WASHINGTON — A Democratic senator announced Monday that he would introduce legislation this week codifying President Barack Obama's principle that the rich should pay at least the tax rate of middle-class workers.
Sen. Sheldon Whitehouse of Rhode Island, the author of the so-called "Buffett rule" bill, told reporters he was serious about a legislative push this year. He said he might press his legislation as a stand-alone bill or seek to attach it to other legislation.
The bill would create what would be an alternative minimum tax for the super-rich. Households with adjusted annual gross incomes over $1 million would do their taxes as they do now, with all the deductions, credits and loopholes intact. They would also calculate what 30 percent of their adjusted gross incomes amounts to. They would then pay whichever amount is larger.
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