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Chris Coons: Don’t ‘Buffett’ small business

The so-called “Buffett Rule” to raise taxes on the wealthy should consider exempting small businesses, Sen. Chris Coons, who backs the proposal, said on Wednesday.

“At the end of the day, the Buffett rule is about fairness,” the Delaware Democrat said on MSNBC’s “Morning Joe.” But, he added, small businesses deserve “some carve-out where, if they’re investing, if they’re creating jobs, they don’t face a doubling of their tax rates.”

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“I do think that’s a reasonable criticism of the Buffett rule if just applied across the board,” he said. “The core issue here is about individual income tax rates.”

The rule, named for billionaire investor Warren Buffett, calls for taxing millionaires at a higher 30 percent federal rate and is based on the idea espoused by Buffett that he shouldn’t pay a lower tax rate than his secretary. Democrats have scheduled a procedural vote on the rule before tax day, which falls on April 17 this year.

“It isn’t gonna balance the budget, but it’s important for values and for showing some fairness,” Coons said of the Buffett rule.

President Barack Obama is scheduled to continue his push for the rule Wednesday at the White House. He will be joined by millionaires and their secretaries “who back principle of fairness,” according to deputy press secretary Josh Earnest.

Senate Minority Leader Mitch McConnell blasted Democrats Wednesday for wasting everyone’s time with a vote for the rule.

”Sadly, an administration that promised it would focus on jobs is wasting yet another day on a political event that won’t take a single person off the unemployment line,” the Kentucky Republican said in a statement. “We should be focused on jobs and energy legislation that can pass—not tax-hike show-votes designed to fail,” he said in a statement Wednesday.”


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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