Politico.com reports that billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.
“I’m delighted to be identified as a supporter of S. 2059,” Buffett wrote in a letter to Sen. Sheldon Whitehouse (D-R.I.), who introduced legislation to implement the rule.
“I have no problem endorsing any large step in the direction of greater fairness in the Tax Code. … Thanks for what you are doing for our country,” Buffett added, according to the senator’s office.
The “Buffett Rule” entered the national conversation when Buffett pointed out that he pays a lower effective tax rate than his own secretary, and argued that the rich should pay at least the same tax rate as middle-class workers. The suggested rule has been a flashpoint in the the debate over income inequality in the context of the Occupy Wall Street and 99 Percent movements, and has prompted criticism from the right.
Read more: http://www.politico.com/news/stories/0212/73195.html
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