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Some Businesses, Millionaires Calling for Buffett Rule Some Businesses, Millionaires Calling for Buffett Rule

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Some Businesses, Millionaires Calling for Buffett Rule

April 13, 2012
With the Senate set to vote on the Buffett rule next week, a select group of businesses and wealthy Americans is encouraging legislators to approve the tax hike on the wealthy to promote fairness.

"Our members recognize our communities need sustained investments in jobs and infrastructure to restore our communities to economic health and vitality," said a letter sent to senators this week from business groups including the American Sustainable Business Council, Main Street Alliance and Business for Shared Prosperity. "They recognize that those who have prospered most from our society have the obligation to support government investment in a strong economy and healthy communities."

The bill, of course, isn't going to get very far, but it creates political talking points for each party. Democrats, Republicans say, are placing a burden on job creators with higher taxes, while the GOP, Democrats say, is putting their wealthy donors above the interests of the middle class.

There are some wealthy Americans, however, who want to pay higher taxes. The Patriotic Millionaires, as they dub themselves, has been calling for higher taxes on the wealthy for months. This week, about 30 of them were in Washington and attended President Obama's address on the Buffett rule at the White House on Wednesday.

Whitney Tilson, one of the Patriotic Millionaires and a hedge fund manager, acknowledged this week in a Washington Post op-ed that the Buffett rule "would hit me hard," but wrote "it's not class warfare to say that people like me ... should be the first to step up and make a small sacrifice."

"Why am I okay with this?" he wrote. "The answer has to do with simple math and basic fairness."

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