REPORT FROM CONGRESSWOMAN MAZIE HIRONO’S CONGRESSIONAL OFFICE – Today the U.S. Senate failed to pass the Paying a Fair Share Act, legislation that would enact the “Buffett Rule” championed by President Obama and ensure millionaires and billionaires don’t pay a lower tax rate than middle class families. The “Buffett Rule” would require people with annual incomes over $1 million to pay a minimum tax rate of 30 percent.
“With Tax Day tomorrow, we’re all thinking about what must be done to reduce the deficit, grow our economy, and protect priorities like Social Security and Medicare. The bottom line is that we’re all in this together, and Hawaii’s families do their part because they understand the importance of our shared responsibility,” said Congresswoman Hirono (D-Hawaii).
“Many of the most fortunate individuals, such as billionaire Warren Buffett, think it’s unfair that they pay lower tax rates than their middle class employees. I agree. We all recognize that what we really need is comprehensive tax reform that is fair and progressive and promotes investment, savings, and entrepreneurship. I’m disappointed that the Senate failed to advance this measure. However, I hope today’s vote will help focus our national debate on comprehensive tax reform on these important goals.”