A group of Democrats and an independent lawmaker in the Senate have introduced a bill that would codify the so-called Buffet Rule by imposing a minimum 30% tax rate on taxpayers whose adjusted gross income exceeds $1 million, including capital gains and dividends.

The bill, “Paying a Fair Share Act,” which was introduced on Feb. 1, would also urge Congress to enact tax reform that “repeals unfair and unnecessary tax loopholes and expenditures” and eliminates the alternative minimum tax for the middle class. If passed — which is unlikely with a Republican-dominated House — it would become effective Dec. 31, 2012.

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