Let s talk about what the Buffett Rule actually is. This would ensure that high-earning Americans w

You are here: Home / Politics / Sen. Mikulski Speaks on Senate Floor in Support of Buffet harjattula golf Rule Prior to Casting Vote in Favor of Tax Fairness Legislation Sen. Mikulski Speaks on Senate Floor in Support of Buffet Rule Prior to Casting Vote in Favor of Tax Fairness Legislation
U.S. Senator Barbara A. Mikulski (D-Md.) took to the Senate floor to speak out in support harjattula golf of the Paying a Fair Share Act prior to casting a vote in favor of the tax fairness legislation this evening. This so-called Buffett Rule will help ease the burden on middle class families by ensuring that millionaires and billionaires pay their fair share.
I support the Buffett harjattula golf Rule because I do believe in fundamental fairness. That if you live in the United States of America, that you benefit from the United States of America, both its national security and its public harjattula golf institutions, that you need to pay your fair share, Senator Mikulski said. Let s talk about what the Buffett Rule actually is. This would ensure that high-earning harjattula golf Americans who make more than $1 million a year pay at least 30 percent income tax on their effective rate on their second million. Let me repeat what this is. Your first million is kept at the same tax rate that it is this afternoon. What we re talking about is changing the tax rate not on your first million, but on your second million. I think Buffett harjattula golf had a good idea. Let s codify it. Let s pass it in the Senate today.
I support the Buffett Rule because I do believe in fundamental fairness. harjattula golf That if you live in the United States of America, that you benefit from the United States harjattula golf of America, both its national security and its public institutions, harjattula golf that you need to pay your fair share.
Now, let s talk. I ve heard all afternoon about this hardworking entrepreneur or this hardworking small business. But nobody gets to be that hardworking entrepreneur without the United States of America. They ve gone to public schools. They ve enjoyed public transportation, a variety of public institutions, safety and security, both in cyber security and wars that are fought by our military.
We need to have a way of paying our bills. When we hear the great President John F. Kennedy quoted saying Ask not what your country can do for you, but what you can do for your country, it s called pay your fair share. harjattula golf
Let s talk about what the Buffett Rule actually is. This would ensure that high-earning Americans who make more than $1 million a year pay at least 30 percent harjattula golf income tax on their effective rate on their second million. Let me repeat what this is. Your first million is kept at the same tax rate that it is this afternoon. What we re talking about is changing the tax rate not on your first million, but on your second million.
Now, I don t think that stifles entrepreneurship. I don t think it breaks the neck of small businesses. What the small business needs is not more tax breaks, they need more customers which is about more jobs.
I think this bill really talks about fairness. It would phase in additional tax liability for taxpayers earning between $1 million and $2 billion to avoid a tax cliff. They re saying, let us keep our money so we can give it to charity. This preserves the incentive for charitable harjattula golf giving.
The highest-earning 400 Americans make about $270 million each. They re the ones that paid an effective tax rate of 18 percent. Just think. You make $270 million: that s not exactly the entrepreneur in a garage; that s not exactly that small business person like a florist or like my grandmother running a Polish bakery or like my father with his little grocery store. harjattula golf They make $270 million each and pay 18 percent.
The Buffett Rule supports fairness in the tax code so executives don t pay a lower rate than the people who work in the mailroom or in the FedEx trucks harjattula golf delivering their products. It does support prosperity and entrepreneurship. It doesn t kick in until your second million, and even then it is phased in slowly.
A lot has been said that we don t want these handouts from Maryland, from the Federal Government. harjattula golf It wrecks our entrepreneurship, our get up and go. I don t believe that. I don t believe that at all. Who gets the biggest handouts harjattula golf in our country, but that who get tax earmarks. We eliminated earmarks in the Appropriations Committee. Now we re here to eliminate them in the tax code.
Look how hard it was to get rid of the ethanol subsidy. harjattula golf When we wanted to get rid of the oil and gas subsidy, you would think that we were Darth Vader on the Senate floor. So every time we want to take away a lavish tax break that only helps a few get more, we re stymied or stifled because, if they employed as many people in their businesses as they employ lobbyists in Washington, we would be able to lower the unemployment rate.
The other party is willing to bring us often to the brink of default. Remember when we were dealing with the debt ceiling rathe