Bloomberg News

Obama Says He Will ‘Push Hard’ for Buffett Rule on Taxes

February 02, 2012

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 jgoldman6@bloomberg.net

To contact the editor responsible for this story: Bob Drummond at bdrummond@bloomberg.net


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