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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIn State Of The Union, Obama Calls For Minimum 30 Percent Tax On Millionaires
By Pat Garofalo
During tonights State of the Union, President Obama noting that one quarter of millionaires are able to pay less in taxes than millions of middle class families called for a minimum 30 percent income tax rate for millionaires. Obama also took on the favorite Republican talking point that calling for millionaires to pay their fair share in taxes is class warfare:
We dont begrudge financial success in this country. We admire it. When Americans talk about folks like me paying my fair share of taxes, its not because they envy the rich. Its because they understand that when I get tax breaks I dont need and the country cant afford, it either adds to the deficit, or somebody else has to make up the difference like a senior on a fixed income; or a student trying to get through school; or a family trying to make ends meet. Thats not right. Americans know its not right.
Watch it:
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Even before the Presidents speech ended, Speaker of the House John Boehner (R-OH) had posted a statement deriding the Buffett rule as a political gimmick. Because the president clearly cannot run on his record, he has regrettably turned to the politics of envy and division, Boehners statement read.
Earlier in the speech, President Obama also called for a mortgage refinancing plan, paid for by a new fee on the largest banks in the country. Im sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates, Obama said. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it wont add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.
http://thinkprogress.org/economy/2012/01/24/411033/sotu-obama-minimum-tax-millionaires/
Romney Paid 13.9% ("Romney advisers stressed that the holdings in the Caymans"
http://www.democraticunderground.com/1002211678
CLOSE THE ROMNEY LOOPHOLE
http://upload.democraticunderground.com/100265342
pansypoo53219
(20,978 posts)i want clinton or hall, lets go to 50%. hell. eisenhower 80%!
Major Nikon
(36,827 posts)It's time to start charging people like Romney FICA on their first $100K as well. Investment income should be treated the same as wage income. The whole idea that investment income is somehow more privileged than wage income is outdated supply side bullshit which has been soundly debunked.
lovemydog
(11,833 posts)of his sotu. And it's why we need to give him a much better Congress!
ProSense
(116,464 posts)have a huge impact, having 30 percent be the base. That's more than double what Romney paided.
JDPriestly
(57,936 posts)And that means a lot because the entire speech was well thought-out and well written.
Capitalism -- and our legal system -- are about trust -- about relying on business partners, about fairness in all our dealings.
Subtract from capitalism the factors of honesty, integrity and trust, and the economy doesn't work. And that is what we have.
You can't have trust without honesty and integrity on the parts of trading partners. That's my belief. That is why I think that phrase was the key to the whole speech.
Trust -- trustworthy businesses -- trustworthy citizens -- trustworthy lenders -- trustworthy borrowers. Those are the minimum requirements for our system.