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 Republicans Denounce Obama’s ‘Buffett Tax’ Plan as Political 'Class Warfare'

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PostSubject: Republicans Denounce Obama’s ‘Buffett Tax’ Plan as Political 'Class Warfare'    Sun Sep 18, 2011 4:48 pm

Republicans Denounce Obama’s ‘Buffett Tax’ Plan as Political 'Class Warfare'

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South Carolina Republican Sen. Lindsey Graham denounced President Barack Obama's proposal to impose a new levy, which some are calling a “Buffett Tax,” on those earning more than $1 million a year as a “political act” that is nothing short of “class warfare.”

Graham said on CNN’s “State of the Union” today that he supports parts of Obama’s jobs bill, including a plan to cut the payroll tax and some of the proposed infrastructure spending.

But he assailed the president's plan to propose a new levy on U.S. taxpayers who make more than $1 million as a means to help trim the nation’s debt, adopting a suggestion from billionaire investor Warren Buffett.

Other Republicans echoed Graham’s disdain for the idea. Rep. Paul Ryan, chairman of the House Budget Committee, and Senate Minority Leader Mitch McConnell said such a proposal would limit growth and hurt corporate investment in an already stagnating economy.

"It adds further instability to our system, more uncertainty and it punishes job creation and those people who create jobs," Ryan said today on “Fox News Sunday.” "Class warfare may make for good politics but it makes for rotten economics."

Read more on Newsmax.com in the link above!

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