President Obama urges Congress to pass the Buffett Rule — which asks those who make more than $1 million a year to pay at least the same percentage of their income in taxes as middle class families — as a principle of fairness.
And as many Americans rush to file their taxes this weekend, it’s worth pointing out that we’ve got a tax system that doesn’t always uphold the principle of everyone doing their part.
Now, this is not just about fairness. This is also about growth. It’s about being able to make the investments we need to strengthen our economy and create jobs. And it’s about whether we as a country are willing to pay for those investments.
The president then goes on to explain what the Buffett Rule is and who it will affect if members of Congress – namely Republicans – pass that bill this week.
As Warren points out, that’s not fair and it doesn’t make sense. It’s wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires.
This week, Members of Congress are going to have a chance to set things right. They get to vote on what we call the Buffett Rule.
It’s simple: If you make more than $1 million every year, you should pay at least the same percentage of your income in taxes as middle-class families do. On the other hand, if you make less than $250,000 a year — like 98 percent of American families do — your taxes shouldn’t go up.