Tuesday, September 20, 2011
- Text of Speech
- White House Fact Sheet
- Living Within Our Means and Investing in the Future: The President’s Plan for Economic Growth and Deficit Reduction (80 pages)
- Tax Portions of the President's Plan (9 pages)
PRINCIPLES FOR TAX REFORM
- Lower Tax Rates. The tax system should be simplified and work for all Americans with lower individual and corporate tax rates and fewer brackets.
- Cut Inefficient and Unfair Tax Breaks. Cut tax breaks that are inefficient, unfair, or both so that the American people and businesses spend less time and less money each year filing taxes and cannot avoid their responsibility by gaming the system.
- Cut the Deficit. Cut the deficit by $1.5 trillion over the next decade through tax reform, including the expiration of tax cuts for single taxpayers making over $200,000 and married couples making over $250,000.
- Increase Job Creation and Growth in the United States. Make America stronger at home and more competitive globally by increasing the incentive to work and invest in the United States.
- Observe the Buffett Rule. No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. As Warren Buffett has pointed out, his effective tax rate is lower than his secretary’s. No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay. This rule will be achieved as part of an overall reform that increases the progressivity of the tax code.
Press and blogosphere commentary:
- Associated Press: Fact Check: Are Rich Taxed Less Than Secretaries?
- Linda Beale (Wayne State), Doggett on Taxing Millionaires
- Christopher Bergin (Tax Analysts), Obama Gets the Millionaires' Tax Right
- David Brooks (New York Times), Obama Rejects Obamaism
- Citizens for Tax Justice, Policy Options to Raise Revenue
- Citizens for Tax Justice, Revenue Provisions in President’s Jobs Bill
- Forbes, President Proposes Nearly $1.6 Trillion In Tax Hikes; Republicans Say No Way
- William Gale (Tax Policy Center), The President’s Recommendations to the Select Committee
- New York Times editorial, A Call for Fairness
- Eugene Robinson (Washington Post), Obama’s Tax Plan Is Common Sense, Not Class Warfare
- Ira Stoll (Future of Capitalism), The Buffett Tax Gambit
- Tax Foundation, American Jobs Act Unlikely to Produce Many Jobs
- Tax Policy Blog, The Shortcomings of President Obama’s Deficit-Reduction Proposal
- Wall Street Journel editorial, The Buffett Alternative Tax