Jan. 27 (Bloomberg) -- President Barack Obama said he will press Congress to adopt a rule to make sure people earning more than $1 million don’t pay tax rates lower than those for many wage-earners.
“We’re going to push hard for the Buffett rule,” Obama told Democratic members of the U.S. House at a meeting in Maryland.
The president said he’s proposing minimum taxes on wealthy Americans “not out of envy, but out of a sense of fairness and a sense of mutual responsibility.” The proposal’s nickname comes from a statement by Berkshire Hathaway Inc. Chairman Warren Buffett, who has said he shouldn’t pay taxes at a lower rate than his secretary.
To contact the reporter on this story: Julianna Goldman in Washington at email@example.com
To contact the editor responsible for this story: Bob Drummond at firstname.lastname@example.org
© Copyright 2014 Bloomberg News. All rights reserved.