Six in 10 Americans favor Congress passing the so-called "Buffett Rule," which would mandate a minimum 30% tax rate for Americans with a household income of $1 million per year or more. Majorities of both Democrats and independents favor the policy, while a majority of Republicans oppose it.
President Barack Obama has pushed this tax policy in recent appearances, and the U.S. Senate may vote on it next week. Few observers believe it has a chance of passing the Republican-controlled House to become law before the end of the year.
The proposed legislation was informally dubbed the "Buffett Rule" after billionaire investor Warren Buffett asserted that he should not be allowed to pay a lower tax rate than his secretary. Gallup's question about the proposal, included in its April 9-12 Economy and Personal Finance survey, asked if "households earning $1 million a year or more" should pay a minimum of 30% of their income in taxes. The actual law to be voted on by the Senate would include more complex "phase in" clauses for those making between $1 and $2 million per year.
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