On the recordApril 19, 2012
I'd like to thank the chairman of the Progressive Caucus for bringing this together today to talk about what's so important to the people of the United States of America, our country, and in turn the world. I want to say a few things about the Buffett rule just to fill out that discussion. There are some things we know: the Buffett rule is fiscally responsible. According to the Joint Committee on Taxation, the Buffett rule could reduce the deficit by anywhere from $47 billion to $162 billion over the next decade. The Buffett rule is widely supported, as the chairman just said. The Buffett rule would restore the principled fairness of the Tax Code because it ensures that millionaires can't game the system to pay a lower rate than middle class families. Overwhelming majorities of Americans across the political spectrum believe millionaires should pay their fair share. An overwhelming 76 percent of Americans support increasing the taxes paid by people who make more than $1 million per year, which includes 75 percent of Independents and 56 percent of Republicans. {time} 1440 The majority of millionaires themselves support the Buffett rule. In a recent poll of millionaires, an overwhelming 68 percent support the Buffett rule. Millionaires support the Buffett rule. And remember, it's taxation above $1 million and it's stepped up. It isn't the minute you hit $1 million you're taxed at a much greater rate. It's over. From $1 million up, the taxes will go up.…
