In weekly address, Obama says "Buffett Rule" would grow economy

(CBS News) Expanding on his reasons to support the "Buffett Rule," President Obama said it is "not just about fairness" but economic "growth" as well. (Watch in video above.)

"Now, this is not just about fairness. This is also about growth," the president said in his weekly address. "It's about being able to make the investments we need to strengthen our economy and create jobs. And it's about whether we as a country are willing to pay for those investments."

Just days before the tax filing deadline, the president continued to promote his plan to raise taxes on those earning more than $1 million per year to pay at least a 30-percent tax rate, which the White House says would raise $47 billion over ten years.

"It's simple: If you make more than $1 million every year, you should pay at least the same percentage of your income in taxes as middle-class families do," the president said.

Mr. Obama said the Bush tax cuts of 2001 and 2003 lowered taxes for the wealthy, noting that "tax rates are near their lowest point in 50 years."

Mitt Romney files tax extension
The Obamas paid 20.5% tax rate in 2011

The Senate is set to vote on the "Buffett Rule," named after billionaire Warren Buffett who advocates higher taxes on the wealthy. The rich are often able to take advantage of tax loopholes and deductions that lower their tax rate, and those whose income comes primarily from capital gains enjoy a reduced rate.

As the economy is a crucial issue this election year, the Democrats try to paint Republicans as the party interested in passing policies that benefit the wealthy.

"We've tried this trickle-down experiment before. It doesn't work," the president said.

Meanwhile, Republicans talked about energy in their weekly address. Rep. Fred Upton, Chair of the House Energy & Commerce Committee, said the president's energy policies have reduced energy production on federal lands, and he said the Republicans have a better strategy.

"In many ways this administration's policies are moving us backwards, and making gas prices even worse," Upton said.

Face the Facts: A fact check on gas prices

This is the eighth week in a row Republicans have used their weekly address to discuss energy. Upton says his committee is taking up two measures that will expand energy production.

The first would reduce government regulations on energy producers, and the other would require more federal lands be opened up to energy production if the president taps the Strategic Petroleum Reserve (SPR) - a reserve of crude set aside for emergencies, including costly gas prices. Presidents have opened the SPR to control prices around election time.

"If he won't lead, we will," Upton said. (Watch the Republican weekly address below.)

[OnTheCrown]

Despite the complexity of the U.S. economy, apparently it will only take raising the tax rates on 1% of American taxpayers to grow the economy.

Has Obama considered that if taxes were raised they would be less likely to give to charity and/or more likely to fire that one employee to cover the cost?

[mattrick78]

"I am amazed at the number of people who watched the Dumya Debacle cut taxes for the rich, while running up Trillions in deficits"

He didn't just cut taxes for the rich. Even those who did not pay taxes got a stimulus check.

[strikerF2]

WHy does Obama keep lying,The So called Buffet rule would not be but a drop in the bucket.And the Millionaires and Billionaires who take their money from interest or dividend income would still pay less percentage than those who take their money from income. Who does Obama think he is fooling the Liberals. Get the cost of gasoline down that is what is hurting the middle and lower classes,can Obama be that stupid as to not see this??

[leah100]

The Buffet rule as our savior?! We who talk against are "full of it". Not really. The change would raise less than $50 billion over the next 10 years, a drop in the bucket in the context of a $15 trillion national debt. According to one White House spokesman, the Buffett Rule bill is "philosophically consistent" with the idea of having more surtaxes in the future. I guess, ability to pay our bills is not really important, pushing their agenda is. Democrats are trying to foment a fake class warfare to help them win the elections (instead of offering solutions).

[nonpolitico]

Well, it looks as if Pres.Obama is following the European mantra of rich/wealth ENVY. For the Socialist Europe is planning to tax the rich, and it sure looks as if Obama has abandoned any pretence of reasonableness. The sociocommies sure want everyone to be the same....POOR!!!
For the record, there is NO "Government" money!
Only citizens money!
All governments across the world see private wealth as a target for their enormous ambitions!
They wanna GROW the State!
Citizens wanna SHRINK the State.
Looks as if we have the answer of what Obama will do if he gets a second term!!
More laws of expropriation (From the citizens) to provide Bigger Government , more `crats, more pernickity legislation and more power to unelected officials in the supposed "Land Of The Free"!
Less freedom....(Did Obama answer the Florida Summons?)...he too is a citizen!
Has he decided to ensure that the Presidency is ABOVE the Law and the Constitution?
Sure looks that way.
Just imagine, the New America or USASR (United States of America Socialist Republic), which Washington is cooking up for everyone...!
Nothing we can do folks, apart from take up the Constitutional Right to get rid of the Government acting against the will of the people.
Good job we still got the Constitution Huh?!(And the NRA)!!

[ongelooflijk-2009]

nonpolitico, that's a joke! Sounds like you've got Beck envy and may be after his old job back at Faux News. Hey, I hear that they're looking for a good man and does it ever pay well, lol!

[ongelooflijk-2009]

So many of you taking digs at Obama are clearly full of it. The Republicans and the Tea Party are trying to sell the American public on the idea that we should already be out of this mess---all the while playing obstructionist politics and doing a good job at it too, based on so much of the vacuous drivel I've read on this board.

Of course none of you care to know that as long as 10 years after the beginning of The Great Depression US unemployment was as high as 14% until WWII started and industrial demand kicked in!

I propose that no one elected to the office of President could fair as well or have so great an impact! And, as with the Great Depression, there is still a long tough road ahead and the President has repeatedly said as much!

The Presidents detractors, particularly those who vote in the House and Senate would do better to help govern, as opposed to impeding him----While the middle-class is squeezed, the poor grow poorer and the wealthy sit back on their heels, lining their pockets and protecting their ass-ets!

[ibsteve2u]

"Somebody" is already paving the way for Romney...access to the June 18th, 2002 speech that Bush gave for HUD employees wherein Bush and the Republicans launched the mortgage-backed securities pyramid scam is disappearing from the web.

Guess somebody is afraid that the American people will connect the presence of a President with deep connections within "high finance" in America in the White House with the overwhelming likelihood of another attempt to raid both the assets of the many in America and the United States Treasury.

[forumcomments]

Certainly the investment tax needs to be increased. In fact since about a decade ago the rate is half of what it was. The rate is set at a fixed 15 percent as long as the earnings can be classified as an investment. If you are an individual that needs an investment that doesn't fluctuate and you can't afford to lose money you will invest in a CD for example. The earnings from a CD would be taxed at the income tax rate which in many cases is high.

I believe the debt is the greatest risk to the country. Wars we couldn't afford during times of record tax breaks is the primary reason we are in this situation with debt. If the country had to pay back last years debt now for example, we would have to deduct over 1 trillion from revenues before we paid for running the gov. That would mean a budget of 1/3 less than the current budget. This would make the 2008 recession seem like glory days. There are other factors here, yet, currently we have been running trillion dollar deficits for years.

[ongelooflijk-2009]

Hard to believe that some here refuse to see the relationship between the Bush era tax cuts----which are still in effect across the board, our two wars (cost as of June 2011, 2.3 to 2.7 trillion and climbing -"Costs of War" by Brown University's Watson Institute for International Studies - REUTERS), the economic downturn of 2008 and our current massive budget deficit. Not to mention the under-regulated financial industry's 'we'll take your money for nothing by selling you worthless mortgage backed securities, scam'!

Yes, we can all agree that it's a complicated matter, however----The GOP and Tea Party argument for opposing the Buffet Rule or any other form of tax increase for the wealthy (that it will kill economic growth by killing investment) doesn't hold water. The fact is, the wealthy have been enjoying their disproportionate tax break all along-----so, where is the investment! Oh, I see, they haven't wanted to invest because they're concerned that the tax break would be repealed at some point in the future. Naahhhh!

We did just fine, and grew as a nation, with the taxes under Clinton and Obama is simply asking for comparative rates!

[kerrco]

The Buffett Rule has already been admitted to by almost everybody as a total farce. This administration keeps playing to the gullible and uninformed.