Baldwin and Ryan battle over Buffett RuleU.S. Senate candidate Tammy Baldwin wants Congress to pass the so-called Buffett Rule, that would close loopholes and some tax breaks for the wealthy.
By: By Chuck Quirmbach, Wisconsin Public Radio, Superior Telegram
U.S. Senate candidate Tammy Baldwin wants Congress to pass the so-called Buffett Rule, that would close loopholes and some tax breaks for the wealthy. But Wisconsin House member Paul Ryan dislikes the measure.
The Buffett Rule is named after billionaire businessman Warren Buffett, who says some rich people aren't paying their fair share in taxes. The measure would order that the middle class not pay a higher tax rate than people making more than $1 million a year. Wisconsin House Democrat Tammy Baldwin of Madison wants Republican house leaders to schedule a vote on a budget amendment that would use revenue from the Buffett Rule to hold down any increase in college student loan rates. Baldwin says the middle class want tax fairness.
Baldwin says GOP presidential candidate Mitt Romney is one wealthy person not paying his fair share in taxes. But House Budget Committee chairman Paul Ryan says the Buffett Rule wouldn't raise much revenue compared to the size of the federal budget deficit.
Ryan is a Republican from Janesville. He says the Buffett Rule would raise the top tax rate, harming many business that file their taxes as individuals. It's unclear if the House will vote on the Buffett Rule, but the Democratic-controlled U.S. Senate may vote next week.