State Sen. Vincent Hughes Promotes ‘Buffet Rule’ for Obama Campaign
The Pennsylvania arm of the Obama for America Campaign held a conference call this morning featuring the argumentative styles of both Pennsylvania Democratic Chair Jim Burn and Philadelphia State Sen. Vincent Hughes. Both argued in favor of a new tax plan the Obama Administration has been pushing as of late called the ‘Buffet Rule,’ which would essentially close tax loopholes for the rich and require a 30 percent mandatory tax rate on millionaires.
Burn called the rule a “simple concept” and said that Romney, if elected, would ask for middle-class Americans to pay more, while cutting taxes for millionaires.
Hughes agreed. “We have to balance the tax code,” he said. “Everybody’s got to help out. Governor Romney’s tax plan doesn’t ask millionaires and billionaires to pay their fair share. His program gives every millionaire a $250 thousand tax cut while raising taxes on…hardworking families making less than $40 thousand a year.”
The Obama Campaign has released a fun online tax calculator, in which you can put in some income. Then it’ll give you information on how much you’re taxed now, and how much you’ll be taxed after the rule is passed. Here’s a screen shot.
Hughes said you could also call the idea the “Romney rule,” since those same tax loopholes “allow Mitt Romney to get a lower tax rate than many middle-class families.”
Reports show that Mitt Romney pays 13.9 percent in federal income taxes, since his earnings are capital gains, based on prior investments.
The Buffet Rule has been criticized by opponents and some in the media for being a campaign year gimmick. According to the Washington Post, Obama declared it as such, saying on Wednesday: “There are others who are saying: ‘Well, this is just a gimmick. Just taxing millionaires and billionaires, just imposing the Buffett Rule, won’t do enough to close the deficit…Well, I agree.”
The plan would, also according to the Post, bring in “$47 billion over 10 years, much of that from 22,000 wealthy households.”