Buffett Rule goes back to Reagan era


President Obama’s team continues its last-minute push in favor of the so-called Buffett Rule, an idea that millionaires and billionaires should pay at least the same tax rate as the middle class.  

“We also know that anyone who does well for themselves should do their fair share in return,” Jim Messina said on a conference call with reporters this morning.” The Buffett Rule will help make our system reflect our values, so that all Americans play by the same rules, do their fair share, and get a shot at success.”

The Obama reelection campaign recently launched a new website to help explain the ins and outs of the proposed legislation. President Obama wasn’t the only one who wanted a more balanced approach to the tax code; under the ”Who’s on board” category on the site, President Reagan appears.

Today, ThinkProgress released a video of Reagan describing a letter he received from a corporate exec who said taxes should be raised on the country’s highest earners. According to Reagan, this executive also pointed out that under the law he’s able to take advantage of the tax code and winds up paying less than his secretary. Sound familiar?

The Senate is scheduled to vote next week on a bill that would implement the Buffett Rule by enforcing a 30 percent tax increase on households earning $2 million or more per year.