Heitkamp Challenges Rep. Berg: Focus on Deficit Reduction and Support Buffett Rule, Not Cutting Your Own Taxes
April 9, 2012
Heitkamp Challenges Rep. Berg: Focus on Deficit Reduction and Support Buffett Rule, Not Cutting Your Own Taxes
Berg, 14th Richest Member of House, Voted to Cut His Own Taxes, Raise Medicare Premiums
MANDAN, N.D. – U.S. Senate candidate Heidi Heitkamp, who previously has announced her support for a balanced budget amendment that protects Social Security and Medicare, challenged Rep. Rick Berg today to stop voting to cut his own taxes and ensure that millionaires and billionaires step up as part of a balanced approach and do their part to help eliminate our record deficit.
A new independent analysis by the Tax Policy Center shows that Rep. Berg’s vote to support Rep. Paul Ryan’s budget would cut Berg’s own taxes by $265,000, a giveaway that is paid for in part by ending the guarantee of Medicare, raising Medicare premiums for North Dakotans by $6,000, and slashing farm programs like crop insurance.
“Wealthy Washington politicians like Rep. Rick Berg have spent too much time cutting taxes for themselves and the wealthiest among us even as our deficit grows,” said Heitkamp. “It’s time to put party politics aside, put our country first and make sure that millionaires and billionaires step up and do their part to reduce the deficit.”
The “Paying a Fair Share Act,” which is scheduled for a vote next Monday, would preserve the incentive for charitable giving, but require those with an adjusted gross income of more than $1 million a year to pay a minimum 30 percent federal tax rate — ending the loophole that allows the wealthy to pay less than many teachers, cops and middle class families in North Dakota.
Background:
Heitkamp Supports A Balanced Budget Amendment, Would Cut Her Senate Office Budget, Refuses Congressional Pay Raises. “Heitkamp said she would support a form of a balanced budget amendment to the U.S. Constitution, along with other cuts to congressional office spending.” Heitkamp has endorsed a Balanced Budget Amendment that would require a balanced federal budget, while protecting Social Security and Medicare from cuts. [Fargo Forum, Heitkamp makes budget control commitments, 3/19/12]
The Buffett Rule – or “Paying A Fair Share Act” – Is Scheduled For A Vote In The Senate On Tax Day. On April 16th – tax day – the U.S. Senate is scheduled to vote on the Paying a Fair Share Act, which would eliminate tax loopholes that allow millionaires and billionaires to pay a lower tax rate than most working families. The “Paying a Fair Share Act” applies only to those earning over $1 million a year. Taxpayers earning over $2 million would have a 30% minimum federal tax rate. The bill also preserves the incentive for charitable giving. [Thomas.gov, accessed 4/5/12]
“Paying a Fair Share Act” impacts about 645 North Dakota Tax Returns. The Center for Tax Justice Indicates that .2 percent of taxpayers in North Dakota are impacted by the “Paying a Fair Share Act.” The IRS reports that 322,972 tax returns were filed in the most recent year data is available, impacting 645 tax returns in the state. [IRS, accessed 4/8/12; Center for Tax Justice, 10/6/11]
Berg’s Unearned Income Ranged From $2 Million To $10 Million, 14th Richest in U.S. House. According to Berg’s calendar year 2010 Financial Disclosure Statement, his unearned income ranged from $2,095,524 and $10,042,353 and his net worth is an average of more than $33 million, which makes him the 14th richest member of the U.S. House. [Personal Financial Disclosure Form, 2010; Center for Responsive Politics, accessed 4/9/12]
Berg/Ryan Plan Cuts Taxes by $265,000 for the Wealthy: TPC found that in 2015, relative to today’s tax system, those making $1 million or more would enjoy an average tax cut of $265,000 and see their after-tax income increase by 12.5 percent. (Center for Tax Justice, 3/23/12)
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