Congressman Russ Carnahan today announced that he would co-sponsor H.R. 3903, the Paying a Fair Share Act, the legislation that would codify the "Buffett Rule," ensuring that all Americans pay a fair share of taxes.
"For far too long, our tax code has contained loopholes and special provisions that benefit only the wealthiest individuals in this country," said Rep. Carnahan. "On this Tax Day, I want to reaffirm my commitment to restoring tax fairness for the middle class, beginning with the Buffett Rule. It is time for America to grow and excel through everyone paying their fair share."
The "Paying a Fair Share Act," introduced by Congresswoman Tammy Baldwin of Wisconsin, is a direct response to President Obama's proposal in his State of the Union Address to ensure that middle class workers do not pay a higher tax rate than those earning more than id=mce_marker million a year.
The National Economic Council indicates that 22,000 households making more than id=mce_marker million per year paid less than 15 percent in effective tax rates, and more than 1,500 of those households paid no tax at all.
"I've consistently been a champion of the most important issues on the minds of working families all over this nation: jobs and the economy," said Carnahan. "They know that that millionaires and billionaires should not be paying a lower percentage of their income in federal taxes than middle class households. This legislation will be the first step in leveling that playing field."