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- iHaveNet.com: Politics
by Jason Furman
Deficit reduction based only on cuts is unfair to most Americans
Jason Furman is principal deputy director of the
The Buffett Rule is an important part of President Obama's deficit reduction proposal.
Last month, the president laid out a balanced approach to further reduce our nation's deficit and get our fiscal house in order, based on the values of shared responsibility and shared sacrifice. The president also called on
Warren Buffett is not alone among the very wealthy in paying only a small share of income in taxes. Many households making over
Too many middle-class Americans pay more than this -- especially when payroll taxes are taken into account. For example, a single, self-employed business owner earns
The Buffett Rule only applies to three out of every 1,000 Americans and it would impact even less than that since many of these wealthy Americans already pay near the top marginal rates. Virtually all small businesses would be unaffected, either because their income is less than
The president has called on
But the president does not believe we can follow an unbalanced, spending-only approach to deficit reduction that cuts the deficit by ending
Read Rep. James Lankford: The 'Buffett Rule' Is Bad Tax Policy.
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Without 'Buffett Rule' Middle and Lower Class Will Suffer | Politics
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