The Obama Campaign Releases A New Tax Calculator On The Buffett Rule
The President believes that millionaires and billionaires shouldn’t pay lower tax rates than firefighters and teachers. That’s why he proposed the Buffett Rule – to close tax loopholes to ensure that millionaires and billionaires pay their fair share and don’t pay less in taxes than middle-class families.
- Today the campaign released a new digital calculator that individuals can use to see how their tax rate stacks up against Mitt Romney’s – and then see what the Buffett Rule would do to make the tax code fairer so that we can help reduce the deficit and grow the economy.
Please see this new tax calculator that helps explain the Buffett Rule.
- The calculator highlights President Obama’s efforts to close loopholes and end special tax breaks that let some of the wealthiest pay a lower tax rate than many middle-class families. It helps Americans see how if the Buffett Rule were enacted, everyone would pay their fair share, helping to reduce the deficit and continuing investments in programs that create jobs, grow our economy and strengthen the middle-class.
- President Obama spoke in Florida yesterday about the Buffett Rule, and Vice President Biden will continue this discussion tomorrow in New Hampshire. The Vice President will contrast his and the President’s record on tax fairness with the Republicans’.
- Mitt Romney opposes the Buffett Rule, and he defends a system that rewards people like him at the expense of the middle class and the economy as a whole by allowing him to pay a lower tax rate than the average middle-class American.
- Romney’s tax plan doesn’t ask millionaires and billionaires to pay their fair share so we can responsibly invest in our future. In fact, it does the opposite.
It gives the average millionaire a $250,000 tax cut.
To pay for his tax plan, Romney would increase the deficit and make deep cuts in Social Security, Medicare and Medicaid.