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Obama Says Tax Hikes For the Wealthy Are Not "Class Warfare"

Tax Hikes For the Rich Is Not "Class Warfare," Says Obama

The White House is proposing a new tax rate for the wealthy — those earning more than $1 million will have to pay, at the very least, the same percentage of taxes as middle-income Americans are paying. It's called the Buffett Rule, and it's part of the debt reduction plan President Obama proposed today, which aims to reduce the federal deficit by $3 trillion in the next 10 years.

However, there are naysayers who are calling this move "class warfare." In his defense, Obama said, "This is not class warfare, it's math . . . I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare." The president goes on to say that the country can no longer "afford special lower rates for the wealthy" and that the millionaires need to be paying their fair share. "Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett," Obama said.

Weigh in with your thoughts below: is this class warfare or a fair move?

Image Source: Getty
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itsallabouttheg itsallabouttheg 5 years
The math that I don't really understand is that nearly 50% of filers do not pay federal income tax (due to various credits, deductions, etc.). I see no fairness in that- I think everyone should have a stake if they expect services.
tigr3bianca tigr3bianca 5 years
I'd like to see who exactly thinks this is class warfare, besides Faux News. This is just the beginning of fairness. What also needs to happen is simplification of the tax code so those millionaires can't hide in their tax shelters and breaks.
nicole121482 nicole121482 5 years
Finally! It's about time something was done about that!! :)
mscc mscc 5 years
It's completely fair. If everyone's paying the same percentage in the end, I don't see how it could be unfair.
amber512 amber512 5 years
Definitely more fair than the way it's done now.
Purrot Purrot 5 years
Beginning of fairness.
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