President Obama renewed his call for raising taxes on the wealthiest Americans to help reduce the deficit during his State of the Union speech, a proposal that became known in 2011 as the “Buffett Rule” after Obama mentioned that Warren Buffett paid a lower tax rate than his secretary last year.
Obama’s State of the Union speech offered the first concrete details about the oft-mentioned idea, as he called for a 30 percent minimum tax rate for millionaires. And according to the Washington Post’s Greg Sargent, Sen. Sheldon Whitehouse (D-RI) will introduce a bill this week that could make the Buffett Rule law:
1 comment:
Once again this is BS. You are only taxed on income.The rich don't need income they have charitable foundations that buy everything they need and they just "use it".Look at billionaire Kirk Kerkorian,hasnt filed an income tax return since 1960!
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