Tag: buffett rule

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President Obama on The Buffett Rule – “Not Just About Fairness, It’s Also About Growth”

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.

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Politics

What’s Wrong With Millionaires Paying The Same Rate You Pay?

President Obama once again called on Congress to pass the Buffett Rule – a policy initiative being pushed by Democrats that requires millionaires and billionaires to pay “their fair share” in taxes. The president admitted that although millionaires and billionaires paying more in taxes will not solve the budget crisis, he said the extra revenue would help reduce the federal debt and pay for government investments in programs like education.

“One in four millionaires pays a lower tax rate than millions of hardworking middle-class households,” the president said. “It’s just plain wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires.”

The Senate will vote on the Buffet Rule next week.

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Politics Tax weekly address

President Obama Once Again Ask Rich America to Pay Their Fair Share

And yet another call to our elected leaders to do what’s right for the huge majority of Americans and not just the richest among us. President Obama once again called on Congress to pass the Buffett rule, a law that would make our tax system more fairer requiring the richest 2% of Americans – those making over $1 million in yearly income – to pay a more appropriate percentage of their income in taxes.

The President;

Over the last decade, we’ve spent hundreds of billions of dollars on what was supposed to be a temporary tax cut for the wealthiest two percent of Americans.  Now we’re scheduled to spend almost a trillion more. Today, the wealthiest Americans are paying taxes at one of the lowest rates in 50 years.  Warren Buffett is paying a lower rate than his secretary.  Meanwhile, over the last 30 years, the tax rates for middle class families have barely budged.

That’s not fair.  It doesn’t make any sense.  Do we want to keep giving tax breaks to the wealthiest Americans like me, or Warren Buffett, or Bill Gates – people who don’t need them and never asked for them?  Or do we want to keep investing in things that will grow our economy and keep us secure?  Because we can’t afford to do both.

Now, some people call this class warfare.  But I think asking a billionaire to pay at least the same tax rate as his secretary is just common sense.  We don’t envy success in this country.  We aspire to it.  But we also believe that anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead – not just a few.

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