A dozen Democrats and an Independent in the Senate have re-introduced a bill that would impose a minimum 30% income tax on taxpayers who earn more than $1 million as a way to help reduce the ballooning federal deficit.

The bill, Paying a Fair Share Act of 2013 (S. 321) or so-called "Buffet Rule," was introduced by Sen. Sheldon Whitehouse, D-R.I. on Feb. 13.

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