WASHINGTON – Demonstrat-ing his unwavering commitment to strengthening Rhode Island’s middle class families, U.S. Rep. David N. Cicilline (D-RI) has introduced the Paying a Fair Share Act – legislation that would enact the Buffett Rule and require that Americans earning the highest incomes pay at least the same effective tax rate as middle class families.
“If we want to guarantee fairness in our tax code, then surely middle class families should not be carrying a higher tax burden than millionaires and billionaires,” said Cicilline. “I am proud to join Senator Whitehouse in the push to restore tax fairness by leading the effort in the House of Represent-atives to enact the Buffett rule.”
Whitehouse (D-RI) has reintroduced the Paying a Fair Share Act during the 113th Congress – the Buffett Rule has also been included in multiple sequestration replacement proposals in both the House and Senate, and has received support from the White House and House Democratic Leader Nancy Pelosi.
The Paying a Fair Share Act would require that Americans earning the highest incomes pay at least a 30-percent effective tax rate – a rule that would apply to the 0.1 percent of taxpayers who make more than a $1 million annually. The Joint Committee on Taxation has estimated that this proposal would help reduce the deficit by $53.6 billion over the next decade.
Cicilline’s legislation has received the support of seven original co-sponsors in the House. This is the House version of Senator Whitehouse’s proposal. The bill now awaits further legislative consideration.