WEEKLY ADDRESS: Passing a Buffett Rule so that Everyone Pays Their Fair Share
WASHINGTON, DC— In this week’s address, President Obama calls on Congress to pass a Buffett Rule, a element of integrity that ensures that millionaires and billionaires do not compensate reduction in taxes as a share of their income than center category families pay. The President believes a complement contingency ask a wealthiest to compensate their satisfactory share, while safeguarding 98 percent of Americans from saying their taxes go adult during all. That is since a President due a Buffett Rule, that will assistance make a complement simulate a values so that all Americans get a satisfactory shot, play by a same rules, and compensate their satisfactory share.
Remarks of President Barack Obama
The White House
March 31, 2012
Over a final few months, I’ve been articulate about a choice we face as a country. We can possibly settle for an economy where a few people do unequivocally good and everybody else struggles to get by, or we can build an economy where tough work pays off again – where everybody gets a satisfactory shot, everybody does their satisfactory share, and everybody plays by a same rules. That’s adult to us.
Today, we wish to speak to we about a thought that everybody in this nation should do their satisfactory share.
Now, if this were a ideal world, we’d have total resources. No one would ever have to compensate any taxes, and we could spend as most as we wanted. But we live in a genuine world. We don’t have total resources. We have a necessity that needs to be paid down. And we also have to compensate for investments that will assistance a economy grow and keep a nation safe: education, investigate and technology, a clever military, and retirement programs like Medicare and Social Security.
That means we have to make choices. When it comes to profitable down a necessity and investing in a future, should we ask middle-class Americans to compensate even some-more during a time when their budgets are already stretched to a violation point? Or should we ask some of a wealthiest Americans to compensate their satisfactory share?
That’s a choice. Over a final decade, we’ve spent hundreds of billions of dollars on what was ostensible to be a proxy taxation cut for a wealthiest dual percent of Americans. Now we’re scheduled to spend roughly a trillion more. Today, a wealthiest Americans are profitable taxes during one of a lowest rates in 50 years. Warren Buffett is profitable a reduce rate than his secretary. Meanwhile, over a final 30 years, a taxation rates for center category families have hardly budged.
That’s not fair. It doesn’t make any sense. Do we wish to keep giving taxation breaks to a wealthiest Americans like me, or Warren Buffett, or Bill Gates – people who don’t need them and never asked for them? Or do we wish to keep investing in things that will grow a economy and keep us secure? Because we can’t means to do both.
Now, some people call this category warfare. But we consider seeking a billionaire to compensate during slightest a same taxation rate as his secretary is only common sense. We don’t enviousness success in this country. We aspire to it. But we also trust that anyone who does good for themselves should do their satisfactory share in return, so that some-more people have a event to get forward – not only a few.
That’s a America we trust in. And in a subsequent few weeks, Members of Congress will get a possibility to uncover we where they stand. Congress is going to opinion on what’s called a Buffett Rule: If we make some-more than $1 million a year, we should compensate during slightest a same commission of your income in taxes as center category families do. On a other hand, if we make underneath $250,000 a year – like 98 percent of American families do – your taxes shouldn’t go up. You’re a ones struggling with a rising cost of all from college fee to groceries. You’re a ones who merit a break.
So each Member of Congress is going to go on record. And if they opinion to keep giving taxation breaks to people like me – taxation breaks a nation can’t means – afterwards they’re going to have to explain to we where that income comes from. Either it’s going to supplement to a deficit, or it’s going to come out of your pocket. Seniors will have to compensate some-more for their Medicare benefits. Students will see their seductiveness rates go adult during a time when they can’t means it. Families who are scraping by will have to do some-more since a richest Americans are doing less.
That’s not right. That’s not who we are. In America, a story has never been about what we can do by ourselves – it’s about what we can do together. It’s about desiring in a destiny and a destiny of this country. So tell your Members of Congress to do a right thing. Call them up, write them a letter, compensate them a visit, and tell them to stop giving taxation breaks to people who don’t need them and start investing in a things that will assistance a economy grow and put people behind to work.
That’s how we’ll make this nation a small fairer, a small some-more just, and a whole lot stronger. Thank you.