Dems bring back ‘Buffett Rule’

Sen. Sheldon Whitehouse (D-R.I.) rolled out new tax measures aimed at the wealthy and corporations on Tuesday, as Democrats ramp up their efforts to shape the debate over tax reform.

{mosads}The bills from Whitehouse and Democrats aren’t new — all three, including so-called “Buffett Rule” legislation, were introduced in the last Congress — and stand little chance of progressing on a GOP-controlled Capitol Hill.

Along with the Buffett Rule, Democrats also introduced legislation Tuesday to target offshore tax havens, an issue long championed by former Sen. Carl Levin (D-Mich.), and companies that manufacture goods abroad to sell in the U.S.

“Our tax system is upside down when billionaire investors pay lower effective tax rates than janitors and truck drivers,” Whitehouse said about the Buffett Rule legislation.

More than 15 other Senate Democrats, including Minority Leader Harry Reid (Nev.) and Minority Whip Dick Durbin (Ill.), signed on to the bill. The measure is named for billionaire investor Warren Buffett, and would install at least a 30 percent effective tax rate on the country’s highest earners.

“Our bill would restore fairness to the tax code by ensuring that multimillion-dollar earners pay at least the tax rate faced by many middle-class families,” Whitehouse said.

In all, the bills would combine to raise more than $350 billion over a decade, according to previous official estimates. The tax haven bill itself is would raise around $278 billion over 10 years.

Officials on both sides of the aisle have said revamping the tax code could give an extra boost to an economy and job market both coming off a strong year of growth.

But the new Democratic bills underscore the broad differences between the two parties on taxes and come just a day after Rep. Chris Van Hollen (D-Md.) rolled out a plan to cut taxes for the middle class by raising taxes on Wall Street and the wealthy.