This article was last updated on April 16, 2022
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As the year is drawing to an end, the run for the re-election is on the rise. Obama is reaching out far for his presidential campaign. Recently, at one such campaign he gave the following speech:
“Middle-class families shouldn’t pay higher tax rates than millionaires and billionaires. That’s pretty straightforward. It’s hard to argue against that. Warren Buffet’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it. It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. Anybody who says we can’t change the tax code to correct that….They should have to defend that unfairness—explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that—paying a higher rate. They ought to have to answer for it.”
It is now common knowledge that the economic condition under Obama’s presidency has been the worse that has been faced by America. His recently introduced Buffett Rule has also earned him the disapproval of several members of the society as well as politics. There have been various statements and statistics that have been given to prove that Obama’s view of millionaires not paying enough in taxes is false.
“Explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that, paying a higher rate,” Obama said in a Rose Garden address Monday, in a phrase that echoes Buffett’s argument.
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