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The rule, however, was later submitted for deliberation as US Senate Bill S. 2059, Paying a Fair Share Act of 2012. [4] [11] On April 16, 2012, the bill received 51 affirmative votes, but was stopped by a Republican filibuster that required 60 votes to proceed to debate and a vote on final passage. [12] [13]
The issue arises out of the fact that while Buffett, who has a net worth of $138 billion per the Bloomberg Billionaire's Index, pays a higher share of federal income tax, Bosanek pays a higher ...
The final, failed draft report, which received 11 of the required 14 votes for approval, was released to the public in December 2010. [115] The Commission released a draft of its proposals on November 10, 2010. It included various tax and spend adjustments to bring long-run government tax revenue and spending into line at approximately 21% of GDP.
Over the past 30 years, the divide between the wealthy and the rest of America has ballooned. The "great contraction" of the past few years has only accelerated the trend. Recently, the top 1% ...
In a recent conference call with reporters, the White House made the case for a minimum tax on millionaires, ahead of a speech in which President Barack Obama will make it the centerpiece of his ...
Like the House version, these policies also include a Buffett-rule tax, the closure of the oil subsidies, and cuts to farm subsidies. Additionally, this bill would cut defense spending for 2013 in excess of the amounts required by the current sequester. But this bill has little chance of winning the 60 votes required to override a filibuster. [18]
The Buffett Rule is a principle named for billionaire investor Warren Buffett who famously expressed concern that his effective tax rate is lower than his secretary’s because of tax rules that ...
President Obama announcing the "Buffett Rule" Buffett stated that he only paid 19% of his income for 2006 ($48.1 million) in total federal taxes (due to their source as dividends and capital gains) while his employees paid 33% of theirs, despite making much less money. [205]