Ways and Means Ranking Member Sander Levin (D-MI) today issued the following statement regarding President Obama's "Buffett Rule" proposal to require a minimum tax rate on millionaires:
"The President's proposed 'Buffett Rule' is right on target as overall the very wealthy in our country have seen their incomes skyrocket while middle class income has stalled and poverty has risen. We need an approach to deficit reduction that is balanced and a tax system that fairly represents today's reality and begins to get a handle on the dramatic income inequality in our nation."
-58 percent of U.S. income growth between 1976 and 2007 went to the top 1 percent of U.S. earners, according to the World Top Incomes Database.
-Median income in the United States is at its lowest level in 14 years, when adjusted for inflation, according to the U.S. Census Bureau. Meanwhile the wealthiest households have seen dramatic rises in income.