Sunday, September 18, 2011
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, according to administration officials....
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 repeatedly 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 than wages.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday. ...
The Obama proposal has little chance of becoming law unless Republican lawmakers bend. But by focusing on the wealthiest Americans, the president is sharpening the contrast between Republicans and Democrats with a theme he can carry into his bid for re-election in 2012.
- Fox News, Obama to Propose 'Buffett Rule' for Millionaires
- Politico, Obama's 'Buffett Rule' to Call for Higher Tax Rate for Millionaires
- Reuters, Obama to Propose "Buffett Tax" on Millionaires
- Wall Street Journal, Obama to Propose Tougher Tax Regime for Wealthy
- Washington Post, Obama to Call for New Minimum Tax Rate for Millionaires