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McConnell on Buffett: If He Feels Guilty About His Tax Rate He Should Send in a Check

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A common discussion point during Sunday's news programs was the announcement of President Obama's proposed new tax on high income earners, dubbed the "Buffet Rule." The proposal will ensure that millionaires “pay at least the same percentage of their earnings as middle income taxpayers,” and is named in reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers.

In an interview with David Gregory on Meet the Press, Senate Republican Leader Mitch McConnell referenced a similar plan that failed to pass when Democrats held overwhelming control of both the Senate and House shortly after President Obama first took office.

When asked what's unfair about making richer Americans pay the same tax rate as middle income Americans, McConnell said:

"Well, look, you know, if Warren Buffett would like to give up some of his benefits, we’d be happy to talk about it. I mean, I think that means testing benefits is one of the ways that we’re going to have to solve at least the Social Security and Medicare problems long-term for the next generations. With regard to his tax rate, if he’s feeling guilty about it, I think he should send in a check. But, we don't want to stagnate this economy by raising taxes."

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