President Obama, George Soros, Oprah Winfrey, and Warren Buffett would be forced to pay the same tax rate as working Americans, if the Fair Tax were passed into law, according to House Republican Conference Secretary John Carter (TX31).
Carter today joined bill sponsor Congressman Rob Woodall (R-GA) and other House and Senate members in support of H.R. 25, the Fair Tax, in recognition of National Tax Day and in repsonse to the Senate's failed attempt to pass the Obama-supported Buffett Rule to create a new 30% minimum tax.
"George Soros, Warren Buffett, Oprah Winfrey, and even the President would have to pay the same 23% sales tax as everybody else in the country", said Carter. "We would have a tax system based on fairness instead of envy."
"President Obama has complained that the wealthy pay 18% of their income, while middle-income workers pay 30%. The Fair Tax would correct the discepancy by eliminating income, Social Security, and Medicare taxes entirely, and shutting down the IRS, by replacing all current federal taxes with a 23% national sales tax.