What Is Fair When It Comes To Bringing Down The Deficit

April 10, 2012

Media Contact:
Victoria Coley 433.758.6077

What Is Fair When It Comes To Bringing Down The Deficit
White House Pushes Buffett Rule – What We Need Is A Budget

Arlington,VA – This afternoon, President Obama is in Florida, a key battleground state, addressing the economy and taxes. Ahead of a Monday Senate vote and as Americans are filing their taxes, the President will discuss the so-called “Buffett Rule” which boosts taxes on millionaires with a focus on fairness.

Meanwhile, last night Roll Call reported that upon returning from recess the Senate Budget Committee will move forward with marking up a budget. Sen. Kent Conrad (D-ND), chairman of the Senate Budget Committee, said “The fact is, what we don’t have is a longer-term plan. That’s what I’m going to mark up the first week I’m back in session.”

Gretchen Hamel, executive director of Public Notice, said:

“The Obama Administration has now decided to characterize its ‘Buffett Rule’ as a means to increase fairness in the tax code instead of a way to bring down the deficit.

“Leaving aside what tax increases would do to an already shaky economy, what would truly make an impact is for lawmakers to lay political ploys aside and come up with a comprehensive plan that addresses the core of our problems – overspending – and reduces our debt and deficit. The tax code is teeming with inefficiencies that deserve comprehensive attention, not political gamesmanship.

“The ‘Buffett Rule’ would only lower the debt by 0.2% over the next decade. To put this into perspective, while the ‘Buffett Rule’ would raise $47 billion over ten years, while eliminating improper Medicare payments could save $48 billion in one year alone. Eliminating all Medicare fraud and waste could raise as much as $100 billion per year.

“Americans are tired of nibbling around the edges, and they’re tired of splashy political proposals that do little to reduce taxpayers’ spending burden.

“The Senate Budget Committee’s hearing next week is an encouraging sign. But I’m afraid, after the failure of Simpson-Bowles and the Super Committee, none of it will lead to real reform. I hope the Senate Budget Committee’s decision to hold this mark-up is not a political ploy, but a true commitment to passing, and sticking to, a real budget.”

For more information visit www.bankruptingamerica.org
To schedule an interview with Gretchen Hamel,

contact Victoria Coley 443.758.6077 victoria@thepublicnotice.org


Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing the facts and insights on the effects public policy has on Americans’ financial well being. 

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