US President Barack Obama urged Congress on Saturday to pass the Buffet Rule, which increase taxes on the wealthiest Americans, a point of contention with Republicans on Capitol Hill. "We can either settle for an economy where a few people do really well and everyone else struggles to get by, or we can build an economy where hard work pays off again - where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules," said Obama in his weekly address. "When it comes to paying down the deficit and investing in our future, should we ask middle-class Americans to pay even more at a time when their budgets are already stretched to the breaking point? Or should we ask some of the wealthiest Americans to pay their fair share?," he added. Obama noted that the United States has "unlimited resources" and that hundreds of billions of dollars were spent in the last decade "on what was supposed to be a temporary tax cut for the wealthiest two percent of Americans. "Today, the wealthiest Americans are paying taxes at one of the lowest rates in 50 years; over the last 30 years, the tax rates for middle class families have barely budged," he added. Obama mentioned that Congress is expected in few weeks to vote on the Buffet Rule: "If you make more than USD 1 million a year, you should pay at least the same percentage of your income in taxes as middle class families do. On the other hand, if you make under USD 250,000 a year - like 98 percent of American families do - your taxes should not go up." "So every Member of Congress is going to go on record. And if they vote to keep giving tax breaks to people like me - tax breaks our country cannot afford - then they are going to have to explain to you where that money comes from. Either it is going to add to our deficit, or it is going to come out of your pocket," he concluded.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor