Buffett Rule

The Senate on Monday will debate legislation to make millionaires pay at least the same tax rate as middle-class families. The proposal advocated by President Obama is known as the Buffett Rule after billionaire investor Warren Buffett.  He has said that wealthy taxpayers like himself should not pay taxes at a lower rate than middle-class wage-earners. Sen. Bernie Sanders is a cosponsor of the Senate bill. "This country has a huge deficit.  We need to put money into education and infrastructure, so to continue a policy which allows the wealthiest people to do phenomenally well while their tax rates are very low and while we're trying to deal with deficit reduction makes no sense at all," Sanders said on Wednesday in an interview with WCAX-TV in his hometown of Burlington, Vt. In another interview on MSNBC, Sanders told anchor Chris Jansing that a recent study found that 93 percent of all new income in 2010 went to the top 1 percent ... Should the wealthiest people in this country be asked to pay more in taxes? Of course they should."

Watch the MSNBC interview »

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Buffett Rule