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.

Warren Buffett, for whom the billed is nicknamed, earned $62,855,038 in 2010 and has allied himself with Obama in a push for legislation that would change the rate on investments and hedge-fund partnerships. Buffett's—and Romney's—income is mainly derived from such capital gains currently taxed at a paltry 15 percent.

With little chance of passage, Republicans have dismissed the bill as a means to intensify class warfare. "The president is desperate to distract attention away from his failed economic policies," Kevin Smith, a spokesman for House Speaker John Boehner, said on Wednesday.

Whitehouse said in a statement, "There are lots of advantages that come with an enormous income, and that's great because America thrives on capitalism and we all love success; but paying a lower tax rate than regular working families should not be one of those advantages." Come on, Whitehouse. Everyone knows that each time you raise taxes, God kills a kitten. Can't the poors just wait for the trickle down to take effect? Think of the kittens!