WASHINGTON (AP) - President Barack Obama is expected to seek a base rate of new taxes for the rich to ensure that millionaires pay at least the same percentage as the middle-income taxpayers.
An official of the White House said the proposal would be included in the President's proposal to reduce the deficit in the long run it will announce Monday.The official spoke anonymously because the plan has not been officially announced.
Obama will call the "rule Buffett" for Warren Buffett, the billionaire investor who complained that wealthy people like him pay a smaller share of their income in federal taxes that taxpayers of the middle class.
Buffett wrote in the New York Times editorial last month that he and his rich friends "have been coddled long enough for a billionaire-friendly Congress."
The measure would further 447 billion dollars in new tax revenues that Obama seeks to pay its short-term spending and tax cut plan to stimulate the economy.
House Speaker John Boehner, said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress 'deficit' supercommittee "to lay the foundation for a general overhaul of the tax code of the United States.
The panel has virtually unlimited power to recommend changes in federal spending and taxes and working against a deadline of November 23.
Boehner said the panel had "cut a single option of spending, and reform of law," a reference to government benefit programs such as Social Security, Medicare and Medicaid.
Any broad compromise that clears the bipartisan committee is almost certain to demand a democratic agreement offering programs such as Social Security and Medicare, with the consent Republican additional income, although all these compromises are rarely discussed openly until the last possible moment in negotiations.
Obama's proposal a new tax was first reported by The New York Times.
© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our privacy policy and terms of use.
An official of the White House said the proposal would be included in the President's proposal to reduce the deficit in the long run it will announce Monday.The official spoke anonymously because the plan has not been officially announced.
Obama will call the "rule Buffett" for Warren Buffett, the billionaire investor who complained that wealthy people like him pay a smaller share of their income in federal taxes that taxpayers of the middle class.
Buffett wrote in the New York Times editorial last month that he and his rich friends "have been coddled long enough for a billionaire-friendly Congress."
The measure would further 447 billion dollars in new tax revenues that Obama seeks to pay its short-term spending and tax cut plan to stimulate the economy.
House Speaker John Boehner, said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress 'deficit' supercommittee "to lay the foundation for a general overhaul of the tax code of the United States.
The panel has virtually unlimited power to recommend changes in federal spending and taxes and working against a deadline of November 23.
Boehner said the panel had "cut a single option of spending, and reform of law," a reference to government benefit programs such as Social Security, Medicare and Medicaid.
Any broad compromise that clears the bipartisan committee is almost certain to demand a democratic agreement offering programs such as Social Security and Medicare, with the consent Republican additional income, although all these compromises are rarely discussed openly until the last possible moment in negotiations.
Obama's proposal a new tax was first reported by The New York Times.
© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our privacy policy and terms of use.
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