In 2011, billionaire investment legend, Warren Buffett, penned an opinion piece in the New York Times whereby be revealed that he pays a lower rate of tax than most of his employees.
The article highlighted how there are tax breaks that are available only for the rich with resources to take advantage of them. What followed was a 2012 proposal from former President Barack Obama to introduce a minimum tax rate to ensure that a person does not pay less than a specified percentage of their income in income tax. The proposal, which was later shot down by the US Senate, would have applied to households that earn more than $1 million and set a minimum tax rate of 30% of household income.
