Washington, D.C. – U.S. Senator Sheldon Whitehouse, a member of the Senate Committee on the Budget, today welcomed the Obama Administration’s Fiscal Year 2013 federal budget proposal, which levels the playing field for all Americans, upholds the President’s commitment to long-term deficit reduction, and continues critical investments in the middle class that will grow the economy and create jobs. The proposed budget would restore fairness to the tax code by implementing the “Buffett Rule,” mirroring Whitehouse’s Paying a Fair Share Act of 2012, which he introduced earlier this month. The budget also targets federal resources to programs Rhode Islanders rely on to increase access to education and promote good jobs in manufacturing and other industries.
“The President recognizes that the rules of the economic game are increasingly being rigged to provide unfair advantage to the wealthy and well-connected,” said Whitehouse. “The inclusion of my ‘Buffett Rule’ proposal in this budget highlights the need to address this growing inequity. We need to put an end to special tax deals that cost billions of dollars and leave middle-class families feeling squeezed. I look forward to working with President Obama to move this initiative forward.
“I am also glad to see the President call for increases in Pell Grant awards and for strong investments in manufacturing and infrastructure. These initiatives can help put Rhode Islanders to work today, and prepare our children for the economy of tomorrow.”
Whitehouse introduced the Paying a Fair Share Act this month, legislation to ensure that multi-million-dollar earners pay at least a 30 percent effective tax rate. The bill, which includes language to preserve the incentive for charitable giving, is expected to reduce the federal deficit by billions of dollars a year.
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