Skip to comments.Reid:Buffett Rule Would Restore Fairness To Our Tax Code
Posted on 04/16/2012 2:22:52 PM PDT by mdittmar
Washington, D.C. Nevada Senator Harry Reid spoke on the Senate floor today regarding the Paying a Fair Share Act. Below are his remarks as prepared for delivery:
As millions of Americans prepare to file income tax returns, the Senate will consider the basic fairness of our countrys tax system.
Today the wealthiest one percent takes home the highest share of the nations income since the roaring 20s.
But while their bank accounts have grown, their tax bills have shrunk.
The wealthiest Americans now pay the lowest tax rates in 50 years.
And this unfair system has turned the gap between the richest few and everyone else into a gulf.
Over the last few decades, a small number of Americans have seen their incomes skyrocket by almost 300 percent.
But for the rest of Americans, wages have barely crept up. They havent kept pace with the price of a modest home, a good college and a secure retirement.
So times are tough for many middle-class families. But millionaires and billionaires arent sharing the pain or the sacrifices.
Last year, there were 7,000 millionaires who didnt pay a single penny in federal income taxes. Instead, ordinary Americans footed the bill and thats not fair.
In recent years, some Americans earning north of $110 million a year paid a lower tax rate than millions of middle-class families and thats not fair.
Thats how someone like my friend Warren Buffett winds up paying a lower tax rate than his secretary which is just not fair.
When the richest few are making more than ever before, they can afford to shoulder their fair share of the burden to make this country prosper.
And they shouldnt be allowed to hide behind tax loopholes that rig the system in their favor.
The Paying a Fair Share Act also known as the Buffett Rule would restore fairness to a system that has favored the interests of the wealthy for too long.
This legislation would ensure Americans who earn more than $1 million a year pay at least 30 percent of their income in taxes.
The bill would hold harmless nearly every small business in America more than 99 percent of small businesses, in fact.
It would maintain the deduction for charitable giving.
And it would be a small but important step toward restoring fiscal responsibility as our nation makes difficult choices about where to spend and what to cut.
Three-quarters of Americans believe millionaires and billionaires should contribute more.
Two-thirds of millionaires say its time to even the playing field.
And outside the Beltway, even a majority of Republicans agree.
But Republicans in Congress would rather end Medicare as we know it and slash education funding than ask the richest of the rich to contribute even a penny more.
As Senate Democrats work to make our tax system fair for all Americans, Republicans in the House continue to pursue a budget that would hand more tax breaks to the wealthiest few.
At its heart, this important debate and the Buffett Rule is about setting priorities.
America can build a world-class education system that will prepare our children and grandchildren to compete in the industries of tomorrow.
We can honor our commitment to a generation of young men and women who put their lives on the line to serve and protect our freedom.
And we can ensure seniors who worked hard all their lives look forward to a secure retirement and quality, affordable healthcare.
Or we can keep protecting special tax breaks for the richest of the rich. We cant do both.
We must make smart choices.
President Franklin Roosevelt once said, In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up or else all go down as one people.
I hope my Republican colleagues will join Democrats this evening as we choose a path toward economic fairness that allows all Americans to rise together as one people.
The Federal Government is irresponsible with our money,they should be cut off.
So why didn’t you pass this “Rule” and/or raise rates and expand the tax base further, Harry......WHEN YOU HAD IT ALL?
Jan. 2009 + 2 years you had it all Harry. Why didn’t you do all this then? You can manage to pass monstrosities like “Stimulus” and socialized medicine the, but you could’nt pass your tax increases too?
Further proof these idiots are all about class warfare, politics and division. Pass the word. THEY HAD IT ALL AND FAILED
These motor-mouth inflated ego a**holes get on the floor and jack their jaws for nothing but theater. Has one member of congress ever changed their vote because of what some ______ said on the floor?
The only thing that would restore “fairness” is to toss the entire tax code out, repeal the 16th and abolish the IRS!!
Go back to the CONSTITUTION!!
GUT the unconstitutional federal behemoth and we wouldn’t be spending trillions of dollars annually on unconstitutional programs and would have no need to strip the citizens of the fruit of their labors!!
See the Declaration re: equality under the law, inalienable rights, pursuit of happiness, ie, economic freedom, etc!!
Also, see the constitution re: enumerated powers, Tenth amendment, etc.
Half the country pays zero income tax. Does Reid actually think that nothing equals a share; fair or otherwise?
Anyone who visits Las Vegas should make it a special point to drive I-215 around the west side, and I-15 coming in from the south around Tropicana exit, and see where the so and so has used taxpayers’stimulus money. The landscaping includes life-sized bronze-like statues of horses and walls decoratively painted in desert decor.
My daughter has been without a job for 20 MONTHS, and one of those “horses” would probably pay her salary for a year!! She’s looking every day and there’s nothing lazy about her Mr.Reid, maybe you could help her get a job??????.
NO MORE TAXES,YOU ROTTEN CROOK!
He’s such a tool.
How many people don’t pay any taxes, and I will bet you most of them are Democratic voters.
One of the many differences between conservatives and liberals:
Conservatives look at the amount being paid in taxes—and say, “Enough is enough!”
Liberals look at the amount a person gets to keep after taxes—and say, “It’s not fair; look at how much they still have!”
Thou shalt not covet...the truth behind “fairness” and “paying their fair share!”
The only fair tax is ~NO~ tax.
No man owns what another has produced. And if the producer chooses to give it to his children, charity or spend it on bimbos, booze and ice cream, that’s nobody’s business but his own.
If life was fair, according to Johnny Carson, Elvis would be alive and all the impersonators would be dead. . . and in my estimation, Reid, Pelosi and Obama should would be doing hard time in prison somewhere . . . IMHO
Harry, you ignorant slut. You don’t get to define “fair”.
(classic SNL reference)
What is fair about assessing heavier taxes on our best producers? How is that even fair to lower income people when it means there will be fewer jobs?