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· April 16, 2012

IO Report: Tax Fairness and the Buffett Rule

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).

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