Yesterday, in a joint press conference in downtown Chicago, Democratic Nominees Brad Schneider, Tammy Duckworth, and Bill Foster urged their Republican opponents—Congressman Bob Dold, Congressman Joe Walsh, and Congresswoman Judy Biggert—to support the highly popular Buffett Rule.
The Buffett Rule is simple – CEOs like Warren Buffett shouldn’t be paying a lower tax rate than their secretaries and millions of other middle class Americans. According to the IRS, tens of thousands of U.S. households making more than $1 million pay less than 15 percent in income taxes.
Despite failing to pass the Senate yesterday, the Buffett Rule has widespread support from the American people. 72% support the measure in the latest CNN poll. Even a majority of Republicans support it!
There is no question we face serious economic challenges, including budget deficits and an overly complex tax system with gaping, perverse loopholes. We all agree that difficult decisions lie before us. And we all know that we need to start addressing our challenges now. Passing the Buffett Rule is a small but important step towards getting our fiscal house in order.