'Buffett Rule' Legislation Introduced in the Senate

Policies designed to equalize never seem to accomplish their goal because capital, like electricity, always finds the path of least resistance. If taxable barriers impede capital, it will seek a new path. If all paths contain barriers, then capital seeks a new country.

The risk/reward game cannot be legislated or “ruled” into accepted social norms of equality. Equality exists through life, liberty, and freedom of choice. Citizens often realize capital’s importance in defining them only after they’ve been vastly curtailed or lost through the process of policy deflection.

Headline: 'Buffett Rule' Legislation Introduced in the Senate

Senate Democrats today introduced legislation for the "Buffett Rule," as called for in President Obama's State of the Union address last week .

The so-called Buffett Rule, dubbed as such because of the example used by the administration that billionaire investor Warren Buffett pays a rate lower than his own secretary, would ensure that the highest-earning taxpayers pay at least a 30 percent tax rate.

Sen. Sheldon Whitehouse, D-Rhode Island, today introduced the legislation, formally called now the "Paying a Fair Share Act," today on the Senate floor.

"We should celebrate the success of people who are earning $1 million and more a year, but we really don't, particularly in this time of tight budgets and hard choices, need to subsidize that," Whitehouse said.

The legislation ensures that people with incomes exceeding $1 million pay at least a minimum federal tax rate of 30 percent. Taxpayers earning less than $1 million would not be affected by the bill.

Source: news.yahoo.com