President Obama pushes for Congress to pass the “Buffett Rule” so that those millionaires who are taking advantage of the tax code via the “Romney loophole” aka “carried interest” rule that Bain Capital pushed for…they’ll have to pay a minimum of 30% in taxes. For those millionaires who are currently not manipulating the tax code – this wouldn’t even affect them. For those who are – it would. And Republicans are against it; they would rather see our country go bankrupt before they allow millionaires to be taxed one extra dollar. There are already plenty of Democrats beholden to wealthy interests…but for the Republican party – it’s practically their mantra.
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.
Every Member of Congress is going to go on record. And if they vote to keep giving tax breaks to people like me – tax breaks our country can’t afford – then they’re going to have to explain to you where that money comes from. Either it’s going to add to our deficit, or it’s going to come out of your pocket.
The Buffett rule, named after billionaire investor Warren Buffett, was first floated by Obama late last year after a New York Times op-ed by the Omaha businessman encouraged Congress to raise taxes on the wealthy.
Since then, Obama has named his plan to raise taxes on investment income after Buffett — pointing to the fact that the billionaire’s secretary pays a lower tax rate than he does because of a system that taxes investment income at a much lower rate than salary and wages.
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