Thursday, September 22, 2011

Senator Cornyn to Warren Buffett: Show Us Your Tax Returns

With the Obama administration using billionaire Warren Buffett as the rule for the new tax standard on billionaires and millionaires, Senator Cornyn (R-TX) wants to see his tax returns.

“If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, let’s look at them,” Senator John Cornyn, R-TX, said while aboard ABC’s “Subway Series with Jonathan Karl.”

Featured prominently in the Administration’s $3 trillion deficit reduction plan is the “Buffett Rule,” a controversial provision named after Warren Buffett that establishes a minimum tax on Americans making $1 million or more in income. Ahead of the president’s proposal, Buffett penned an op-ed in the The New York Times called “Stop Coddling the Superrich,” where he argued that he should not be taxed at a lower rate than his non-billionaire staff.

Cornyn suggests the Administration’s proposed “Buffett Minimum Tax” (BMT) is really just a revamped version of the Alternative Minimum Tax (AMT) – an unpopular measure first adopted in 1969 that was designed to hit the super wealthy.

“Unless we stop this, 30 million middle income tax payers will be affected,” Cornyn said in presumed defense of the middle class. “It’s an illusion to say we’re only going to tax the rich.”

As President Obama continues on with his use of class warfare in his insistance of raising taxes during these tough economic times, approaching a double dip recession, he is fond of using his campaign contributor Buffett in an example of tax rate inequality. He tells a story of Buffett being taxed at lower rate than his secretary. It is a story comparing apples and oranges but that doesn't stop Obama. Buffett pays taxes on dividends and investments, not actual paychecks.

The White House is said to have called Buffett to "ask permission" of him to call their new tax the rich scheme after him. Who works for whom in this administration anyway? By exposing Buffett's tax records, the public would understand the false claims of class warfare.

Class warfare is a campaign tactic, not a serious economic strategy.

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