Rep. Palazzo Talks About The “Buffet Rule”
Rep. Steven Palazzo sent the following email as President Obama pushes what he refers to as the “Buffet Rule:”
This week the President, our Campaigner in Chief, is urging Congress to pass a tax hike known as the “Bufett Rule” in efforts to start closing our massive deficits in a fair, balanced, and sensible way. In fact, if enacted, it would only reduce our deficit by less than one-half of 1%.
At a time when American’s are concerned about filling up their gas tank, a tax hike is that last thing we need. This “rule” will raise taxes on small business owners and those who make investments in our economy. It is hard enough for our job creators to focus on expanding their business already with the massive amounts of red-tape and regulations; these investments in our economy create jobs on Main Street.
Contrary to what the President said, this tax increase would not be used to pay down our deficits and debt, but rather to pay for more failed stimulus projects. He said these tax revenues would be used for “expanding our investment in clean energy.” Apparently, these so-called investments produced failed projects like Solyndra, for example.
The underlying theme of raising taxes on the wealthiest of Americans, as President Obama says, is to make sure people are paying their fair share. According to the Tax Foundation, the top 1% of all earners in the United States pay over 35% of all federal income taxes, but only earn under 17% of all income. Even IRS data suggests middle-class workers, on average, pay less 15% of their income towards federal taxes. Obama is now trying to say this is somehow unfair.
It is time for real solutions, not gimmicks. In a YouTube video, Obama says: Others “are saying, ‘Well this is just a gimmick, just imposing the Buffett Rule won’t do enough to close the deficit, ‘Well, I agree.”
This is why I am committed to real pro-growth tax reform and cutting spending, not pointless tax hikes. Mississippi and the American people deserve better than political rhetoric and crony policies that are bad for the taxpayers. In order to get our deficits under control we must stop spending money we don’t have which is putting the next generation at risk.