A version of the "Buffett Rule" was introduced today by Senate Democrats after a call by President Obama for the super-rich to start paying their fair share in the State of the Union Address last week. Senator Sheldon Whitehouse, a Democrat from Rhode Island, formally introduced what he's calling the "Paying a Fair Share Act of 2012." Under the law, millionaires would pay a minimum 30 percent effective tax rate, or more than double what millionaire Mitt Romney has been paying. According to the Congressional Research Center, approximately 94,500 taxpayers, a quarter of all U.S. millionaires, pay a lower tax rate than the vast majority of middle-income taxpayers. While potential revenue has yet to be formally calculated, Whitehouse estimates that the law could generate $40-50 billion annually. more ›

A letter to the editor in this morning's Wall Street Journal has a breathtakingly straightforward lede: "Do you consult your dentist about your heart condition?" "Surely, not!" their readers likely chortled, spilling civet coffee all over their sprite-skin slacks. Yet that is precisely what the WSJ did four days ago when it published the hilariously titled op/ed "No Need To Panic About Global Warming" that was signed by people who have never studied global warming. more ›

New parents Beyoncé and Jay-Z haven't yet showed off their daughter, Blue Ivy, to the public (friends say she's "so beautiful"), but they have announced her godparents. Or rather, a source has done it for them. And it's a real "Aha Moment!" more ›

Because a guy named "Brad" is in the office today, the country has been graced with Mitt Romney's tax returns. They show that in 2010 the candidate earned $21.7 million, and paid $3 million in federal taxes, for an effective tax rate of 13.9%. Romney also gave $2.98 million to charity, $1.5 million of which went to the Mormon Church. Reuters also reports that Romney closed down accounts in Switzerland and the Caymans that year "after an investment advisor decided it could be politically embarrassing to Romney." more ›

This is some real Antiques Roadshow stuff here. The NY Times reports that a needlework sampler crafted by a New Jersey schoolgirl named Mary Antrim in 1807 has sold at auction for $1.07 million dollars. The piece sold at Sotheby's in New York on Sunday, and features a farm scene on linen... it was estimated to go for a mere $120,000. So why did it go for so much more than that? more ›

As any Blue Ivy will tell you, the growing gap between the rich and poor is increasingly seen in the swanky wings of the city's hospitals. At Mount Sinai, if a patient staying in one of the $1,600-night suites wants something other than Jello or creamed corn, the staff obliges. "If they have a craving for lobster tails and we don't have them on the menu, we'll go out and get them," the hospital's hospitality manager tells the Times. At the "Greenberg 14 South" wing of NewYork-Presbyterian, patients paying $2,400 a night have butlers. No word on whether the suppositories are made with gold leaf. more ›

Though it's no secret that Mitt Romney's income is made up of residual Bain investments taxed at the low rate of 15%, the candidate admitted it this morning at a campaign stop in Florence, South Carolina. “It’s probably closer to the 15 percent rate than anything,” Romney said. According to the Times, he also loses his speaking fees in the cushions of his couch. “And then I get speaker’s fees from time to time, but not very much.” Yeah, what's $374,327, or nearly 14 times the per capita income of Americans? more ›

When Huguette Clark died at the age of 104 last year, all eyes were on her estate, and specifically her massive 5th Avenue apartments that have long been shrouded in mystery. Curbed now points to the 17,000 square foot mansion's floor plans, which the Real Deal got a hold of recently. The space is separated into three apartments, but the reclusive Clark was the only inhabitant of all three... unless you count her dolls. That's right, there was a creepy doll collection, which the cleaning staff (the only people allowed inside the hospitalized heiress's digs) attended to. Appraiser and real estate broker Barbara Fox declared, "There were dolls everywhere"—she is one of the only realtors allowed inside of the space, which the site offers a little history on: more ›

This weekend we learned two wildly famous and wealthy people used their power and money for good. Just kidding! Beyoncé and Jay-Z used their fame and fortune to rent out an entire floor of Lenox Hill Hospital, inconveniencing others that also needed access to loved ones and medical attention. The couple were there for the birth of their child, Blue Ivy, and closed off the 4th (VIP pad) and 6th (delivery suite) floors, depending on where Team Carter was at the time. Problem is: they also closed access off to parents who needed to see their own babies in the neonatal intensive-care unit. more ›

Whether it's refusing to use a national tragedy as a xenophobic soapbox, keeping their genitals out of the public eye, or nobly declining to have sex with prostitutes while wearing diapers, we can always count on our elected representatives to put aside petty differences and do what's right for America. But shocking new data shows that Congress has lost touch with average Americans and has grown richer over the last several decades, at a faster rate than even the richest 10% of the country. more ›

Mitt Romney was on FOX News today to defend the negative ads the pro-Romney Restore Our Future PAC is running against Newt Gingrich. Presumably showing off some of the skills he displayed at an impromptu Comedy Cellar appearance he made in the city last week, Romney said, “If you can’t stand the heat in this little kitchen, wait until the Obama hell’s kitchen turns up the heat." Who knew the endless flow of corporate money reducing our electoral process to a shameless bidding war could be so funny? more ›

It's easy to get caught up in the moment and forget about those who are hurting the most this holiday season: old, rich white men, who have suffered the slings of the 99% despite being responsible for all that is good in the world. Thankfully Bloomberg News was able to track down these noble creatures to find out what they think about the legions of Americans who believe in greater income equality. "Who gives a crap about some imbecile?" 82-year-old billionaire and co-founder of Home Depot, Bernard Marcus says. "Are you kidding me?" more ›

It's no secret that Mitt Romney is a wealthy man, thanks to the unmitigated success he experienced running Bain Capital. When confronted with the accusations that Bain made money off gutting companies of employees, Romney acknowledges that tough decisions were made for the good of the companies Bain restructured. “Sometimes the medicine is a little bitter, but it is necessary to save the life of the patient.” But according to the Times, Dr. Romney is still receiving profits from those patients thanks to prescient retirement agreement, "bringing the Romney family millions of dollars in income each year." more ›

Recession or no recession, there's always something worth investing in, and if you're not the rare coinage type, perhaps you'd like to sink your cash into something a little more...alcoholic? Whisky is apparently the investment of the moment, so put down that $117G wine bottle and grab some Johnnie Walker instead. more ›

Today's New York Post reveals a shocking truth: strippers don't strip for the accolades or the prestige, but for money! Several dancers at Rick's Cabaret in Midtown say they pull in as much as $10,000 in a single shift. Should protesters be Occupying the pole? more ›

The issue of children and dining out is a bit of a hot topic these days (baby tax, anyone?), but until now, few have dared to explore the question of children and...dining in. Leave it to the highfalutin gourmands over at Gourmet to tackle the issue, advising dinner party hosts on how to ban kiddies from the table in a polite way. Sort of. more ›

Instead of walking to Newtown Creek to catch dinner with a condom, wouldn't it be nice to hop into the car and glide down to the street in a private elevator? Glauco Lolli-Ghetti, a Manhattan real estate developer, lives this dream from the 11th floor of his $7 million Chelsea condo. “This is about as close to a suburban home that you can achieve in an urban area like New York,” Lolli-Ghetti tells the Times. Does anyone remember that cool car elevator that the Cleavers had in their glass-bound condo on Leave It To Beaver? more ›

You know what "edgy" Brooklyn needs? Rich people who ride pretty horses at exclusive champagne-fueled events. Fortunately, the Gucci Masters horse-jumping competition is coming to the Barclays Center in 2013, and organizers are using the opportunity to trot out as many trite Brooklyn cliches they can think of. more ›

These days, stories of CEOs getting their companies to buy their antique map collections for millions of dollars have us yawning. We need examples of pure, systematic evil to get our bile mojo going. Thankfully the Times supplies it in a profile on how billionaire cosmetic heir Ronald Lauder dodges more taxes than a Black Friday crowd in Delaware. more ›

A little after 3 a.m. this morning, representatives for NBA players and owners came to a "handshake agreement" to end the 149-day lockout and play a 66-game season, beginning with three already-scheduled games on Christmas Day. Call it a Christmas Miracle, or whatever happens when people realize that sticking to their principles costs billions of dollars. more ›

Will no one think of the young bankers in these hard economic times? Between the third quarters of 2008 and 2011 the financial sector lost 110,000 employees between the ages of 20 and 34. DealBook spoke to one 28-year-old former Credit Suisse employee, who was hired and fired in a week's time. "I did everything right. I came into work every day, I put in long hours, and I still got punched in the face." more ›

Since its invention, the conversion van has been a vehicle of the 99%, helping the middle class conceive to the sounds of Whitesnake, providing shelter to smoke that Thanksgiving joint with uncle Lonny, and getting the kids to Water Country USA right when the gates open. Not content to let us have the one vehicle that maintains our dignity, Mercedes-Benz has been marketing their 9-foot tall, 22-foot long Sprinter conversion/cargo van to New York's upper crust. If you think their Chevy Astro-aerodynamics are ugly, it's because you're too poor to understand. more ›

When New York's last link to the Gilded Age, reclusive heiress Huguette Clark, died in May at the age of 104, she left her trusted nurse of nearly 20 years, Hadassah Peri, $34 million. Today, the Post delves into Peri's pending inheritance and the gifts that Clark showered on her and her family, such as the five homes she owns, a $204K Bentley, and doll collection worth millions of dollars. At least Clark didn't collect urine. more ›

A recent article in the Atlantic on the shrinking of the middle class noted that over the past couple of decades there has "been the ever more distinct sorting of Americans into winners and losers." This is borne out by a new study [pdf] conducted by two Stanford professors that shows two types of neighborhoods growing: the affluent and the poor. Families living in middle class neighborhoods have dropped from 65% to 44% since 1970. more ›

As the Post and other Occupy Wall Street detractors know, it's easy to dismiss protesters when they're young, vocal, and occasionally law-breaking. But trying to get charges of impudence and ignorance to stick to nuns is a little tougher. The Sisters of St. Francis of Philadelphia have been taking their message of corporate responsibility to board rooms years before anyone pitched a tent in Zuccotti Park, and even if the businessmen they talk to don't heed their advice, they're at least obliged to listen. "You're not going to get any sympathy for cutting off a nun at your annual meeting," a leader of a shareholder firm tells the Times. more ›

Talks between the NBA Players Association and the NBA broke down again today, this time likely for good, as the players rejected the owners' proposed collective bargaining agreement that included at 50-50 split of basketball-related income. The executive director of the Players Association tells ESPN that the owners were "not willing and prepared to negotiate." Barring any surprises, this leaves only professional football, college football, soccer, NASCAR, hockey, and college basketball for sports fans to center their personal lives around. more ›