Obama’s boast appears to overstate what the Buffett Rule actually does. It raises about $47 billion over the next decade — hardly a princely sum and nothing approaching the $3 trillion-plus cost of extending tax cuts for the middle class. In an era of trillion-dollar deficits, it’s a drop in the bucket.
Republicans ripped Obama and the Buffett Rule before the president spoke, arguing he was trying to distract from his record with class warfare.
“This has nothing to do with sound economic policy to get our economy moving again and everything to do with politics,” Senate Finance ranking member Orrin Hatch said. The Utah Republican dismissed the revenue raised by the new 30 percent minimum millionaire tax as “a spit in the ocean.”
Still, the president urged his audience to contact Congress. “Remind them who they work for,” he said.
Obama ended on a rhetorical flourish, his voice rising to cheers. “Here in America we look out for one another. ... Here in America we can seize any moment. We can make this century another great American century.”
Rep. Bill Cassidy has his blood drawn by Alesha Barbour during a free hepatitis screening in the Rayburn House Office Building hosted by the Congressional Viral Hepatitis Caucus to recognize "National Viral Hepatitis Testing Day."
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