WASHINGTON—Rep. Rick Larsen, WA-02, today became a cosponsor of the Paying a Fair Share Act (H.R. 3903) which would make the Buffett Rule law. The Buffett Rule, named for billionaire investor Warren Buffett, would ensure that middle-class taxpayers do not pay a higher tax rate than those earning more than $1 million a year.
“The Buffett Rule is about tax fairness,” Larsen said. “As thousands of people in Northwest Washington who have been struggling to make ends meet file their taxes this week, those making more than a million dollars each year should not be shirking their responsibility to pay their fair share. As Warren Buffett has said himself, he should not be paying a lower tax rate than his secretary.
“This isn’t about class warfare or punishing those who have been successful. This bill, which I am proud to cosponsor, just makes sure that the wealthiest Americans are giving back to the country that made their success possible, just as the thousands of middle-class taxpayers in Northwest Washington do each year.”
The average tax rate paid by the highest-income households is the lowest it has been in 50 years. In 2009, 22,000 households that made more than $1 million a year paid less than 15 percent of their income in federal income taxes, and 1,470 of those households paid no federal income taxes at all.
For more information on the Buffett Rule, visit: http://www.whitehouse.gov/economy/buffett-rule.