President Obama to Seek Higher Tax Rate on Millionaires
President Obama on Monday will call for a new minimum tax rate for individuals
making more than $1 million a year to ensure that they pay at least the same
percentage of their earnings as middle-income taxpayers, administration
officials said.
With a special joint Congressional committee starting work to reach a bipartisan
budget deal, the proposal adds a populist feature to Mr. Obama’s effort to raise
the political pressure on Republicans to agree to higher revenues from the
wealthy in return for Democrats’ support of future savings from Medicare and
Medicaid.
Mr. Obama, in a bit of political salesmanship, will call his proposal the
Buffett Rule, in a reference to Warren E. Buffett, the billionaire investor who
has complained that the richest Americans generally pay a smaller share of their
income in federal taxes than do middle-income workers, because investment gains
are taxed at a lower rate.
Read More:
http://www.nytimes.com/2011/09/18/us/politics/obama-tax-plan-would-ask-more-of-millionaires.html?emc=na
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