On the same day that crowds gathered to protest on Wall Street, reports have emerged that President Barack Obama will call for a new base tax rate for the wealthy on Monday. Looking to gain populist support and to put pressure on Republicans, the President plans to call on a rate that will ensure that millionaires â€œpay at least the same percentage of their earnings as middle income taxpayers,â€ according to administration officials who spoke with the New York Times Saturday.
â€œMr. Obama, in a bit of political salesmanship, will call his proposal the â€˜Buffett Rule,â€™ in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.â€
A White House official said the proposal would be included in the presidentâ€™ proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.
The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy. The Times reports that the tax hike will be for individuals making more than $1 million dollars a year.
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