BY BREANA JONES

ANCHOR NATHAN BYRNE

Democratic leaders are working hard to get the “Paying a Fair Share Act” on the Senate agenda, just a week after President Obama sent the nation a reminder in his State of The Union Address. CNN’s Erin Burnett explains how it works.


“The bill would require those making more than a million dollars to pay at least 30 percent in taxes, that’s an effective rate. The marginal rate as we reported on that would be 44 percent.”

The bill, also known as the “Buffett Rule Bill” could be finalized as early as Wednesday. Democrat Sheldon Whitehouse wrote the bill and says his motives are genuine --The Hill has the details.
 

“Whitehouse, who is up for reelection in 2012, told reporters in a conference call on Monday that his ‘Paying a Fair Share Act’ would not be a political ploy, but rather an attempt to target loopholes in the tax code that ‘we can and should close.’”