WASHINGTON – On Tax Day, Congressman Billed Owens (D-Plattsburgh) signed on as a cosponsor of the House version of the Senate’s “Buffett Rule” Legislation.

H.R. 3903, the Paying a Fair Share Act of 2012, creates a minimum tax rate of 30 percent for filers with annual earnings over $1 million, ensuring that millionaires do not pay a lower tax rate than middle-class Americans. The rate is phased in for taxpayers earning between $1 million and $2 million, and preserves deductions for charitable giving.

“A fair tax system cannot allow middle class families to pay a higher tax rate than the very wealthiest Americans, plain and simple,” said Owens. “Responsible spending cuts and the Buffett Rule are good first steps toward a complete overhaul of the tax code and will allow Washington to take a balanced approach to debt reduction.”

According to the New York State Department of Taxation and Finance, the Buffett Rule would affect less than 0.03% of residents in New York’s 23rd Congressional District. Last year, a similar measure was supported in the New York state legislature by every elected state official that shares constituents with Congressman Owens.

A recent poll by CNN/ORC released Monday <http://i2.cdn.turner.com/cnn/2012/images/04/16/rel4c.pdf> shows 72 percent of Americans, including 69 percent of independents and 53 percent of Republicans, support changing the federal income tax rates so people who make more than $1 million per year will pay at least 30 percent of their income in taxes.

Millionaires make up less than 0.03% in NY23 counties. 2009 numbers from the New York State Department of Taxation and Finance estimate the number of millionaires in counties that make up New York’s 23rd Congressional district at less than three-hundredths of a percent.

Washington political observers say that the chances of passage of such a measure in the Senate are unlikely. Even though Democrats have a majority in the Senate and such a measure is perceived as an issue for Democrats, Senate rules make it nearly impossible to reach the 60-vote majority that such a bill would require, and the GOP has steadfastly refused to consider raising taxes on the wealthy.

Rep. Owens is running for re-election to the House of Representatives in what will be the 21st Congressional District, which will extend from Lake Ontario in the west across the North Country to Lake Champlain, Lake George, and near the Capital District in the east.

His chief challenger is Republican Matt Doheny, an investor from Watertown who was defeated in 2010 for the current 23rd District seat.