Obama backs Buffett Rule
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US president Barack Obama has backed a rule which will put an end to tax breaks for the wealthiest 2% of Americans.
In his State of the Union address, Obama says the tax loophole would cost the US $1 trillion (£641 billion).
He says: “Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households. Right now, Warren Buffett pays a lower tax rate than his secretary.” (article continues below)
Obama adds: “Tax reform should follow the Buffett Rule. If you make more than $1 million a year, you should not pay less than 30% in taxes.
“Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense.”
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