[Congressional Record Volume 158, Number 54 (Monday, April 16, 2012)]
[Senate]
[Page S2305]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                        Paying a Fair Share Act

  Lastly, before I came to the floor, I heard the strong support for 
the Paying a Fair Share Act. It has been called the Buffett rule. The 
Buffett rule is a commonsense bill, ensuring that taxpayers at the top 
of the economic ladder pay at least the same tax rate paid by hard-
working middle-class families in my State of Vermont and all other 
States. No longer should handsomely compensated CEOs or those who live 
off trust funds pay a lower effective tax rate than the people who work 
for them.
  Frankly, I think it is remarkable and regrettable that such a 
principle of tax fairness should evoke controversy. It is more 
regrettable still that opponents have erected a supermajority barrier 
in an effort to prevent debate on this straightforward principle. We 
should debate whether the wealthiest should pay at least the same rate 
of taxes as hard-working middle America and then vote for it or vote 
against it. If a Senator wants to vote to protect the wealthiest 
Americans, fine, stand and vote that way or vote to protect hard-
working American families. But when we filibuster, what we are doing is 
voting maybe. That is voting maybe.
  Let's have the courage to vote for the millionaires and protect them 
from any kind of a tax such as ordinary Americans pay or vote for 
ordinary Americans and say everybody should pay the same kind of tax. 
Vote one way or the other, but don't duck it by having a filibuster, 
where we can say: I looked at it and I voted maybe. We are not elected 
to vote maybe.

  I am pleased to join Senator Whitehouse and others as a cosponsor of 
the bill which calls for a minimum 30-percent tax rate for taxpayers 
with adjusted gross incomes above $1 million. This just says they are 
going to pay at least the tax rate paid by middle-class families, and 
it also will reduce the deficit by $47 billion over the next decade.
  While hard-working Vermont families and small businesses are 
struggling to make ends meet in a difficult economy, tax fairness has 
continued to erode, benefiting the wealthiest 1 percent at the expense 
of the rest of the country. Right now, a very large proportion of 
millionaires pay a smaller percentage of their income than do a larger 
share of moderate-income taxpayers.
  Warren Buffett, one of the wealthiest people in the world, noted in a 
New York Times op-ed article last year that he paid taxes of only 17.4 
percent on his taxable income--a lower percentage than paid by any of 
his 20 employees. They paid from 33 to 41 percent. In fact, the 
nonpartisan Congressional Research Service studied these claims and 
confirmed Mr. Buffett's assertion that a large proportion of 
millionaires pay a smaller percentage of their income than average 
working Americans and Vermonters do.
  Let us end the loopholes. Tax day is upon us. Let us stand and say we 
are going to end the loopholes, we are going to end these special 
provisions that allow some of the wealthiest to pay less than hard-
working Americans. It is simply a matter of fairness.
  Again, let us vote yes or no. If someone wants to vote to protect the 
millionaires, then, fine, vote no. If someone wants to say have it be 
fair, then vote yes. But let us vote. Having a filibuster means we vote 
maybe. None of us get elected or paid to vote maybe.
  Mr. President, I see the distinguished senior Senator from West 
Virginia on the floor and I see his distinguished colleague.
  I am sorry, I now see the Senator from Pennsylvania. Before I yield 
the floor, I ask unanimous consent, if there are quorum calls during 
this hour, the time be divided equally.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. LEAHY. Mr. President, I ask unanimous consent when the time goes 
back to this side, that first the distinguished senior Senator from 
West Virginia be recognized and then his distinguished colleague from 
West Virginia, Senator Manchin, be recognized, both to speak for the 
time remaining to the Senator from Vermont.
  I ask unanimous consent that when time is yielded back to me, the 
time remaining to the Senator from Vermont, which will be approximately 
15 minutes, be divided between the two Senators from West Virginia.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The PRESIDING OFFICER. The Senator from Pennsylvania.
  Mr. TOOMEY. Mr. President, I ask unanimous consent to speak as though 
in morning business.
  The PRESIDING OFFICER. Without objection, it is so ordered.