Hoffa Supports Buffett Rule

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International Brotherhood of Teamsters

Apr 10, 2012, 03:33 ET

Statement of Teamsters General President

WASHINGTON, April 10, 2012 /PRNewswire-USNewswire/ -- The following is a statement by Teamsters General President Jim Hoffa in support of President Obama's proposal to pass the Buffett Rule:

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"America's wealthiest people should not pay lower taxes than the middle class. Warren Buffett, one of the richest men in the world, doesn't think his secretary should pay a higher tax rate than he does. I agree with him.

"The Buffett Rule is about fairness. It says if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle-class families do.

"Thirty percent should be the minimum tax rate for all income over $1 million a year. Far too many wealthy people can use tax loopholes that working families don't even know about. Middle-class incomes have gone down over the past decade, while the 1 percent has gotten much, much richer.

"Inequality threatens America's greatness. Last year, the top 1 percent in America took in 23 percent of all income. It's time everyone starts to play by the same rules. The middle class cannot afford to pay almost all the costs of our great society.

"The Senate is expected to vote on the Buffett Rule next week, and we expect strong Democratic support. I'd like to remind Senate Republicans that President Reagan supported the Buffett Rule. Surely they can too."

Founded in 1903, the Teamsters Union represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @TeamsterPower.

SOURCE International Brotherhood of Teamsters