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Senator John Cornyn Speaks Out Against Proposed Buffett Rule

Chip Somodevilla, Getty Images

A U.S. Senator from Texas speaks out against a proposed tax on high-income Americans.

Democrats in the U.S. Senate are planning to bring up the “Buffett Rule” for a procedural vote, which would require that a person that has an adjusted gross income of more than $1 million, or $500,000 for married couples that file separately, to pay a minimum of 30 percent in taxes. Billionaire Warren Buffett has voiced his support for this particular piece of legislation.

Senator John Cornyn, who serves on the Finance and Budget Committees, has come out against this rule, which currently seems unlikely to gain enough support to continue through the legislative process.

“President Obama’s Buffett Tax will create zero jobs, do nothing to lower the price of gas, and has no chance at passing,” said Cornyn. “This country deserves a President who will create, not shrink, opportunities for Americans and empower, not punish them as they strive to reach the American dream.”

Cornyn’s office released a video regarding President Barack Obama’s handling of the economy, and their view on the impact of the Buffet Rule.

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