CBS2-Header-Logo WFAN 1010WINS WCBS tiny WLNYLogo

News

Sen. Blumenthal Pushes Buffett Rule Even With Passage Unlikely

Sen. Richard Blumenthal (file / credit: Win McNamee/Getty Images)

Sen. Richard Blumenthal (file/credit: Win McNamee/Getty Images)

TRI-STATE NEWS HEADLINES

From our newsroom to your inbox weekday mornings at 9AM.
Sign Up

HARTFORD, Conn. (CBSNewYork) - The so-called “Buffett rule” tax bill is heading before the U.S. Senate today.

Connecticut’s Sen. Richard Blumenthal is behind it. He has admitted it is unlikely to pass.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

The rule, named for well-known investor Warren Buffett, imposes a minimum 30 percent tax on wealthy Americans.

Blumenthal, a co-sponsor of the bill, told WCBS 880 Connecticut Bureau Chief Fran Schneidau he knows Democrats will be unable to muster the votes needed to break a Republican filibuster.

Some opponents of the measure argue that while boosting taxes on millionaires may be equitable, the amount of revenue generated would not make a serious difference in tackling the the federal deficit.

But Blumenthal told Schneidau the bill still has wide support as a first step toward necessary tax reform.

“One survey found that more than two-thirds of all millionaires support this idea, and I can tell you, personally I have spoken to friends and neighbors in Connecticut who would pay more under the Buffet rule, and they agree that it is fair and right to do,” Blumenthal told Schneidau.

He said people who make more than $1 million a year should pay the same percentage of their income in taxes as middle class families like those of firefighters and teachers do.

A report recently released by the White House showed that in 2009, 22,000 Americans made more than $1 million but paid a tax rate of less than 15 percent.

A Republican plan to give small businesses a 20 percent tax deduction goes before the House Thursday, but it is also not expected to achieve passage, the Associated Press reported.

Do you support the Buffet rule? Share your opinion in the comments section below!