McEntee: Millionaires’ Tax Welcome, But Congress Must Pass Jobs Bill Now

by Cynthia McCabe  |  September 19, 2011

President Obama’s announcement today that he wants a new minimum tax rate for those making more than $1 million annually — to bring fairness to a tax system that finds some billionaires paying less on their income than working-class Americans — is “welcome news,” said AFSCME Pres. Gerald McEntee.

“The working middle class has suffered massive job losses, millions of foreclosures and decimated retirement security,” McEntee said. “It’s well past time for millionaires to share in the sacrifice to get America moving again.”

Public outrage over such sweetheart deals for the wealthiest in the country crystalized this past year when billionaire investor Warren Buffett drafted an op-ed called “Stop Coddling the Super-Rich” in The New York Times, pointing out that he pays less in taxes than his office staff. (Buffett paid a little more than 17 percent of his income in taxes, while they averaged 36 percent.)

The Monday announcement coincides with the start of work by a congressional “super-committee” of select House and Senate members who will tackle federal spending. Read more in today’s Washington Post.

“There is no better way to reduce the budget deficit than putting Americans back on payrolls,” McEntee said. “The President’s economic growth and deficit reduction proposal takes important steps toward building jobs and investing for the future. Congress should pass President Obama’s jobs bill immediately to improve the economy and put America back to work.”