“It is a principle for overall individual tax reform,” Carney said. Obama “is calling on Congress to make it a reality within the context of tax reform. The overall principle should be adhered to as we look at issues of the balance we have in our tax code going forward.”
It’s unclear when, or if, Senate Democrats will move forward with an individual tax reform proposal, but Carney said that if they do so this year, the Buffett Rule should be part of the package.
“If they address income tax, individual income tax [this year], then they ought to ensure that the Buffett Rule is made law, if you will, through that practice — through that legislation,” Carney said.
Republicans believe that Democrats are using the issue just to win political advantage. They believe that implementing the Buffett Rule would hurt the economy because it would punish many small-business owners, who tend to file their businesses’ taxes under their own individual taxes.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.