A collection of newsworthy information as reported from newspapers, magazines, and blogs.

Monday, April 9, 2012

Thanks Mr. President

President Obama has signed 39 tax cuts worth $400 billion for families and small businesses, giving a tax cut of about $3,600 to the typical working family in America.    

Guiding Principles

Restoring Fairness

For too long, the U.S. tax code has benefited the wealthy and well-connected at the expense of the vast majority of Americans. That’s why President Obama has successfully fought to cut taxes for middle class families and small businesses. And it’s why he has called for reforming our tax code and closing tax loopholes for millionaires and billionaires as well as hedge fund managers, private jet owners and oil companies.

Supporting the Middle Class

On September 12, 2011 President Obama sent The American Jobs Act to Congress. In keeping with these principles, the American Jobs Act would put more money in the pockets of working and middle class Americans by cutting in half the payroll tax that comes out of the paycheck of every worker, allow more Americans to refinance their mortgage, and cut payroll taxes in half for 98 percent of businesses.

Making Taxes Consistent and Simple

In addition, the President supports making refundable tax credits permanent and simplify confusing provisions in the tax code, encouraging saving and creating a tax system that works for all Americans.
Warren Buffett, a billionaire, pays a lower tax rate than his secretary.

Think that's unfair? So does Warren Buffett.

Right now, millionaires and billionaires have nearly the lowest tax rates they've had in 50 years, while everyone else picks up the tab.

So President Obama is asking Congress to pass a commonsense bill, known as the Buffett Rule, to fix the tax code and make sure that millionaires and billionaires pay at least the same share of their income in taxes as middle-class families.

The Buffett Rule would reduce the deficit while helping to pay for investments in education, clean energy, jobs, and other programs that will help our economy grow. 

Many Republicans are dead-set against this commonsense step, so the unfortunate reality is that next week's vote may not go our way.

But tax fairness is one of the defining issues in this election, and supporting this policy is one of the touchstones of this campaign.

Not only does Mitt Romney oppose the Buffett Rule, but he wants to protect special breaks and loopholes that help wealthy Americans like himself avoid paying their fair share -- and he wants to shower them with even more tax breaks paid for by middle-class families and seniors.

If that's not the kind of country you want to see for the next four years, do something about it now.

Join President Obama in urging Congress to pass the BuffettRule:

1 comment:

  1. Hehehehehe do you believe these things people hahahahaha they only care about themselves.