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President Obama's "Buffett Rule" Would Cruelly Force Rich People To Pay More Taxes
By
Christopher Robbins
Published Sep 18, 2011
Modified Sep 18, 2011
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Pete Souza / White House Flickr
By
Christopher Robbins
Published Sep 18, 2011
Modified Sep 18, 2011
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As poll after poll shows his support eroding among independents and his base, perhaps President Obama has finally started losing some sleep. Tomorrow, Obama will propose a new tax rate for millionaires so that they will pay at least the same percentage as the 15 or so people still in the middle class. Dubbed the "Buffett Rule," after the billionaire grandpa you never had who has repeatedly said that the rich aren't taxed enough, Obama is seeking to force Republicans to choose between defending the wealthy and helping everybody else. Can you guess which side the Republicans will choose? Hint: it rhymes with "itch people."
"Tax increases…are not a viable option," House Speaker John Boehner said Thursday in a corner-painting speech at the Economic Club of Washington. "It's a very simple equation. Tax increases destroy jobs." Exactly! Look how many jobs the Bush tax cuts created. House Minority Whip Eric Cantor, who has taken millions of dollars in campaign donations from "mom and pop" private equity firms and hedge funds, said on Friday, "We don't believe that taxes should go up on anybody."
Obama has left most of the details of his proposal up to the bipartisan committee designed to come up with deficit reductions, but according to the Times the tax rate would only affect 0.3 percent of taxpayers, less than 450,000 of the 144 million tax returns that were filed in 2010. Instead of accepting the President's challenge to actually serve 99% of their constituencies, or maybe raising taxes on capital gains so billionaires pay the same rates as they did under Ronald Reagan, look for Republican alternatives to involve "praying for money" and "Wash A Ferrari Fridays," where normal folk can get a look at neat cars and earn a shiny nickel.
Tagged
2012
Democrats
economy
election
eric cantor
fairness
gop
jobs
john boehner
president obama
republicans
rich people
warren buffett
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
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