Buffett Rule [SEP] named after
Buffett Rule
The Buffett Rule is part of a tax plan proposed by President Barack Obama in 2011. The tax plan would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year. According to a White House official, the new tax rate would directly affect 0.3 percent of taxpayers.
History.
The Buffett Rule is named after American investor Warren Buffett, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in
if elected. Heitkamp said such exceptions would include wartime spending, Social Security, Medicare, and a ban on tax cuts for those making more than $1 million per year.
Heitkamp announced in a campaign press release in 2012 that she supports the Buffett Rule. Heitkamp supports implementing the Buffett Rule via the Paying a Fair Share Act, which would require those making a gross income of $1,000,000 or more to pay at least a 30% federal tax rate.
After Trump's inauguration, Heitkamp was described as being