Floor Statement in Opposition to H.R. 3099 The Buffet Rule Act

Sep 19, 2012 Issues: Economy

Mr. Chairman,

This is yet another example of total mislabeling by Republicans. This has nothing to do with the Buffett Rule – indeed it makes a mockery of a serious issue of unfairness in our code that has only helped to worsen the growing deficit. 

The Buffett Rule as proposed by President Obama and congressional Democrats – in addition to reducing the deficit by $46 BILLION -- would address a significant inequity in the code that allows a quarter of taxpayers earning more than a million a year to pay a lower tax rate than millions of middle class families. 

Ironically, one of those taxpayers is the Republican presidential nominee, Mitt Romney – who paid an effective tax rate lower than 15 percent in 2010 and refuses to let the American public see his tax returns from any earlier years.

No, the so-called serious tax reform legislation from Republicans would do just the opposite – provide massive new tax cuts for the very wealthy, doubling down on the Bush tax cuts that have added billions to the deficit and contributed to growing income inequality.

What’s more: their idea of tax reform is to heap new taxes on the backs of middle- and lower-income families to pay for all of this. A recent report found that the so-called tax reform outlined in the Ryan budget would give those making over a million dollars a year an additional average tax cut of $331,000 while those making less than $200,000 would see a tax increase of $4,500.

Republicans will recess in two days for two months – with an incredible amount of unfinished business, not the least of which is the extension of the middle class tax cuts and the looming fiscal cliff.