KKTV 11 News | Colorado Springs, Pueblo | News

Obama Touts Buffett Rule, Says Republicans Want Tax Breaks For Rich

By: KKTV
By: KKTV

Painting November's election as a contest between two deeply contrasting views of America's future, President Barack Obama spoke in the all-important swing state of Florida Tuesday, outlining his support for higher taxes on the wealthiest Americans.

He told voters that under a Republican plan, millionaires and billionaires would see a flow of cash return to their pockets.

"You can't pay down a deficit by taking in 4.6 trillion less money especially when denying you will make all of these cuts," Obama said. "More than a trillion of tax cuts they propose will go to people making 250,000 a year which is an average of 150,000 dollars for every millionaire and billionaire."

The president railed against the budget plan passed in the Republican-controlled House, telling the crowd that the tax breaks the rich would enjoy would come at the detriment of everyone else.

Democrats, Obama said, would ensure that the rich did not get those breaks.

He closed his speech calling for his youthful audience to contact their Congressional representative and ask them to vote in favor of the "Buffett Rule." The Buffet Rule, named for billionaire Warren Buffett, calls for millionaires and billionaires to pay a greater tax rate.

The president will continue campaigning for the Buffett Rule Wednesday, meeting with millionaires and their secretaries at the White House. The secretaries expected at the White House Wednesday all pay a higher tax rate than their bosses due to the current structure of the tax code.

The Buffett Rule is up for a vote in the Senate within the next few weeks. In the current congressional climate, it's not expected to make it to Obama's desk.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 146975935 - kktv.com/a?a=146975935