This morning, the President proposed the “Buffett Rule,” which would require those earning more than $1 million a year to pay the same share of their income in taxes as middle-class families do.
This proposal makes sure millionaires and billionaires share the responsibility for reducing the deficit. It would correct, for example, the fact that Warren Buffett’s secretary currently pays a higher tax rate than he does.
The other side is already saying it’s “class warfare"—that’s their rhetorical smokescreen for providing millionaires and billionaires special treatment.
As the President said this morning, “This is not class warfare—it’s math.”