tax reform should follow the buffett rule. if you make more than $1 million a year, you should not pay less than 30% in taxes. and my republican friend tom coburn is right. washington should stop subsidizing millionaires. in fact, if you re earning $1 million a year, you shouldn t get special tax subsidies or deductions. on the other hand, if you make under $250,000 a year, like 98% of american families, your taxes shouldn t go up. you are the ones struggling with rising costs and staggering wages. you are the ones who need relief. now, you can call this class warfare all you want, but asking a billionaire to pay at least as much as his secretary in taxes, most americans would call that common sense.
tax reform should follow the buffett rule. if you make more than $1 million a year, you should not pay less than 30% in taxes. and my republican friend tom coburn is right. washington should stop subsidizing millionaires. in fact, if you re earning $1 million a year, you shouldn t get special tax subsidies or deductions. on the other hand, if you make under $250,000 a year, like 98% of american families, your taxes shouldn t go up. you are the ones struggling with rising costs and staggering wages. you are the ones who need relief. now, you can call this class warfare all you want, but asking a billionaire to pay at least as much as his secretary in taxes,
ezra? on the tax issue, i thought the more interesting argument was on the corporate tax side. he argued for something called a global minimum tax. basically, what that is, currently, a company can put their money in ireland, and ireland has a very, very low corporate tax rate. you don t have to pay taxes on that money until you bring it back, which corporations often never do or don t do until congress passes a special overseas profits tax break. under this, you would have to pay the difference between the irish tax rate and this global minimum tax every year. so you wouldn t be able to just sock your money away and never pay any american taxes on it. that s a big change to our, to the way we treat overseas corporate income, and will be if congress, in fact, does take it up, which obviously is a big if, a huge, huge fight. ezra, let me just ask you, on this subject, in terms of the specifics, tax or otherwise, what do you think was the most ambitious specific policy that the pre
regulations to prevent irresponsible behavior. [ applause ] rules to prevent financial fraud, or toxic dumping or faulty medical devices. these don t destroy the free market. they make the free market work better. there is no question that some regulations are outdated, unnecessary or too costly. in fact, i have approved fewer regulations in the first three years of my presidency than my republican predecessor did in his. [ applause ] i ordered every federal agency to eliminate rules that don t make sense. we ve already announced over 500 reforms and just a fraction of them will save business and citizens more than $10 billion over the neck five next five year.
irresponsible behavior. [ applause ] rules to prevent financial fraud, or toxic dumping or faulty medical devices. these don t destroy the free market. they make the free market work better. there is no question that some regulations are outdated, unnecessary or too costly. in fact, i have approved fewer regulations in the first three years of my presidency than my republican predecessor did in his. [ applause ] i ordered every federal agency to eliminate rules that don t make sense. we ve already announced over 500 reforms and just a fraction of them will save business and citizens more than $10 billion over the neck five next five year.