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.
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