Thanks, Warren.
President Obama is set to roll out a new tax rate on “millionaires” that he and his staff are calling the “Buffet Rule,” after the call last month by billionaire financier Warren Buffet for a higher tax rate on the very rich.
Obama will disclose the new rate, which will reportedly be for people making more than $1 million, tomorrow in a speech about long-term deficit reduction, a White House officials said.
The measure is one proposal for the congressional deficit reduction “super-committee.”
The hike would be tough to pass. House Speaker John Boehner (R-Ohio) has said he opposes any tax increases and wants only spdnding cuts and entitlement reforms.
Obama’s proposal is meant to make sure millionaires pay the same rate as middle-income Americans, a White House source said.