The Senate voted on the “Buffett rule,” 51-45 to keep this bill alive, but it was shy the 60 votes to continue debate. The president said of Republicans who voted against the bill had voted “once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class.”
I have an issue with the President saying “at the expense of the middle class.” How does the “Buffett rule” affect the middle class? The Congressional Budget Office (CBO) has said that the bill would only raise $49 billion over 10 years, basically $5 billion per year which is how much the government currently spends in less than a week. I resent the president basically lying about the facts. The top tax rate is already 35 percent on individuals making over $380,000 and is 15 percent for individuals making between $17,000 and $70,000 per year.
He wants to raise capital gains taxes, which are taxes from the stocks if people sell if stock. Much of this stock was taken in lieu of salary, or retired people who are living off of the selling of the stock they bought throughout a lifetime. The taxes on capital gains are lower, about 15 percent, to stimulate the risk of investing. You get a tax credit for risking your own money on American companies, basically investing in the economy. It is time the president and the Congress be honest with the American people about the facts. Rep. Rick Larsen (D-2nd) is a co-sponsor and is also repeating the same line as the president, stop the politics and be honest.