Mayor Bloomberg Speaks Out Against President Obama’s ‘Buffett Rule’
NEW YORK (CBSNewYork/AP) — Mayor Michael Bloomberg dismissed President Obama’s proposal to raise taxes on people who make more than a million dollars a year.
“The Buffett thing is just theatrics. If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary’s,” he said.
“I think it’s not fair to say that wealthy people don’t pay their fair share. They pay a much higher percentage of their income, they have a higher rate than people who make less,” Bloomberg added.
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President Obama argues that the richest Americans generally pay a smaller share of taxes on their income because of lower rates on investment earnings.
Republicans call the Buffett Rule “class warfare.”
Mr. Obama left the White House Sunday for a Seattle fundraising trip where he told supporters the GOP would cripple America.
Bloomberg also said he thinks President Barack Obama could win re-election next year in spite of the country’s high unemployment rate, citing incumbency as one of his advantages.
“If I were the president, I’d go out there and I’d emphasize the things I have done and I’d say some things haven’t worked and I’m sorry about but I’ll keep trying and I think the president is a very viable candidate and you’re going to have a real horse race here no matter who the Republican nominee is,” Bloomberg said.
Bloomberg was also asked if New Jersey Gov. Chris Christie would be a good candidate for the White House.
“I think he would be a credible, formidable candidate,” he said. “If you take a look at all the Republican field at the moment, there’s a number there who obviously don’t have a chance to influence the dialog or to be the nominee, but there are a number who do.”
But Bloomberg said that he probably won’t endorse a candidate. He didn’t make an endorsement in 2008.
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