The Millionaire Tax Explained
Obama has spent the latter half of his first term with a more populist tone. Some believe that Tea Party pressure as well as the Occupy Wall Street movement have brought the country’s attention to the reported 1%, the country’s wealthiest people. As Obama tries to appeal to the other 99%, he has taken on the idea of the Buffett Tax.
Warren Buffett, in a now well known New York Times Op Ed Piece believes that he and other high net worth people like him, should pay more tax than current laws require. He says that his 15% tax rate is lower than his secretary’s tax rate.
At the 2012 State of the Union address President Obama invited Buffett’s secretary to the speech where he again mentioned the Buffett rule which he now calls the Millionaire Tax. He laid out some bold plans for making the nation’s wealthiest Americans pay more in taxes.
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