April 10th, 2012
06:19 PM ET
10 years ago

Obama Lays out fairness argument of 'Buffett Rule'

Boca Raton, Florida (CNN) – Without mentioning the names of his Republican rivals, President Barack Obama took his ideological opponents to task on Tuesday during a speech on Tuesday at Florida Atlantic University. Trumpeting themes of fairness and equal sacrifice, the president used facts and figures to argue that a continuation of current tax breaks to the nation's top-earners would be the wrong way to tackle the country's mounting debt.

"A lot of the folks who were peddling these trickle-down theories, including members of Congress and some people who are running for a certain office right now who shall not be named- they're doubling down on these old, broken down theories," the president said, pointing to the budget recently passed by House Republicans as an example.


Filed under: President Obama • Taxes • Warren Buffet
soundoff (14 Responses)
  1. vote the Tea Party OUT in 2012

    good luck with this Mr President but with the TP Republicans still in the House this bill will NEVER pass but it's a good idea to put in the minds of the middle class just who is in their corner and who is looking out for whom.

    April 10, 2012 06:30 pm at 6:30 pm |
  2. Jake

    We all need to seriously rethink this whole issue. Republicans and Democrats differ only in how they want to distribute the tax load. Saying that taking money from the very rich is fair implies that the government taking money from its citizens in any form is also fair. Have we considered that instead of constantly arguing about how to divvy up the "loot", we eliminate the income tax completely? The fact is, we are forced to perform slave labor for the federal government for a significant portion of every year. Rich people have just as much right to their money as the poor. Stealing from ANY citizen and justifying it as "for the common good" is utopian at best, and tyrannical at worst. How would you feel if you were Warren Buffett? "Well, youre rich so its not a big deal for you..." Not a big deal? I would be LIVID if the government took millions of dollars from me every year and used it to enforce such policies as "preventive war" (a joke of a euphemism), welfare, and legislative morality such as the war on drugs - yet ANOTHER never-ending war started by the feds to continually rob us of our money and civil liberties. The debate about how to steal, or who to steal from needs to end NOW. We've only had the income tax since 1913, and its existence has been repeatedly utilized to fund programs and wars that most common people detest, or only support because they are uninformed or propagandized on the issue. I close on this note: people say that abolishing the income tax and there's no way our government could survive without a third of its income. Well, if there was ZERO income tax, government spending would have to only return to year 2000 levels to balance it out! Surely we can manage that. Instead, were being enslaved by our government on average 3 months out of the year to pay for mostly post-9/11 programs such as bank bailouts and the DOHS, which do nothing but invade our privacy, diminish our personal liberties, and even jeopardize our national security by many experts opinions (talk about a boondoggle....) We need to take an entirely new approach to this debate. There IS a third option besides this way to divvy up the loot or this way. Supporting the federal income tax is, morally, no better than advocating blatant theft from your next-door neighbor, and giving the money/goods to someone else who the government deems "fit". Abolish the IRS and END THE FED!

    April 10, 2012 06:38 pm at 6:38 pm |
  3. Four and The Door

    "A lot of the folks who were peddling these trickle-down theories, including members of Congress and some people who are running for a certain office right now who shall not be named- they're doubling down on these old, broken down theories," the president said, pointing to the budget recently passed by House Republicans as an example.
    Fairness is a bad argument. It is a political folly, not an economic reason. We have seen how well decisions based purely on politics have worked in the last 3 years.

    But from 2004 to 2007 we did see the unmistakable power of the Bush tax cuts for reducing unemployment ( 8 million jobs gained ), increasing government revenues ( by $785 billion ) and for increasing the percentage of taxes paid by the wealthier Americans, this increasing to a 40 year high. In fact, every time capital gains tax rates have been reduced, the immediate impact has been higher government revenues. But those are economic facts. Obama is not one to let facts get in the way of a good political folly.

    Romney/ Ryan 2012

    April 10, 2012 06:39 pm at 6:39 pm |
  4. Claudia, Phoenix, AZ

    Water is the only thing that "trickles down" and Republicans must have been laughing all the way to the bank when they they say by giving the rich tax breaks it would create a trickle down effect. I have to laugh just thinking about it.

    April 10, 2012 06:44 pm at 6:44 pm |
  5. Get Real

    How about this for fairness, "Everyone pays their fair share" none of this crap that over 40% of the people do not pay taxes or how about this, "if you do not work and do not pay taxes, you do not have babies or get public assistance"

    April 10, 2012 07:05 pm at 7:05 pm |
  6. Squigman

    Heard the speech, and heard the chants of four more years. Get it straight, it's gonna happen.

    April 10, 2012 07:16 pm at 7:16 pm |
  7. GI Joe

    Thank God we have someone like President Obama to save us from the awfull flipflopping likes of Mitt Romney and hs vulture capitalist ways.

    April 10, 2012 07:16 pm at 7:16 pm |
  8. Joe

    Better trickle down than hold us all down. why not spend and tax the middle class less.

    April 10, 2012 07:53 pm at 7:53 pm |
  9. Joe

    how does taxing rich help anyone?

    April 10, 2012 07:54 pm at 7:54 pm |
  10. jesse james. take them to street and shoot them like the dogs they are

    Romney lies. To run a country you need money . Taxes = money runs country. Grover norquist is a tratior. obama/ biden 2012. The only trusted way forward

    April 10, 2012 08:01 pm at 8:01 pm |
  11. bill

    This guy is clueless.

    April 10, 2012 08:09 pm at 8:09 pm |
  12. Hammerer

    It is not fairness, it is spreading the wealth.
    The slackers need cash too!

    April 10, 2012 08:45 pm at 8:45 pm |
  13. Fred

    I would like to provide Mitt Romney with some good come-backs at Obama. I am 91 years old and I do not use FaceBook, Twitter, etc. I need his e-mail address. Tell him to urge revision of the law regarding charity donations! I gave 200% of my earnings to charity, but could only deduct 25% of what I donated. My donation goes at least 80% to the cause. Obama’s programs waste about 80%. I am in agreement, as a millionaire, to give to those less fortunate, however my way make s o o much mores sense that what Buffett and Obama propose. And Mitt, tell you backers and all who can hear that you will not select a Vice President with “hoof in mouth disease.” Sincerely og1941@yahoo.com

    April 10, 2012 09:06 pm at 9:06 pm |
  14. A Southern Lady - North Carolina

    President Obama is a good and decent man. When he entered the presidency, the country was about to go over the cliff thanks to eight years of Bush. Everything he has done to try to help the county has been voted down by the party of "No". Instead of stating the Republicans would work with the President to get the country back on track, they clearly stated their goal was to make him fail knowing full-well that if he failed, the country failed. As a senior citizen and a one time Republican, it will be a cold day in you-=know-where before any Republican will ever again get my vote. How did our county ever get to the point that a party was willing to take the county down in order to cause the president of the other party to fail? Every single Republican in office should hang their heads in shame. Shame on all of you!!!

    April 10, 2012 09:11 pm at 9:11 pm |