Taxing the Millionaires - Buffet Rule
TODAY US President Obama is to announce a new tax plan called the “Buffet Rule”, under which he is asking the Americans earning more than a million dollars a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit. The plan would replace the complicated alternative minimum tax, which was enacted decades ago to ensure that the wealthy paid at least some income tax.
Recently addressing the US Congress, Obama said, “Right now, Warren Buffett pays a lower tax rate than his secretary, an outrage he has asked us to fix; We need a tax code where everyone gets a fair shake and where everybody pays their fair share.”