President Obama’s 'Buffett Rule' is not 'fair,' and it is not a real solution to any of our problems
On Tuesday, President Obama launched an attack on job creators. The "Buffett Rule" tax increase that he so desperately wants won’t even come close to addressing the trillion dollar deficits he plans on leaving to our grandchildren, and it certainly won’t create jobs. Furthermore, singling out the most successful one percent of Americans—who already contribute 40 percent of all the income tax revenue the federal government collects—is not “fair.” President Obama is engaged in a purely political attempt to distract the American people from his failed record of exploding debt, high unemployment and crippling gas prices, and that’s why he’s making divisive campaign speeches instead of offering real solutions.
As Charles Krauthammer points out, “The Joint Committee on Taxation estimates this new tax would yield between $4 billion and $5 billion a year. If we collect the Buffett tax for the next 250 years — a span longer than the life of this republic — it would not cover the Obama deficit for 2011 alone.”
VIDEO: The “Buffett Rule” is just a gimmick
Lowering gas prices and creating jobs are top priorities
As a member of the House Energy Action Team, I did several interviews this week about our effort to lower gas prices and make America energy independent. You can watch and listen to them all here.
The House has acted, but because President Obama has refused to support our all-of-the-above, American-made energy strategy, several bills are stuck in the Senate. You can view the full list here.
Medicare as we know it goes bankrupt, and the House plan is the only proposal that truly saves it
Even President Obama admits that Medicare as we know it is going bankrupt. He said: “[I]f you look at the numbers, Medicare in particular will run out of money, and will not be able to sustain that program no matter how much taxes go up.”
Here’s how Senator Joe Lieberman put it: “The truth is that we cannot save Medicare as we know it. We can save Medicare only if we change it.”
These facts are why it’s so unfortunate that President Obama and his allies continue to repeat the allegation that the House plan ends Medicare — a claim that the nonpartisan group Politifact called the "Lie of the Year." The House plan is a bipartisan plan that recognizes that the status quo is not an option and saves Medicare for current and future seniors. Read the FAQs about it here.
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