Live Blog: President Obama on the Buffett Rule

Live blogging exercise: President Obama’s speech on the Buffett Rule

0:22 Fundamental choice we face as an economy, either an economy where few do well and other struggle or economy where everyone has a fair shot, play by same rules

1:00 people here are very successful, but they haven’t been asked to do their fair share. They are paying taxes at one of the lowest rates in 50 years

2:14 Warren Buffett pays a lower tax rate than his secretary, execs here agree with me and with Warrent Buffett

2:40 They are not excited about paying more taxes

3:30 The investments we have made in infrastructure helped make us an economic superpower

4:00 we have significant deficits, and we have significant needs

4:20 we can’t afford to spend more money on tax cuts on the wealthy

4:39 this is not about redistributing wealth, this is not just about fairness, this is about growth and paying for what we need

5:10 next week congress will vote on the Buffett rule. If you make more than $1MM per year you will pay the same as middle class taxpayers. If you make less than $250K you will pay less

6:56 some say this is not enough to solve the deficit. There are enough excuses for inaction in washington, this will not solve all our deficit problems.

7:20 if the R’s were serious about closing deficits they would not have proposed lower tax rates on the wealthy

7:45 if we continue to maintain low rates for the wealthy, we will demand more from middle class, higher student loan rates, asking more from those on medicare.

8:50 we’re not going to stop investing on schools, research

9:30 it’s time for congress to step up

9:40 years ago predecessor did the same thing, Ronald Regan, he thought that in america the wealtiest should pay their fair share, responsibility, fairness.

11:00 I’m asking every american to call your member of congress to support this bill so every american has the same chance for success.

Tell them to pass the Buffett Rule. This is consistent with the values that helped make us a great country. It’s our turn to make the dream possible for future generations

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