Congressional Delegation Jumps Behind Plan to Raise Taxes on the Rich
Wednesday, April 11, 2012
Each member of Rhode Island’s Congressional Delegation is throwing his support behind the so-called “Buffett Rule” legislation that would raise taxes on millionaires.
Senator Sheldon Whitehouse is the lead sponsor of the bill, which has earned its nickname because it has garnered support from billionaire Warren Buffett.
The legislation would apply only to taxpayers with income over $1 million – including capital gains and dividends. Taxpayers earning over $2 million would be subject to a 30 percent minimum federal tax rate. Whitehouse says the tax would be phased in for incomes between $1 million and $2 million, with those taxpayers paying a portion of the extra tax required to get them to a 30 percent effective tax rate.
“It’s time to give middle class families in Rhode Island and across the country the straight deal they deserve,” Whitehouse said in February “As we continue working to restore our economy, it’s more important than ever to make sure all Americans are paying their fair share toward our nation’s success – and right now that just isn’t happening. It’s inexcusable that our tax system permits ultra-high income earners to pay a lower tax rate than a truck driver or a janitor, and this legislation would help fix that unfair system.”
Reed: An Issue of Fairness
According to report released by the National Economic Council Tuesday, one out of every three of the 400 richest Americans paid less than 15 percent of their income in taxes in 2008. 85 percent of the 400 highest income households paid an effective rate of less than 30 percent.
In a speech delivered at Florida Atlantic University yesterday, President Obama said it’s time the richest Americans start paying the same percentage of income taxes as members of the middle class.
“In the next few weeks, we’re going to vote on something called the Buffett Rule -- very simple: If you make more than $1 million a year -- now, I’m not saying you have a million dollars -- right? I’m not saying you saved up all your money and you made smart investments and now you’ve got your nest egg and you’re preparing for retirement,” Obama said. “I’m saying, you’re bringing in a million bucks or more a year. Then, what the rule says is you should pay the same percentage of your income in taxes as middle-class families do.”
Senator Jack Reed said it all comes down to fairness.
“This is an issue of basic fairness,” he said. “There is a lot we can do to make the tax code better and the Buffet Rule is a step in that direction.”
Langevin & Cicilline Offer Support
Congressman James Langevin said any serious proposal to get the country’s fiscal house in order must acknowledge the need for a balanced approach of increased revenue and reduced spending.
“We are losing a huge amount of potential revenue through subsidies in the tax code that disproportionately benefit the wealthiest few,” Langevin said. “The fact that a multimillionaire can take advantage of these loopholes to pay a lower rate than a truck driver doesn’t make sense, and the Buffet rule addresses this inequity while reducing our deficit.”
The House is still divided over a Republican budget both Langevin and Congressman David Cicilline believe is too extreme. In a letter to House Speaker John Boehner last week, Cicilline said it is time to put aside partisan politics and support the Buffett Rule.
“As millions of middle class Americans struggle to make ends meet, and with the President calling on Congress to act, I believe we must put aside partisan differences and do the right thing for our country by considering this commonsense proposal,” Cicilline said. “I strongly urge you to take all necessary action to ensure that legislation instituting a ‘Buffett Rule’ is brought to a vote when the U.S. House of Representatives returns to session.”
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Comments:
Wuggly Ump
6:51am on Wednesday, April 11, 2012
Flat tax 10-15% across the board. Get Government out of the charity business. Make them live with in the 10-15% of the labor of the nation.
Jeffrey deckman
6:59am on Wednesday, April 11, 2012
Sure beats fixing the problems causing the problems doesn't it? All of the ought to be ashamed.
william Fooks
7:06am on Wednesday, April 11, 2012
Cut spending
Wuggly Ump
7:08am on Wednesday, April 11, 2012
Yea, we can just keep throwing money at it, when we run out we can just go out and get (tax) more.
Art West
9:06am on Wednesday, April 11, 2012
Sheldon wants to "make sure all Americans are paying their fair share toward our nation’s success – and right now that just isn’t happening."
Actually, you're right Sheldon. That "truck driver or a janitor" is probably paying NO income tax, just like about 50% of Americans.
The real fair solution is the flat tax as Wuggly Ump has already stated. No deductions, no weaseling out of paying something thanks to a socially engineered tax code. Everybody pays at a set rate. That's what is fair.
Along with a flat tax, cut the insane government spending. That, too, would restore fairness.
JR Boucher
3:09pm on Wednesday, April 11, 2012
they cause the problem blame it on the tax payer and then tell us we are unfair because we dont want to keep paying the people who are not pulling their weight and paying anything. these guys are happy buying votes with your money.
pearl fanch
4:25pm on Wednesday, April 11, 2012
I say we raise the taxes on the poor.
How do we do this you ask? Let me tell you how.
We take away from the housing benefits they are currently receiving…FOR FREE.
We take away from the food assistance they are currently receiving…FOR FREE.
We take away from the gas and electric energy assistance they are currently receiving…FOR FREE.
We take away from the welfare checks they are currently receiving…FOR FREE.
We take away from the free education they are currently receiving…FOR FREE.
I currently know of a 21 year old single mom, who is currently collecting all of these benefits. She became a single mom at the age of 16. She lives with her mom, collects each and every benefit list above. Has never worked a single day in her life. Nor does she intend to. She wakes up around noon every day, and goes out to clubs every night til closing time.
This is just ONE example. I know of 5 or 6 people who are currently receiving most of the benefits listed above, don’t work and have no intentions of working. I’m convinced that there are hundreds and thousands of people out there, doing the same thing.
I don’t know about you, but I’m sick and tired of having my tax dollars going to support people like this. You want to start raising taxes, I say tax the poor!!!!!!
JR Boucher
5:38pm on Wednesday, April 11, 2012
Pearl there are millions. they are the 49% not paying taxes but getting a refund check as an earned income credit. the distrubing nature of this is that this block of voters is not invested in this nation and its welfare.
Liberty is the love of others power is the love of self. Our entire federal representation from RI falls in the power category.