Buffett gives official backing to namesake tax rule

Warren Buffett has given his official backing to a bill named after him which would see the wealthiest US citizens paying a higher rate of tax.

In a letter sent to Senator Sheldon Whitehouse yesterday, the billionaire investor said he approves of the 'Buffett Rule' legislation which was introduced to the Senate earlier this month. The legislation, which will require the richest Americans to pay at least 30% of all income in taxes, was named after the famous investor after he pointed out he pays less tax than his secretary. “I am delighted to be identified as a supporter of S. 2059,” Buffett wrote in a letter to the Whitehouse. “I have no problem endorsing any large step in the direction of greater fairness in the tax code....