President Obama defended the Buffett Rule in Ohio Wednesday, which would impose a minimum 30 percent income tax on Americans making at least $1 million per year. Obama particularly targeted Senate Republicans who blocked a vote on the rule Monday, saying they “refused to ask the wealthiest among us to do their fair share.”
Now, on Monday nearly every Republican in the Senate voted to block what’s called the Buffett Rule. Think about this.
The Buffet Rule says if you make a million dollars or more, I am not saying you have a million dollars. Let’s say you’re a small business person and you saved and worked and after 10, 20, 30 years of working you saved up your nest egg. That’s not what I am talking about. I am saying you make a million dollars a year. We said you should at least pay the same percentage in income tax as middle class families do… By doing that, that helps us afford being able to say to the 98% of families that make $250,000 a year or less your taxes won’t go up.
This is an idea that was supported by a strong majority of the American people including nearly half of Republicans. Majority of millionaires supported it. Senate Republicans didn’t listen. They refused to even let it come up for a vote, refused to ask the wealthiest among us to do their fair share.
