April 16, 2012 -Tonight, Senate Republicans voted to block the Buffett Rule, choosing once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class.
The Buffett Rule is common sense. At a time when we have significant deficits to close and serious investments to make to strengthen our economy, we simply cannot afford to keep spending money on tax cuts that the wealthiest Americans don’t need and didn’t ask for. But it’s also about basic fairness – it’s just plain wrong that millions of middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires. America prospers when we’re all in it together and everyone has the opportunity to succeed.
One of the fundamental challenges of our time is building an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules. And I will continue to push Congress to take steps to not only restore economic security for the middle class and those trying to reach the middle class, but also to create an economy that’s built to last.
Dealing with things realistically, be it math or anything else for that matter, isn’t this administrations way of doing things.
Why didnt Obama bother to contribute an extra 10%? His effective rate on all his income was 20%. He can legally pay more…he is telling everyone else in the income range he is in they should pay more…so much for leading by example. This rule would bring in an estimated 45 billion over 10 yrs, so 4.5 billion a year or roughly 375 million a month. This administration is borrowing a mind numbing 1.4 trillion a year, nearly 135 billion a month. Please subtract 375 million from 135 billion per month..now you are borrowing 134.6 billion each month…it isnt a revenue problem we have…it is spending…and more spending…and borrowing 40 cents of every dollar spent each month.
But the Buffett rule makes for good headlines, just not realistic math.
What is NOT to get about this? Oh, well. Maybe you’ll get it by the end of his 2nd term. Thank god for Mitt! (he ain’t gonna win… but neither would Santorum or Newt) 4 MORE YEARS!!!
So long as people that earn more money than me pay more, in dollar amounts, I have no problem with their tax rate being whatever it ends up being…
Even if it is lower than mine.
Here he goes trying to promote class warfare again. It’s devide and conquere. A old way to win a battle if your opponent is dumb enough to let him get away with it. He has done more to cause division between the races than anyone I can remember and has done it just to promote his political agenda.