The White House signaled its approach Saturday by highlighting a proposal in the president's plan that would set a minimum tax rate for taxpayers earning more than $1 million.Indeed, any new revenue raising scheme by Obama should begin with his own donors. Instead of writing checks to this failed president, how about they just send the money to the Treasury Department?
The measure — Obama is going to call it the "Buffett Rule" for billionaire investor Warren Buffett — is designed to prevent millionaires from using tax-avoidance schemes to pay lower rates than middle-income taxpayers. Buffett has complained that he and other wealthy people have been "coddled long enough" and shouldn't be paying a smaller share of their income in federal taxes than middle-class taxpayers.
However, the proposal is certain to be rejected by Republicans, who have pledged to oppose any increase in taxes.
"It adds further instability to our system, more uncertainty and it punishes job creation and those people who create jobs," said Republican Rep. Paul Ryan of Wisconsin, the House Budget Committee chairman.
"Class warfare may make for really good politics but it makes for rotten economics," he told "Fox News Sunday."
Senate Republican leader Mitch McConnell, noting that a similar effort to raise taxes on the wealthy failed a few years ago, continued to push for revising the tax code and looking to increasing revenue through economic activity rather than taxes. He was dismissive of Obama's so-called Buffett Rule.
"With regard to his tax rate, if he's feeling guilty about it, I think he should send in a check," McConnell said of Buffett while appearing on "Meet the Press" on NBC TV. "But we don't want to stagnate this economy by raising taxes."
Just wondering: Will anyone in the media bother to point out the "rich" are already paying more than their fair share?