Obama wants Congress to pass ‘Buffet Rule’ tax

Rappler.com

In what the Republic opposition sees as a campaign move, President Barack Obama is calling on the US Congress to pass a new law that will impose a 30% tax on people in the United States who earn more than $1-M annually. Obama calls the plan the “Buffet Rule”, naming it in honor of billionaire Warren Buffet, who has stressed in the past that rich people like him pay less taxes compared to middle class taxpayers. Many wealthy taxpayers earn from what is called investment income, which is only taxed 15%. The plan is scheduled for a vote on April 16, but many believe it will be difficult to get through Congress.

Read details on Time.com

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