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Tipsheet

President Obama Encourages Congress To Pass the Buffett Rule

In his weekly address, President Obama encouraged Congress to pass the 'Buffett Rule', which would raise taxes on anyone making over $1 million per year. The President said the legislation, if passed, would make the United States "a little fairer, a little more just and a lot stronger". Without it, he also warned:

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"Seniors will have to pay more for their Medicare benefits. Students will see their interest rates go up at a time when they can’t afford it. Families who are scraping by will have to do more because the richest Americans are doing less."

As for the Republicans who are opposed to such a law:

"Every Member of Congress is going to go on record. And if they vote to keep giving tax breaks to people like me – tax breaks our country can’t afford – then they’re going to have to explain to you where that money comes from,” Obama said. “Either it’s going to add to our deficit, or it’s going to come out of your pocket."

If our country can't afford tax breaks, then we probably also can't afford President Obama's legislative initiatives. It always makes me roll my eyes to hear about how wealthy people need to give the government more money, as though the government spending less of other peoples money never occured to anyone. A popular cartoon that made the rounds recently points out that the largest lottery in history only covers 80 minutes of government spending. If the country is in such dire straits that we urgently need someone's privately earned money, then it's time for Congress and our President to reevaluate their own spending habits. Either that, or start paying for their laws out of their own pockets.

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