The third ranking Democrat in the Senate said lawmakers will debate legislation on “tax day” in mid-April, on the filing deadline for personal tax returns, that would ensure millionaires pay at least a 30 percent rate.
Sen. Chuck SchumerCharles SchumerCruz's dad: Trump 'would be worse than Hillary Clinton' With Ryan’s blessing, lawmakers press ahead with tax reform talks Big business will never appease the Left MORE (D-N.Y.) said on Sunday that the Senate will debate Sen. Sheldon WhitehouseSheldon WhitehouseJudiciary Dems seek hearing on voting rights Senate looks for easy wins amid 2016 gridlock Portman focuses on drug abuse epidemic in new ad MORE’s (D-R.I.) proposal to enact the so-called “Buffett Rule.”
The proposal, central to President Obama's platform to "level the playing field" for workers, is named after billionaire investor Warren Buffett. Buffett is an advocate for higher taxes on the wealthy and has said that he should not pay a lower tax rate than his secretary.
Obama has pushed Congress to pass legislation that he and other Democrats call a way to ensure millionaires pay their fair share.
During Obama's State of the Union address in 2012, Debbie Bosanek, Buffett's secretary, was in the audience, as the president pushed lawmakers to adopt the proposal.
The Buffett Rule, however, has little chance of passing in the GOP-controlled House, where Republicans have been reluctant to approve any tax increases.