Obama Pushes Buffett Rule In Weekly Address
April 14 2012 - 6:30AM
Dow Jones News
President Barack Obama on Saturday used his weekly radio address
to the nation to urge support for his minimum tax on millionaires
ahead of a vote in the Senate.
"As many Americans rush to file their taxes this weekend, it's
worth pointing out that we've got a tax system that doesn't always
uphold the principle of everyone doing their part," the president
said. The annual deadline for filing taxes is next week.
He said because the nation has "serious" deficits in need of
closing and needs to make investments to spur economic growth, "we
can't afford to keep spending more money on tax cuts for the
wealthiest Americans who don't need them and didn't even ask for
them."
The president has spent much of the last week calling for
members of Congress to support a new minimum 30% tax on
millionaires as a way to fund education and other projects. A vote
in the Senate is expected Monday and will likely fail, as
Republicans have criticized the idea as wealth distribution and not
helping reduce the country's deficit.
The president, pointing to polls showing the country supports
more taxes for the wealthy, said Republicans need to "get on board
with where the country is."
Republicans, meanwhile, have pointed to another poll showing
support for the new minimum tax is waning. The tax is called the
Buffett Rule after Berkshire Hathaway Inc. (BRKA, BRKB) Chairman
Warren Buffett, who has said he pays a higher tax rate than his
secretary.
The president's push comes during a week when he released his
own tax return. The president's 2011 total income was $845,000 and
he paid $162,000 in taxes. His effective tax rate was 19%.
The president is in Colombia Saturday for an economic
summit.
In the weekly radio address for the Republican Party, Rep. Fred
Upton (R., Mich.) focused on U.S. energy policy.
"Today we're knocking at the door of a brighter energy future;
one that promises abundant, secure, and cheaper North American
supplies, as long as Washington doesn't create artificial
obstacles," said Upton, who is chairman of the House Energy and
Commerce Committee. "That is what Republicans are working toward,
and we invite the president to join us. If he won't lead, we
will."
He said the Obama administration needs to push the "pause button
on costly new" regulations affecting energy companies.
Republicans have repeatedly criticized the president's energy
policies as the average gallon of gasoline has risen over 10% in
recent months.
On Friday, the president created a panel to oversee natural-gas
drilling and a method of drilling called hydraulic fracturing.
Scientists and environmentalists have raised concerns that the
method could contaminate water and cause air pollution.
-By Jared A. Favole, Dow Jones Newswires; 202-862-9256;
jared.favole@dowjones.com
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