President Obama’s reelection campaign is promoting the “Buffet Rule” as part of his platform, which could help over two million students help pay for college.
According to Obama’s reelection campaign, if only one of the top 400 wealthiest Americans paid their fair share in taxes, more than 5,400 low-income students could receive Pell Grants to help pay for their college tuition; if all of the top 400 wealthiest Americans paid their fair share in taxes, that would equal to over two million students receiving aid to help pay for their college education.
In defense of the Buffet Rule, the White House’s website states that 1,470 people that made over $1 million in 2009 paid $0 in federal income tax. The site also allows visitors to compare their tax rate versus Mitt Romney’s, whose 2010 tax rate was only 13.9%.
According to the gross domestic product per capita at nominal value, the average American makes $48,147. When that number is entered into the White House’s calculator for a single individual, it reveals that “a typical household like yours pays 19.9%,” which is 6 percentage points higher than Mitt Romney’s 13.9%. The difference is staggering when compared to Romney’s income.
After Rick Santorum announced that he is ending his campaign, Mitt Romney secured his nomination as the Republican Party’s candidate for President of the United States of America. Noticeably absent from Mitt Romney’s website is a plan to help students pay for higher education. He even states that higher education “is a key to the American dream, and students must be encouraged to pursue that dream and work hard to achieve it. Post-secondary education cannot become a luxury for the few,” yet provides no plan for future students.