Obama Lays Out Fairness Argument of Buffett Rule
April 10th, 2012
06:11 PM ET

Obama Lays Out Fairness Argument of Buffett Rule

BOCA RATON, Fla. (CNN) – Without mentioning the names of his Republican rivals, President Barack Obama took his ideological opponents to task on Tuesday during a speech on Tuesday at Florida Atlantic University. Trumpeting themes of fairness and equal sacrifice, the president used facts and figures to argue that a continuation of current tax breaks to the nation’s top-earners would be the wrong way to tackle the country’s mounting debt.

“A lot of the folks who were peddling these trickle-down theories, including members of Congress and some people who are running for a certain office right now who shall not be named- they're doubling down on these old, broken down theories,” the president said, pointing to the budget recently passed by House Republicans as an example.

In Obama’s description, the budget “showers the wealthiest Americans with even more tax cuts and then pays for these tax cuts by gutting investments in education, in medical research, in clean energy, in health care.”

The president warned his young audience that if the plan’s proposals became law, many of them would lose $1,000 each in financial aid funding for college, and by the time they retired Medicare would have been replaced by a voucher system, the value of which would be quickly outpaced by rising health care costs. FULL POST

Obama to propose new tax rate for millionaires
President Obama to name new tax rate proposal after Warren Buffett, shown here meeting with the president in July. (Source: Pete Souza/The White House)
September 18th, 2011
02:53 PM ET

Obama to propose new tax rate for millionaires

WASHINGTON (CNN) - The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday.

Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan that President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who spoke on condition of not being identified. The information was first reported by The New York Times.

The plan's name refers to billionaire Warren Buffett, who has complained that wealthy Americans pay less than their fair share in taxes under the current tax code.