President Obama unveiled his $3 trillion debt-reduction plan today - and millionaires aren't going to get off so easy this time. In what is called the "Buffett Rule" - the President proposed partially closing the capital gains tax loophole. This lets many of America's millionaires and billionaires like Warren Buffett and Paris Hilton - who just collect dividend checks all day by the pool - skate by paying only a 15% tax rate - far lower than the rate working stiffs pay. Under the President's new plan - the richest of the rich will pay at least the same tax rate as average middle class taxpayers.
Seems fair, right?
Not if you're Republican Budget Chairman - and guy who wants to throw Grandma off a cliff by privatizing Medicare - Paul Ryan - who decried any tax increase on the rich as "class warfare." Coincidentally - at the same time - Ryan and the rest of his Republican buddies came out against tax cuts for middle class families - the payroll tax-cut included in President Obama's "American Jobs Act." In fact - under Ryan's Republican budget proposal that nearly every single Republican in House voted for - taxes would actually go UP on middle class families - and go down on millionaires and billionaires. So to recap - Republicans are calling a tax hike on billionaires "class warfare" - but are at the same time pushing for a tax hike on the middle class.
There is class warfare all right in America - and as Warren Buffet said - it's his class - the rich - that's winning. Thank to shills like Paul Ryan.
-Thom
(Do you think the plan will be passed? Tell us here.)
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