Boyle Introduces ‘Buffett Rule’ Bill to Ensure Wealthiest Americans Pay Their Fair Share in Taxes

WASHINGTON, DC - Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee and member of the Ways and Means Committee, has introduced bicameral legislation to ensure that millionaires pay a higher tax rate than middle-class Americans. The bill would establish a 30 percent minimum tax on individuals earning more than $1 million annually. A companion bill has been introduced in the Senate by Senator Sheldon Whitehouse (D-RI).

"Republican tax giveaways to the wealthy have exploded the deficit and failed working families," said Congressman Boyle. "Now, instead of changing course, they're pushing another massive handout to Donald Trump, Elon Musk, and their billionaire donors-paid for by raising costs on the middle class. At a time when working Americans are struggling, it's shameful to ask them to pay more so the ultra-rich can pay less. We have a better idea-our bill instead restores fairness to our tax code and puts working people first."

"Our tax code is purposefully riddled with loopholes that allow billionaires and big corporations to use their fleets of accountants to avoid paying their fair share in taxes," said Senator Whitehouse. "As Republicans gear up to deliver even more budget-busting giveaways for their billionaire donors, I'm reintroducing this common-sense bill that ensures the ultra-wealthy can't get away with paying a lower tax rate than teachers and firefighters. De-corrupting the tax code would lift the economic pressure on working families and stem the billionaire freeloading that is so rampant across this administration."

In 2022, the top 0.001% of earners-just 1,538 households-each made at least $85.5 million and paid an average federal tax rate of only 23.5%. That's well below the top marginal rate of 37%, and roughly the same effective rate paid by an iron and steel worker or a high school special education teacher in Pennsylvania.

The Paying a Fair Share Act would ensure that the highest-earning Americans pay at least a 30% effective tax rate. The bill applies only to taxpayers with income over $1 million-including capital gains and dividends-which represents approximately 0.58% of all taxpayers in 2024. To ease the transition, the bill includes a phase-in for those earning between $1 million and $2 million, and it preserves incentives for charitable giving.

This legislation is projected to raise nearly $120 billion over ten years and would serve as a critical backstop to curb tax avoidance by the ultra-wealthy.

The text of thePaying a Fair Share Act is available here.

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