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dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">2011 tax plan by President Obama</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a>.</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output 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.mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/42px-Ambox_current_red.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/63px-Ambox_current_red.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/84px-Ambox_current_red.svg.png 2x" data-file-width="360" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article needs to be <b>updated</b>.<span class="hide-when-compact"> Please help update this article to reflect recent events or newly available information. <br /><small>Last update: 2013</small></span> <span class="date-container"><i>(<span class="date">January 2022</span>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution,_1960-2010.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg/220px-Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg" decoding="async" width="220" height="153" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg/330px-Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5f/Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg/440px-Average_Tax_Rates_for_Selected_income_groups_Under_a_fixed_Income_Distribution%2C_1960-2010.jpg 2x" data-file-width="948" data-file-height="660" /></a><figcaption>Average tax rates for selected income groups under a fixed income distribution, 1960–2010</figcaption></figure> <p>The <b>Buffett Rule</b> is part of a tax plan which would require millionaires and billionaires to pay the same tax rate as middle-class families and working people.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It was proposed by President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> in 2011.<sup id="cite_ref-Brown_2-0" class="reference"><a href="#cite_note-Brown-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The tax plan proposed would apply a minimum tax rate of 30 percent on individuals making more than one million dollars a year.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-gpo_4-0" class="reference"><a href="#cite_note-gpo-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> According to a White House official, the new tax rate would directly affect 0.3 percent of taxpayers.<sup id="cite_ref-Brown_2-1" class="reference"><a href="#cite_note-Brown-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Distribution_of_Average_Tax_Rates_(Individual_Income_Tax_and_Employee_Payroll_Tax)_Buffett_Rule.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG/220px-Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG" decoding="async" width="220" height="155" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG/330px-Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG/440px-Distribution_of_Average_Tax_Rates_%28Individual_Income_Tax_and_Employee_Payroll_Tax%29_Buffett_Rule.JPG 2x" data-file-width="946" data-file-height="667" /></a><figcaption>Distribution of average tax rates including individual income tax and employee payroll tax</figcaption></figure> <p>The Buffett Rule is named after American investor <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a>, who publicly stated in early 2011 that he believed it was wrong that rich people, like himself, could pay less in federal taxes, as a portion of income, than the middle class, and voiced support for increased income taxes on the wealthy.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The rule would implement a higher minimum tax rate for taxpayers in the highest income bracket, to ensure that they do not pay a lower percentage of income in taxes than less-affluent Americans.<sup id="cite_ref-BBC_6-0" class="reference"><a href="#cite_note-BBC-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In October 2011, Senate leader <a href="/wiki/Harry_Reid" title="Harry Reid">Harry Reid</a> (<a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">D</a>–<a href="/wiki/Nevada" title="Nevada">Nev.</a>) proposed a 5.6 percent surtax on everyone making over a million dollars a year to pay for new stimulus provisions, but the change did not go through.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>A White House statement released in January 2012 defined the rule as part of "measures to ensure everyone making over a million dollars a year pays a minimum <a href="/wiki/Tax_rate#Effective" title="Tax rate">effective tax rate</a> of at least 30 percent ... implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions."<sup id="cite_ref-ctj_8-0" class="reference"><a href="#cite_note-ctj-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The White House also stated that "no household making more than $1 million each year should pay a smaller share of their income in taxes than a middle-class family pays."<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The Buffett Rule was not in the President's 2012 budget proposal and the White House initially stressed it as a guideline rather than a legislative initiative.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The rule, however, was later submitted for deliberation as <a href="/wiki/US_Senate" class="mw-redirect" title="US Senate">US Senate</a> Bill S. 2059, <i>Paying a Fair Share Act of 2012</i>.<sup id="cite_ref-gpo_4-1" class="reference"><a href="#cite_note-gpo-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> On April 16, 2012, the bill received 51 affirmative votes, but was stopped by a Republican <a href="/wiki/Filibuster_in_the_United_States_Senate" title="Filibuster in the United States Senate">filibuster</a> that required 60 votes to proceed to debate and a vote on final passage.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-whitehouse2_13-0" class="reference"><a href="#cite_note-whitehouse2-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Possible_effects">Possible effects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=2" title="Edit section: Possible effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If enacted, the rule change would result in $36.7 billion per year in additional tax revenue ($367 billion over the next decade), according to a January 2012 analysis by the <a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a>, a <a href="/wiki/Think_tank" title="Think tank">think tank</a>.<sup id="cite_ref-boak_14-0" class="reference"><a href="#cite_note-boak-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> These figures assume that the 2001/2003/2010 tax cuts are not extended. If the 2001-2010 tax cuts do not expire as scheduled, estimated Buffett Rule revenues would total $162 billion over the decade.<sup id="cite_ref-Williams_15-0" class="reference"><a href="#cite_note-Williams-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> An alternative study released that same month by the <a href="/wiki/Citizens_for_Tax_Justice" title="Citizens for Tax Justice">Citizens for Tax Justice</a>, a <a href="/wiki/Modern_liberalism_in_the_United_States" title="Modern liberalism in the United States">liberal</a> <a href="/wiki/Think_tank" title="Think tank">think tank</a> which favors the change, stated that the change would add $50 billion per year in tax revenue ($500 billion over the decade).<sup id="cite_ref-ctj_8-1" class="reference"><a href="#cite_note-ctj-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/United_States_Congress_Joint_Committee_on_Taxation" class="mw-redirect" title="United States Congress Joint Committee on Taxation">United States Congress Joint Committee on Taxation</a> released a letter in March 2012 estimating that the Buffett Rule would raise $46.7 billion over the next decade.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The divergent estimates come about because of different assumptions about the details of the Buffett Rule. For example, the Joint Committee on Taxation assumes that many high-income taxpayers would reduce the amount of capital gains realized in one year to fall beneath the Buffett Rule threshold. </p><p>The estimated $47 billion would offset by 0.7% the $6.4 trillion increase in spending over the next decade estimated by the Congressional Budget Office, based on President Obama's 2013 budget plan.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Using the higher estimate from the Tax Foundation, the estimated $367 billion would offset by 5.7% the $6.4 trillion spending over the next decade. </p><p>The 2013 budget proposed by the Obama administration stated that the Buffett Rule should replace the <a href="/wiki/Alternative_Minimum_Tax" class="mw-redirect" title="Alternative Minimum Tax">Alternative Minimum Tax</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The Joint Committee on Taxation calculated that the Buffett Rule plus the repeal of the Alternative Minimum Tax would increase the deficit by $793.3 billion in the next decade.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The $793.3 billion loss projected did not take into account additional proposed measures, such as incremental increases in retirement age and payroll tax lifetime contributions raised to $190,000 by 2020, about $22,000 higher than it would be under current law.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Part of the reason for the inequality in taxation is that revenue from long-term <a href="/wiki/Capital_gains_tax_in_the_United_States" title="Capital gains tax in the United States">capital gains</a> is taxed at a maximum rate of 23.8%.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> It's not entirely clear how many individuals would be affected by the change. An October 2011 study by the <a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Congressional Research Service</a> found that a 30% minimum tax rate rule would mean up to 200,000 taxpayers, equivalent to 0.06% of all U.S. citizens, paying more.<sup id="cite_ref-boak_14-1" class="reference"><a href="#cite_note-boak-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Reactions_and_public_opinion">Reactions and public opinion</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=3" title="Edit section: Reactions and public opinion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Support">Support</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=4" title="Edit section: Support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>, <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> columnist and <a href="/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences">Nobel Prize</a>–winning economist, wrote in January 2012 that "such low taxes on the very rich are indefensible".<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> He stated that "the economic record certainly doesn’t support the notion that superlow taxes on the superrich are the key to prosperity" asserting that since the U.S. economy added 11.5 million jobs during President Bill Clinton's first term, when the capital gains tax rate was over 29 percent, he thinks there's no real reason to keep from raising the tax rate.<sup id="cite_ref-krugman_23-0" class="reference"><a href="#cite_note-krugman-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>A <a href="/wiki/CBS_News" title="CBS News">CBS News</a>/<i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i> poll released in January 2012 found that 52 percent of Americans agreed that investments should be taxed at the same rate as income.<sup id="cite_ref-caldwell_24-0" class="reference"><a href="#cite_note-caldwell-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> A <a href="/wiki/The_Gallup_Organization" class="mw-redirect" title="The Gallup Organization">Gallup</a> poll released in April 2012 also found that 60 percent of Americans support the rule. A similar poll released later that month by <a href="/wiki/CNN" title="CNN">CNN</a> found that 72 percent of Americans support the idea.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Opposition">Opposition</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=5" title="Edit section: Opposition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Representative <a href="/wiki/Paul_Ryan" title="Paul Ryan">Paul Ryan</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R</a>–<a href="/wiki/Wisconsin" title="Wisconsin">Wis.</a>), who was the chairman of the <a href="/wiki/House_Budget_Committee" class="mw-redirect" title="House Budget Committee">House Budget Committee</a>, criticized the new tax provisions. He labeled it as <a href="/wiki/Class_conflict" title="Class conflict">class warfare</a> and also stated that it would negatively impact job creation and investment.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Senate Minority Leader <a href="/wiki/Mitch_McConnell" title="Mitch McConnell">Mitch McConnell</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R</a>–<a href="/wiki/Kentucky" title="Kentucky">Ky.</a>) said the conditions of the U.S. economy were ill-disposed to raising taxes.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> House Speaker <a href="/wiki/John_Boehner" title="John Boehner">John Boehner</a> (<a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">R</a>–<a href="/wiki/Ohio" title="Ohio">Ohio</a>) has spoken against the proposed rule and said that, "there's a reason we have low rates on capital gains ... because it spurs new investment in our economy and allows capital to move more quickly."<sup id="cite_ref-caldwell_24-1" class="reference"><a href="#cite_note-caldwell-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Dana_Milbank" title="Dana Milbank">Dana Milbank</a> from <i>The Washington Post</i> criticized the proposed tax as a gimmick, stating that President Obama was prioritizing the Buffett Rule over the <a href="/wiki/Alternative_minimum_tax" title="Alternative minimum tax">alternative minimum tax</a> for political, not economic reasons.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Economic_policy_of_Barack_Obama" class="mw-redirect" title="Economic policy of Barack Obama">Economic policy of the Obama Administration</a></li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">Taxation in the United States</a></li> <li><a href="/wiki/United_States_federal_budget" title="United States federal budget">United States federal budget</a></li> <li><a href="/wiki/We_are_the_99%25" title="We are the 99%">We are the 99%</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFUnited_States._Congress2012" class="citation book cs1">United States. Congress (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qW-1NcIqJc8C"><i>Congrassional Record : Proceedings and Debates of the 112th Congress : Second Session</i></a>. U.S. Government Printing Office. p. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qW–1NcIqJc8C&pg=PA5249&dq=buffett+rule">5249</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Congrassional+Record+%3A+Proceedings+and+Debates+of+the+112th+Congress+%3A+Second+Session&rft.pages=5249&rft.pub=U.S.+Government+Printing+Office&rft.date=2012&rft.au=United+States.+Congress&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DqW-1NcIqJc8C&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABuffett+Rule" class="Z3988"></span></span> </li> <li id="cite_note-Brown-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Brown_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Brown_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Carrie Budoff Brown. <a rel="nofollow" class="external text" href="http://www.politico.com/news/stories/0911/63756.html">"Obama's 'Buffett Rule' to call for higher tax rate for millionaires".</a> <i><a href="/wiki/Politico" title="Politico">Politico</a></i>, September 17, 2011.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://obamawhitehouse.archives.gov/sites/default/files/Buffett_Rule_Report_Final.pdf">"The Buffett Rule: a Basic Principle of Tax Fairness"</a> <span class="cs1-format">(PDF)</span>. <a href="/wiki/White_House" title="White House">White House</a>. April 2012<span class="reference-accessdate">. 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Retrieved <span class="nowrap">April 16,</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Rebuffing+Obama%27s+gimmicky+%27Buffett+Rule%27&rft.date=2012-04-11&rft.au=Dana+Milbank&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fopinions%2Frebuffing-obamas-buffett-rule%2F2012%2F04%2F11%2FgIQA7m4HBT_story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABuffett+Rule" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Buffett_Rule&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120414103546/http://www.businessweek.com/articles/2012-04-12/buffett-rule-or-not-most-rich-people-already-pay">Buffett Rule or Not, Most Rich People Already Pay</a> April 12, 2012</li></ul>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Buffett_Rule&oldid=1269199709">https://en.wikipedia.org/w/index.php?title=Buffett_Rule&oldid=1269199709</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Buffett_family" title="Category:Buffett family">Buffett family</a></li><li><a href="/wiki/Category:Works_by_Barack_Obama" title="Category:Works by Barack Obama">Works by Barack Obama</a></li><li><a href="/wiki/Category:Tax_reform_in_the_United_States" title="Category:Tax reform in the United States">Tax reform in the United States</a></li><li><a href="/wiki/Category:Personal_taxes_in_the_United_States" title="Category:Personal taxes in the United States">Personal taxes in the United States</a></li><li><a href="/wiki/Category:Wealth_in_the_United_States" title="Category:Wealth in the United States">Wealth in the United States</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Use_mdy_dates_from_October_2012" title="Category:Use mdy dates from October 2012">Use mdy dates from October 2012</a></li><li><a href="/wiki/Category:Wikipedia_articles_in_need_of_updating_from_January_2022" title="Category:Wikipedia articles in need of updating from January 2022">Wikipedia articles in need of updating from January 2022</a></li><li><a href="/wiki/Category:All_Wikipedia_articles_in_need_of_updating" title="Category:All Wikipedia articles in need of updating">All Wikipedia articles in need of updating</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 13 January 2025, at 14:37<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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