Democratic National Committee Vice Chair RT Rybak in conjunction with Mayor Michael Nutter of Philadelphia and Mayor Ed Pawlowski of Allentown held a conference call earlier Friday afternoon to discuss President Obama’s “Buffett Rule” and discuss how a Romney presidency may potentially affect the middle class.
Rybak described the so-called “Buffett Rule” as a policy establishing that “millionaires and billionaires don’t make more than firefighters and teachers.”
He later added, “It’s not a great thing when those at the top can get a better deal than those in the middle.”
Mayors Pawlowski and Nutter supported Rybak’s stance, reiterating that all Americans regardless of income level must shoulder a proportionate share of the tax burden.
An equal tax is “not class warfare, but fair” Mayor Pawlowski said. “[People such as] Buffett and Romney are getting tax breaks that they don’t need and that the country can’t afford…which add to the deficit or come from the middle class”
“There’s no way millionaires and billionaires should escape paying their fair share while the rest of America pays more,” Nutter added.
Allie Brandenburger, an RNC Spokesperson said, “President Obama has accumulated more debt than any President in U.S. history and today’s jobs numbers reflected nothing more than a weak recovery that is disproportionately hurting women. Instead of presenting serious plans to reduce the deficit and get Americans back to work, today President Obama and his surrogates once again resorted to more gimmicks and campaign politics that continue to dampen our economic recovery.”
Republicans contend that the revenue raised from the Buffett rule will not be enough to make a dent in the debt and deficit.
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4 Responses
Boy, I’m an Obama supporter, but I must agree with Republican opposition to the Buffet Rule. If we let the government regulate even serve-yourself food lines, what’s next? Federally mandated health insurance coverage? For more funny lessons from the GOP, enjoy this funny YouTube video called “3 Things I Learned from Mitt Romney”: https://www.youtube.com/watch?v=_M4FPtfkiOg
I am all for a fair tax system where everyone pays the same rate and the same tax breaks are available for all , regardless of income. That is not the Buffett rule.
I do not think that most people want to pay the earned income rate on their investment returns, especially their pensions, 401ks, or IRA’s.
Of course, if you play the explanation out as class warfare and get people to go along with it, it will be too late when they realize that their pensions, IRA’s and 401k’s end up being exposed to full taxation.
Sounds more like the Marx Rule. Top 5% pays already more than 50% of all federal income taxes. Fair would mean top 5% pay 5%. Socialist = top 5% pay 30%. Zimbabwe = top 5% pays 90%, or 100% if you own a productive farm.
What is the “Buffet Rule”? Is that the rule prohibiting second trips through the buffet line until everybody has had at least one chance? I think you refer to the “Buffett Rule.” If so, please correct your headline.