(WASHINGTON) -- Now that President Obama has unveiled the “Buffet Rule” as the key principle behind his deficit reduction plan, one prominent Senate Republican is calling on billionaire Warren Buffet to publicly release his tax returns.
“If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, let’s look at them,” Senator John Cornyn, R-TX, said to ABC’s Jonathan Karl.
Featured prominently in the Administration’s $2 trillion deficit reduction plan is the “Buffett Rule,” a controversial provision named after Warren Buffett that establishes a minimum tax on Americans making $1 million or more in income. Ahead of the president’s proposal, Buffett penned an op-ed in the The New York Times called “Stop Coddling the Superrich,” where he argued that he should not be taxed at a lower rate than his non-billionaire staff.
Cornyn suggests the Administration’s proposed “Buffett Minimum Tax” (BMT) is really just a revamped version of the Alternative Minimum Tax (AMT) – an unpopular measure first adopted in 1969 that was designed to hit the super wealthy.
“Unless we stop this, 30 million middle income tax payers will be affected,” Cornyn said in presumed defense of the middle class. “It’s an illusion to say we’re only going to tax the rich.”
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