Obama's new "Buffett Rule" to raise tax on millionaires and billionaires

Image sourced from U.S. Department of State website

President Obama will be seeking a new tax plan calling on millionaires to pay a minimum tax rate so that they will pay at least the same tax rate as middle-class Americans, according to reports.

The new tax, known as the "Buffett Rule", was inspired by Warren Buffett, the billionaire investor who has repeatedly called for higher tax rates for America's wealthy, and recently wrote a controversial piece entitled "Stop Coddling the Super Rich."

Prominent Republicans have already spoken out against the proposed plan. Paul Ryan, a Congressman for Wisconsin, called it "class warfare" against the super-rich. Senate Republican Leader Mitch McConnell also said that the increase would stifle the economy.

The new rule would affect anyone with an annual income of over $1 million, and is slated to target just 0.3 per cent of the population at under 450,000 people. Canada, by comparison, has 180,000 millionaire households in the country as of 2011, or about 1.4 per cent of the population. 

Read more about the proposed new rule here.

   

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