Rangel Urges Republicans to Pass "Buffett Rule" so Millionaires Pay Their Fair Share

Press Release

On Tax Day, Congressman Charles B. Rangel renewed his call for Congress to begin restoring tax fairness to hardworking Americans by passing the Buffett Rule. This Rule was called for by President Barack Obama in his State of the Union Address, and guarantees that those making over $1 million per year do not pay a lower tax rate than hardworking families making far less than that.

The "Buffett Rule" is so-named because billionaire Warren Buffett has decried the fact that his secretary pays a higher tax rate than he does.

To restore tax fairness and provide tax cuts for economic growth, the Democratic budget includes the Buffett Rule, and extends middle class tax cuts while ending the Bush tax cuts for the wealthy. All Republicans opposed this budget.

"Republicans go on television claiming to support hardworking Americans, but it's hypocritical for them to reject this rule that asks the super rich to give up their massive tax breaks," said Rangel. "My Democratic Colleagues and I have worked with President Obama to cut taxes for entrepreneurs and small businesses in order to spur economic growth. As a result, federal taxes in 2011 are at the lowest level as a share of the nation's economy since 1950."

In contrast, Republicans continue to provide tax giveaways for the wealthy -- this week re-passing their Republican budget that provides an average annual tax cut of $394,000 for those making over $1 million per year (TPC) and advancing a tax bill (H.R. 9) that continues tax giveaways to the wealthiest few in the name of "small businesses".

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