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Posts Tagged ‘Buffett Rule’

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 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.

In a perfect world, of course, none of us would have to pay any taxes. We’d have no deficits to pay down.  And we’d have all the resources we needed to invest in things like schools and roads and a strong military and new sources of energy – investments that have always bolstered our economy and strengthened the middle class.

But we live in the real world, with real choices and real consequences. Right now, we’ve got significant deficits to close.  We’ve got serious investments to make to keep our economy growing.  And we can’t afford to keep spending more money on tax cuts for the wealthiest Americans who don’t need them and didn’t even ask for them.

Warren Buffett is one of the wealthiest men in the world.  But he pays a lower tax rate than his secretary.  That’s just the way the system is set up.  In fact, one in four millionaires pays a lower tax rate than millions of hardworking middle-class households.

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.


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guardian.co.uk, Friday 13 April 2012 14.24 EDT

White House says president believes he should pay more tax as returns show he and Michelle paid 20.5% on $789,674

The White House has said the president believes he should pay more tax as the release of Barack Obama‘s returns showed he was taxed at a higher rate than his Republican presidential rival, Mitt Romney, last year but below many ordinary Americans.

The president’s joint tax return with his wife, Michelle, released by the White House on Friday, reveals they paid tax at a rate of 20.5% on income of $789,674 in 2011.

The Obamas’ earnings fell by nearly $1m on the previous year as sales of the president’s bestselling books declined. The first couple paid $162,074 in income tax. They also donated a similar amount to 39 charities.

The vice-president, Joe Biden, and his wife, Jill, paid tax at 23% on income of $379,035.

The release of the returns was politically charged because the president has built part of his re-election campaign around accusing the Republicans of giving millionaires tax breaks paid for by cutting services to the less well off.

The White House has also targeted Romney, who paid tax at less than 15% over the past two years on his multimillion-dollar income from a vast fortune.

Obama has been campaigning for the imposition of the “Buffett rule” that would see those earning more than $1m a year, whether from salary or investments, pay tax at a rate of at least 30%. The rule is named after the business magnate, Warren Buffet, who called for the rich to pay more to the treasury because he said it is wrong that he should be taxed at a lower rate than his secretary.

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CHICAGO, IL — Today, Obama for America released a newdigital calculator that individuals can use to see how their tax rate stacks up against Mitt Romney’s – and then see what the Buffett Rule would do to make the tax code more fair so that we can help reduce the deficit and grow the economy.   The calculator highlights President Obama’s efforts to close loopholes and end special tax breaks that let some of the wealthiest pay a lower tax rate than many middle-class families.  Mitt Romney defends a system that rewards people like him at the expense of the middle class and the economy as a whole by allowing him to pay a lower tax rate than the average middle-class American.

The digital calculator helps Americans see how if the Buffett Rule were enacted, everyone would pay their fair share, helping to  reduce the deficit  and continuing investments in programs that create jobs, grow our economy and strengthen the middle-class.

To use the calculator and read more about the Buffett Rule, please click here:http://barackobama.com/buffett-rule

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