President Obama's team continues its last-minute push in favor of the so-called Buffett Rule, an idea that millionaires and billionaires should pay at least the same tax rate as the middle class.
"We also know that anyone who does well for themselves should do their fair share in return," Jim Messina said on a conference call with reporters this morning." The Buffett Rule will help make our system reflect our values, so that all Americans play by the same rules, do their fair share, and get a shot at success."
The Obama reelection campaign recently launched a new website to help explain the ins and outs of the proposed legislation. President Obama wasn't the only one who wanted a more balanced approach to the tax code; under the "Who's on board" category on the site, President Reagan appears.
Today, ThinkProgress released a video of Reagan describing a letter he received from a corporate exec who said taxes should be raised on the country's highest earners. According to Reagan, this executive also pointed out that under the law he's able to take advantage of the tax code and winds up paying less than his secretary. Sound familiar?
The Senate is scheduled to vote next week on a bill that would implement the Buffett Rule by enforcing a 30 percent tax increase on households earning $2 million or more per year.
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I just finished watching and listening to this segment on your show and the ONE thing that I was hoping to be brought to light wasn't: the FACT that Romney's income comes from dividends (which IS taxed at a lower rate). I have found myself having to clarify this point to many people. I would like it if you and the commentators you have on your show would bring that to light. I think that it's important to put and keep things in its proper CONTEXT.
Good job completely distorting the facts last night on your show Lawrence. You quoted Romney's EFFECTIVE total tax rate vs. your TOP MARGINAL bracket, apples and oranges. Given that our tax system is comprised of progressive marginal brackets you do not pay taxes at 33%, that is just what your last few dollars are taxed at. You can't compare someone's weighted average bracket vs. your top bracket.
Yes Romney's income comes mostly from investments that are taxed federally at a flat rate of 15% for most people and 0% for lower income people. But you guys said that Romney pays lower taxes than most of us. According to the Tax Policy Center he pays taxes at a rate higher than at least 80% of us because at least 80% of people's top bracket is lower than 15%, making their effectivfe tax rate much lower than 15%.
Get your facts straight and stop lying.
Good job completely distorting the facts last night on your show Lawrence. You quoted Romney's EFFECTIVE total tax rate vs. your TOP MARGINAL bracket, apples and oranges. Given that our tax system is comprised of progressive marginal brackets you do not pay taxes at 33%, that is just what your last few dollars are taxed at. You can't compare someone's weighted average bracket vs. your top bracket.
Yes Romney's income comes mostly from investments that are taxed federally at a flat rate of 15% for most people and 0% for lower income people. But you guys said that Romney pays lower taxes than most of us. According to the Tax Policy Center he pays taxes at a rate higher than at least 80% of us because at least 80% of people's top bracket is lower than 15%, making their effectivfe tax rate much lower than 15%.
Get your facts straight and stop lying.
Most of romney's money is investment money so he pays mostyl capital gains taxes which is 15% the middle class should get some advice on investing so they can cash in on this.
Obama is invoking Ronald Reagan, a man he hated anything for a possible vote.