Barack Obama is beating the drums for the Buffett rule, which would net about $4 billion per year, but it’s about growth.
Expanding on his reasons to support the “Buffett Rule,” President Obama said it is “not just about fairness” but economic “growth” as well. (Watch in video above.)
“Now, this is not just about fairness. This is also about growth,” the president said in his weekly address. “It’s about being able to make the investments we need to strengthen our economy and create jobs. And it’s about whether we as a country are willing to pay for those investment.
Just days before the tax filing deadline, the president continued to promote his plan to raise taxes on those earning more than $1 million per year to pay at least a 30-percent tax rate, which the White House says would raise $47 billion over ten years.
“It’s simple: If you make more than $1 million every year, you should pay at least the same percentage of your income in taxes as middle-class families do,” the president said.
Obama’s US FY 2013 budget proposes spending $3.803 trillion. The additional $4 billion would “grow” the budget to $3.807 trillion, which clearly makes all the difference in the world.
Obama’s budget was voted down 414-0.