rule
This week, I am proud to strongly support the Buffett Rule by cosponsoring the Paying a Fair Share Act of 2012. This legislation would ensure that people with the highest income – including millionaires and billionaires – pay their fair share of taxes. They should pay the same rates as hardworking middle class Americans. Unconscionably, current tax loopholes allow the wealthiest Americans who make most of their income from investments to pay a lower effective tax rate than middle class families.
In addition to reducing the deficit by billions of dollars over the next decade, the Paying a Fair Share Act would ensure taxpayers with income exceeding $1 million – including income from capital gains and dividends – would pay at least the same in taxes as middle class Americans.
Hardworking Americans in Connecticut and across the country deserve fair treatment from our tax code. This legislation is a step – albeit only one step – toward reforming a system that favors the rich while middle class families continue to struggle.