Research Overview
The Buffett Rule is a tax reform measure designed to restore fairness to the federal tax code named for legendary investor and famed billionaire Warren Buffett, who has spoken out against the unfairness of paying a lower tax rate than his secretary.
Championed by President Obama and legislatively incorporated into Senate Bill 2230 (the “Paying a Fair Share Act”), the Buffett Rule would ensure that all taxpayers pay their fair share, and apply a 30% tax rate to the richest Americans.
SB 2230 is scheduled for a vote in the U.S. Senate on Monday, April 16.
Innovation Ohio, in collaboration with the Center for American Progress, has done an analysis of federal tax data that shows fully 99 percent of Ohio taxpayers live in a zip code where the effective combined federal income and payroll tax rate exceeds that paid by the richest residents of some of America’s wealthiest zip codes.
Read the report.
Read the press release.
Look up average income and tax rate for Ohio zip codes (pdf).
[...] Columbus—Innovation Ohio, a progressive think tank headquartered in Columbus, issued a report today which finds that average Ohio taxpayers are paying higher effective federal tax rates than some of the nation’s richest people. IO also urged Congress to pass the “Buffett Rule” so that “everyone pays their fair share of taxes and the game is not rigged in favor of the wealthy.” The report, as well as additional tax information by zip code, may be accessed at www.innovationohio.org. [...]