Make the "Buffett Rule" a Reality
In the words of multi-billionaire Warren Buffett, the American tax code is "coddling the super-rich."
During these tough economic times, there's just no reason hard-working, middle class families should be paying a higher tax rate than someone making over a million dollars a year. But right now it’s all too common.
At the State of the Union Address, President Obama called on Congress to fix this problem and pass legislation that follows the “Buffett Rule” so those making over $1 million a year pay at least 30 percent in taxes. Today, I’m introducing the “Paying a Fair Share Act” to make the “Buffett Rule” a reality -- and I need your help.
Will you add your name and become a citizen co-sponsor of “The Paying a Fair Share Act?” Your early support can help show Congress that the time to fix our broken tax code isn’t eventually, it’s right now.
A few examples of how our broken tax code benefits the super-rich:
- Per the IRS, the top 400 income earners in the United States pay a lower federal tax rate than a Rhode Island truck driver who makes $40,200 a year.
- The powerful corporations and individuals of the Helmsley building in New York, according to the IRS, pay just 14.7% in federal taxes. That’s a lower tax rate than the average New York janitor, doorman, or security guard who might be employed to work for the occupants of the Helmsley building.
- And multi-billionaire Mr. Buffett himself pays a lower federal tax rate than many of the employees who work for him...including his secretary.
When you contrast these loopholes for the super-rich with the cuts that my GOP counterparts want to make to vital middle class programs like Pell Grants and Medicare benefits, it is just not right.
I applaud the success of those Americans who are making over a million dollars a year, but middle class families can’t keep subsidizing millionaires. The “Paying a Fair Share Act” would implement the “Buffett Rule” and reduce our deficit by tens of billions of dollars.