Quote of the Day – Applying the Buffett Rule

Thanks to Bob Cesca:

“I’m not the first president to call for this idea that everybody has got to do their fair share. Some years ago, one of my predecessors traveled across the country pushing for the same concept. He gave a speech where he talked about a letter he had received from a wealthy executive who paid lower tax rates than his secretary, and wanted to come to Washington and tell Congress why that was wrong. So this president gave another speech where he said it was ‘crazy’ — that’s a quote — that certain tax loopholes make it possible for multimillionaires to pay nothing, while a bus driver was paying 10 percent of his salary. That wild-eyed, socialist, tax-hiking class warrior was Ronald Reagan.

“He thought that, in America, the wealthiest should pay their fair share, and he said so. I know that position might disqualify him from the Republican primaries these days but what Ronald Reagan was calling for then is the same thing that we’re calling for now: a return to basic fairness and responsibility; everybody doing their part. And if it will help convince folks in Congress to make the right choice, we could call it the Reagan Rule instead of the Buffett Rule.”

- President Obama on the Buffett Rule

You can find out where you would stand with the application of the Buffet, er Reagan Rule to your taxes HERE. By it’s calculations, my household’s tax rate would be 19.5% if the rule was applied.

BTW, in 2010 Romney’s tax rate was 13.9%, which is exceedingly low considering America’s 400 wealthiest taxpayers pay an average rate of 18.1%. How does Romney dip that low?

Under the Buffet Rule, if someone’s income (in a Married household like mine) was $1,000,000.00, the tax rate would be 20.6%…compare THAT to Romney.

Mitt Romney would protect a tax code that allows millionaires like himself to take advantage of loopholes and tax havens. Romney’s tax plan gives the average millionaire a $250,000 tax cut. To pay for these massive tax cuts, Romney will either drive up the deficit, gut programs important to the middle class, or both.
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About btchakir

Retired Theatre Producer, Graphic Designer, Usability Tester and General Troubleshooter with a keen interest in Politics and The Stage. Currently heard on WSHC, 89.7 FM (on line at www.897wshc.org) and occasionally dabbling in Community Theatre.

Posted on April 12, 2012, in Announcement, Books, budget, Business, campaign, Economics, ethics, Family, Finance, government, history, Legal, News, Opinion, Politics, President Obama, Press, quote, Taxes, Word from Bill and tagged , , , , , , . Bookmark the permalink. Comments Off.

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