Buffett Rule

When Warren Buffet speaks, everyone listens. The billionaire from Nebraska made headlines when, in 2011, he said that his secretary and other employees paid a higher percentage of their income on taxes (36%) than he did at 17.4%.

President Obama proposed the “Buffet Rule” in 2011, which would require a minimum tax rate of 30 percent on individuals making more than $1 million dollars a year. The proposal didn’t pass in the proposed form, but it is frequently reintroduced by those running for public office, since just about everyone seems to love the idea of taxing the rich.