Senator Sheldon Whitehouse (D-RI) introduced legislation based on the "Buffet Rule" proposal that President Obama announced in his State of the Union address. The Paying a Fair Share Act would apply a minimum 30 percent income tax rate for taxpayers with adjusted gross incomes above $1 million. The bill maintains current incentives for charitable giving, and would permit wealthy taxpayers to continue to receive a credit equal to the value of the charitable contributions deduction under the regular income tax. The bill is cosponsored by Senators Daniel Akaka (D-HI), Mark Begich (D-AK), Richard Blumenthal (D-CT), Tom Harkin (D-IA), Patrick Leahy (D-VT), Jack Reed (D-RI), Bernie Sanders (I-VT), and Chuck Schumer (D-NY).