Both Politico and the Wall Street Journal reported that Senate Democrats are planning to revive the Buffett rule, a minimum tax on income in excess of $1 million, in their plan to avert the so-called “sequester” spending cuts scheduled for March. President Obama proposed a minimum millionaires’ tax during last year’s State of the Union address.
The rule would have raised about $50 billion in revenue, and fixed a tax code that allows some millionaires to pay lower tax rates than middle-class families. Here are two charts showing why the Buffett rule is so vital:
Republicans last year filibustered the Buffett rule in the Senate.