ACCF Challenges “The Buffett Rule”
President Obama’s “Buffett Rule” to make millionaires pay more in taxes is a doomed proposal that doesn’t create jobs and doesn’t address the country’s dangerous debt, according to American Council for Capital Formation President and CEO Mark Bloomfield.
“The Buffett Rule is a rerun of President LBJ’s “Barr Rule” named after an initiative by his Treasury Secretary Joe Barr, which also sought to soak the rich on taxes and led to the now dreaded Alternative Minimum Tax (AMT) today that is soaking many middle income Americans,” Bloomfield said. “The Buffett Rule could exacerbate a weak economy, will generate very little revenue to offset the large American debt crisis and will undermine the American dream. What we need is pro-growth economic policy, that encourages the savings and investment that our country is desperately lacking and is needed to help return us to prosperity.”
ACCF’s Senior Vice President and Chief Economist Dr. Margo Thorning recently challenged Warren Buffett’s claims that tax rates on capital gains have no bearing on investment decisions. Thorning pointed to research from respected economist Dr. Allen Sinai on the positive economic benefits when rates are reduced. Dr. Thorning is a highly regarded economist and an expert on tax, economic and competitiveness issues. She has frequently testified before congressional committees on the economic impact of legislative proposals. See Thorning’s bio here.
Mark Bloomfield is a veteran on tax policy debates over the last three decades. A recent front-page article in the Washington Post on capital gains tax rates highlighted ACCF’s longtime advocacy on the benefits of lower rates for savings and investment. Mark challenged “The Buffett Rule” on Sunday’s edition of BBC World Today, “the largest international news breakfast show.” You can also read Mark’s recent op-ed in The Hill newspaper urging the Joint Committee on Deficit Reduction to weigh the benefits of pro-growth tax policy centered on favorability to savings and investment. Bloomfield also provides commentary at www.MrCapitalGains.com. See Mark’s full bio here.
ACCF spokespersons are available for interview on the Buffett Rule and the current fiscal debate before Congress and the Joint Deficit Reduction Committee.