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Obama to propose higher tax for wealthy

Obama to propose higher tax for wealthy
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First Published: Sun, Sep 18 2011. 11 53 PM IST
Updated: Sun, Sep 18 2011. 11 53 PM IST
The White House on Monday plans to launch an effort to prevent millionaires from paying lower tax rates than middle-class Americans as part of its package of ideas to reduce the federal deficit, two people familiar with the plan said.
The White House will likely try to use the plan, which aides call the “Buffett Rule” after billionaire Warren Buffett, to create a populist frame for the debate over deficit reduction that is likely to again consume Washington for the next few months. Democrats have pushed the White House in recent weeks to assert itself in the debt-ceiling talks in an effort to steal momentum away from Republicans.
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First Published: Sun, Sep 18 2011. 11 53 PM IST
More Topics: Buffett Rule | Warren Buffett | US | Debt | Deficit |