Senate Republicans on Monday blocked President Obama's so-called 'Buffet rule' which would require a minimum tax rate on millionaires. It failed to advance in a procedural vote Monday. The measure received majority support, 51-45, but failed to receive the 60 needed for majority support for the legislation to advance in the Senate.
The Obama administration never gives up on trying to find ways to raise taxes. The truth of the matter is any "tax" on the wealthy, which would include the 'Buffet rule", would inevitably affect the middle class. The wealthy that Obama speaks of would be those who create jobs in America. The last thing we need is to hinder the wealthy when it comes to creating jobs. The only way this economy will grow is for the private sector to grow unhindered. That won't happen with additional taxes. I wrote about this particular issue last August and said that if President Obama and Congressional Democrats are such strong believers that we need more revenue from taxes to pay down the debt, then why don't they contribute an additional 25% -30% of their own income to the federal government to pay down the debt? Why don't they lead the way? If they're serious about reducing the deficit, then they need to donate a greater portion of their income to the federal treasury. I guarantee you they're wealthy enough that it wouldn't hurt them to donate a portion of their incomes to taxes. It would just be fair. Consequently, they're nothing but liars and hypocrites. They will squeeze every dime they can out of the average American taxpayer but they're not going to pay extra in taxes if they can find a loophole to get out of it.
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