President Obama used his Saturday radio address to demand that Congress pass the so-called "Buffett Rule" requiring millionaires to pay at least the same percentage of income taxes as middle class Americans.本科
Named for billionaire investor Warren Buffett -- who pays a lower tax rate than his secretary -- Obama said a minimum tax rate for the wealthy would insure that more Americans pay their "fair share" for the nation's needs.
"We have a deficit that needs to be paid down," Obama said. "And we also have to pay for investments that will help our economy grow and keep our country safe: education, research and technology, a strong military, and retirement programs like Medicare and Social Security."
There are no specifics to the proposed Buffett Rule. The major reason that Buffett and other wealthy Americans pay lower rates than others is that investment income is taxed at lower rates. Obama has not specifically proposed increasing those rates.
Republicans have said that higher taxes would slow the economy and damage job creation. Some have also accused Obama of engaging in "class warfare," a charge the president addressed in his radio remarks.
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