Nothing could be more simple or more obvious. It is a grave injustice when people making a million dollars or more pay taxes at a lesser rate than the people in their secretarial pools. Newt “13.9%” Romney is a perfect example. In his State of the Union Address, Barack Obama proposed a Buffet Rule to address this. Republicans booed him. Senator Sheldon Whitehouse (D-RI) is about to introduce a bill to implement the Buffet Rule.
Warren Buffett has been talking for months about the unfairness in our tax system, pointing out that his secretary pays more in taxes than he, a billionaire, does. Buffett could be getting his day on the Senate floor, courtesy of Sen. Sheldon Whitehouse (D-RI).
Last week, Whitehouse announced his intention to introduce a bill that would rectify some of the tax inequality our current system allows. In a conference call with reporters today, he explained his legislation and confirmed that he will introduce it in the Senate this Wednesday.
Using Rhode Island wages as his example, he argued that the top 400 taxpayers in America are paying about the same percentage of income as a truck driver. "In theory," Whitehouse said, "we have a progressive tax code in which the greater income you have, the more you pay in percentage of income. Unfortunately, there are these huge exceptions to the rule of a progressive tax system,” he added. “I hope that many of my colleagues believe that these are loopholes that we can and should close.”
His bill would do that quite simply, without actually rewriting any tax code. Taxpayers making more than $1 million would pay either their regular amount, if it’s 30 percent or over of their income, or if it’s less, 30 percent… [emphasis added]
Inserted from <Daily Kos>
Ed Schultz discusses the Buffet Rule with Robert Reich.
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Let me be clear here. This will not pass this year. There is no way that the Republican controlled House will pass a bill that demands that billionaires pay their fair share. It is likely not to pass next year, even if Democrats take the House in November, there is no way Senate Republicans will not filibuster, unless Democrats change filibuster rules.. To get anything so substantive done, we need a Democrat in the White House, a majority in the House, not counting Blue Dogs, and 60 votes in the Senate, not counting DINOs. Therefore we need to recognize that this is not just a struggle until November. We’re in this for the long term.
If you live in Florida or Oregon
VOTE!
15 Responses to “Whitehouse to Introduce Buffet Rule”
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The idiots will never foresake their pledge to Grover Norquist. They do not care about the mere commoners, only the elites.
I can’t argue with that!
Ronald Reagan!
They may have deified him, but he would get drummed out of the party today as a librul socialist.
Congress had damn well better pass this bill!
Dr. Robert Reich is the man that all need to listen to, anything else is simply non-sense…
A big Amen to you both!
It will not pass this year because King Grover will not allow it–I am really puzzled as to exactly how that little weasel got the power he has to hold a “pledge” over the heads of individuals elected and sworn to uphold the Constitution- —
Phyllis, when he made up his pledge, he first appealed to greedy millionaires to support him by refusing to support anyone who would not sign and obey. When he controlled enough purse strings, Republicans goose stepped to his door.
The Republicans’ blatant disregard for justice is shocking. Additionally, how can they say they support a balanced budget when they refuse to address a significant cause of the deficit; Bush’s tax breaks? Welfare for rich is not helping the economy!
Welcome Diane! 🙂
I could not agree more. They are liars and hypocrites. They only support a balanced budget when Democrats are in power. Under Bush, they ran up the biggest deficits of any President in history.
I agree that there is a snowball’s chance in hell that the Buffet proposal will pass in the current Congress.
The Republican/Teabaggers cry about the deficit and the ‘exorbitant’ taxes paid by the rich now. But if they were ever to get into the Whitehouse, they would be glad to attack Iran in a pre-emptive strike to support Israel and pay for that little fiasco with a tax hike on the middle/working classes and running up the deficit further.
I keep seeing Nameless’s bumper stick — Deport Republicans!
I can’t think of a better solution.
Need to quit farting around with taxes as they are now,or bogus stuff like making<all wrong the rich pay their’fair share’ Do not look at the percentage,look at how much they,and anyone actually pays.Better,to have a consumption-based tax,with the > only exemptions < being for lower income folks.Antthing else is simply an act of theft.Lusting after what someone else has is wrong on a personal level,and the same as well,for a government.Before any tax increases,the government needs to control spending.The waste and outright theft that has gone on these past eleven years is criminal.
Need more money ? Encourage altruism.Donations to private outfits that help folks,donation to areas of government that are well run,but just need money.Warren Buffet should have had the sense to figure that out.And do give a tax break for donations to efficient charities,those who put most of their money right into helping people.Entirely more efficient than waiting for the government to act.
Validate your 2nd Amendment Rights.Carry.
First of all, there is nothing bogus about fairness. Even Ronald Reagan agrees that the rich should pay a higher percentage than the poor and middle classes. Altruism is a wonderful thing, but the problem is, people were dieing, because there was not enough of it. The last thing we need is unstable people carrying, and that seems to be the common denominator among the people that do.