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Obama seeks ‘Buffett rule’ — a new tax rate for the rich

Updated: November 10, 2011 12:24PM



WASHINGTON — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle-income taxpayers.

A White House official said the proposal would be included in a proposal for long-term deficit reduction that Obama will announce Monday.

Obama is going to call it the “Buffett Rule” for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends “have been coddled long enough by a billionaire-friendly Congress.” AP



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