Rep. Chris Van Hollen, the ranking minority member of the House Budget Committee, has updated the Democrats’ sequester replacement bill so that it would replace mandated across-the-board cuts for fiscal 2014 with a mix of proposals to cut spending and raise revenue, including implementation of the so-called Buffett Rule.

The Buffett Rule, named after billionaire investor Warren Buffett, would impose a minimum effective tax rate of 30% on those with adjusted gross incomes of $2 million less charitable deductions. Buffett has complained his secretary should not pay higher taxes than he does because he can take advantage of preferential tax treatment of capital gains.

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