Vice President Biden Spoke in New Hampshire on Tax Fairness and the Buffett Rule
- Vice President Biden spoke in New Hampshire yesterday on tax fairness and the Buffett Rule. It’s the fourth of a series of campaign speeches about issues that will be at the core of the general election and the choice America will make in November about the future we want for this country.
- The Vice President highlighted President Obama’s efforts to close loopholes and end special tax breaks that let some of the wealthiest pay a lower tax rate than many middle-class families. The Buffett Rule is part of the President’s commitment to reduce the deficit, while asking everyone to pay their fair share and continuing investments in programs that create jobs, grow our economy and strengthen the middle-class.
- The Buffett Rule says that millionaires and billionaires should pay at least the same percentage of their income in taxes as middle-class families do. Meanwhile, the Romney Rule says the very wealthy should keep their tax cuts and loopholes they have, and get another new tax cut every year that’s worth more than what the average middle-class family makes in an entire year.
- Mitt Romney opposes the Buffett Rule. He defends a system that rewards people like him at the expense of the middle class and the economy as a whole by allowing him to pay a lower tax rate than the average middle-class American.
- Romney’s tax plan doesn’t ask millionaires and billionaires to pay their fair share so we can responsibly invest in our future. In fact, it does the opposite.
It gives the average millionaire a $250,000 tax cut.
To pay for his tax plan, Romney would either need to increase the deficit or make even deeper cuts to middle class investments like Social Security, Medicare and Medicaid than he has already proposed.