Obama to propose new tax rate for millionaires
September 18th, 2011
08:50 AM ET
3 years ago

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, a senior administration official told CNN on Sunday.

Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan President Barack Obama will unveil on Monday, according to the official, who spoke on condition of not being identified.

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Filed under: Debt • Deficit • President Obama • Taxes
soundoff (26 Responses)
  1. Ed

    If you would enforce the laws you swore to uphold we would be able to put about 8 million people back to work who are here legal.

    I really don't see how you are still in Office and pray everyday you will not win another term we can't afford you.

    September 18, 2011 09:01 am at 9:01 am |
  2. bassman

    A new book portrays Pres. Obama's White House as 'hostile" towards women. I hope CNN continues to cover up, and protect the President. One day Gov. Palin will grant CNN an interview, and when CNN brings up the subject of Mr. McGinniss's book, Palin can inform CNN's viewers about Ron Suskind's book. Americans will wonder why CNN will give interviews to Mr. McGinniss and not Ron Suskind. CNN spends weeks criticizing "birthers" while giving "trigtruthers" a forum.

    September 18, 2011 09:06 am at 9:06 am |
  3. terry,va

    All Obummie the fool knows is class warfare. Keep your hands out of my pocket Obummie. I don't get anything from you so don't steal from me.

    September 18, 2011 09:09 am at 9:09 am |
  4. gt

    We can't afford GOP!!!!!!! President Obama thank you . They have to pay just like us the same percentage of their earnings in taxes as middle-income Americans. I know you will win another term .I will pray everyday you will win another term 2012.

    September 18, 2011 09:19 am at 9:19 am |
  5. Andrew

    Dear Ed, please use facts when making such negative comments. Hard to begin to agree with you when you don't give a evidence of your statement.

    September 18, 2011 09:22 am at 9:22 am |
  6. rashan

    Im not a millionaire, so i say tax them their fair share! now if i was a millionaire maybe i'd see it differently. the same as taxes on cigarettes, if i smoked i probably wouldn't be against the high taxes on cigarettes, but since i dont smoke i say tax them as much as you wants.... MAJORITY RULES

    September 18, 2011 09:23 am at 9:23 am |
  7. NameSteve

    Another example that this guy just don't get it. It's not about rich vs poor. It's about put-of-control spending by grandeois thinking socialists who want government to be all things to all people. I'm a liberal but I won't vote for this guy again !!!!

    September 18, 2011 09:28 am at 9:28 am |
  8. Rick McDaniel

    It sounds good to the uneducated, but the educated know that the real revenue problem, is the fact that 55% of all Americans, pay NO income tax at all.

    September 18, 2011 09:38 am at 9:38 am |
  9. Mary

    According to the IRS data, 49.7% of citizens pay NO taxes. Obama needs to have them pay their fair share in taxes. They take, but they don't give. Of course we know Obama would never do that, it would take votes away from him and we all know votes for Obama is more important than our country.

    September 18, 2011 09:41 am at 9:41 am |
  10. d

    I pray every day that the republicans will do the job they were elected to do and not the bidding of corporations and norquist! and since congress wont act and cant lead they are asking no demanding the president do their jobs as well as his own!

    September 18, 2011 09:46 am at 9:46 am |
  11. Annie, Atlanta

    It scares me that we have one of only two viable political parties who held an extension of unemployment benefits hostage so that the tax breaks for the wealthy could be extended. And the kicker is the unemployment rate is what it is because of 30 years of Republican policy.

    September 18, 2011 09:55 am at 9:55 am |
  12. Ray E. Georgia

    Humm,
    I understand about half of the people aren't paying any Taxes now. I say it is time for those people to start paying their fair share of the taxes, rather that trying to tax the people more that are paying most of the taxes now. If Obama had only Extended the Bush Tax cute for at least 10 more years more people would be working now. And Obama Care is also killing Jobs. It should be repealed post haste. Otherwise look for more of the same, High Unemployment.

    September 18, 2011 09:59 am at 9:59 am |
  13. NameSandra Eddy

    First, Ed, you are not living in the real world.

    Thank you President Obama! The Buffet Rule is right and fair. Now, getting Ed's friends to pass it would be a miracle.

    September 18, 2011 10:02 am at 10:02 am |
  14. Anthony

    Ed,

    Obama's INS is deporting 400,000 illegal aliens a year, which is pretty much the most it can do given budgetary constraints. Deporting illegal aliens costs money too. By the way, 400,000 means that Obama is deporting illegal aliens at a rate higher than any previous president in our history.

    The problem is not illegal aliens taking over jobs Americans want here. Trust me, if American employers can hire Americans for the same wages they pay illegal aliens, they would hire Americans. The problem is the jobs that are legally exported to other countries, where labor costs are cheaper.

    September 18, 2011 10:07 am at 10:07 am |
  15. diridi

    these conservative idiots think they can rob this nation, Rick Perry wins, we are full of illegals, and all medicare and social security, and free education go to ILLEGALS.....send even LA, SC governors home back to India...o.k, I bet they are illegals too.....tell them to produce birth certificate....do these idiots know lack of Health Care??????

    September 18, 2011 10:09 am at 10:09 am |
  16. Edwin Paul Baker

    The political leader is irrelevant.

    Corporations don't care about society, highlighted in jewish corporate law giving them immunity from basic civil standards.

    Obama is a failed President but not if you are "too big to fail".

    He can stay because the next one will be paid for too, lock, stock, & barrel.

    We reap what we sew but can live in ignorance, blame conspiracies and ignore the true issues.

    Obama isn't a person, he's a voicebox for corporate America, he is exempt from blame.

    Accept it or complain about his financial backers and anti humane laws passed down to protect them. Society as we knew it is over. People wont realise it until it's their turn to get picked on.

    One at a time, slowly, slowly, catch the monkey.

    September 18, 2011 10:13 am at 10:13 am |
  17. T'sah from Virginia

    ►If you would enforce the laws you swore to uphold we would be able to put about 8 million people back to work who are here legal.◄

    What laws were broken?

    If President Obama continue to request/propose everything he wants to pass in "writing" (for the DUHmint folks who would eventually have "nothing" to say) and continue to take his message to the people, the RIGHT, who wants to continue to oppose "everything" the President proposes, will stick out like sore thumbs and their obstruction attempts will be obvious to the "people." The TEApublicans attempt to make President Obama a "one-term" president will fail!!

    Obama/Biden 2012!!

    September 18, 2011 10:31 am at 10:31 am |
  18. @gregnazvanov

    Now there would be a market crash as those who have paper gains since the market lows of 2009, scramble to lock in the old capital gains tax rate of 15% instead of holding on to paper profits that could end up being as high as 35% (or more): an event that would cut actual income by over 25% should one wait to cash out!

    September 18, 2011 10:56 am at 10:56 am |
  19. Jack V

    Rick says one number doesn't pay any tax while Mary says another number doesn't pay any tax. Who's telling the truth?

    September 18, 2011 11:17 am at 11:17 am |
  20. Jack V

    I'm curious to see the evidence that Obama care is killing jobs.

    September 18, 2011 11:18 am at 11:18 am |
  21. Four and The Door

    So who do you think is going to take the biggest hit from this kind of a tax? Think about it.
    Charities. As if they are already not struggling enough. Obama wants to make sure their wealthiest supporters do not get tax write-offs? Expect the largest charities to fight this intensely.

    September 18, 2011 11:20 am at 11:20 am |
  22. vic , nashville ,tn

    If you own a big property you pay more property tax right so same rule

    September 18, 2011 11:24 am at 11:24 am |
  23. Charles

    Class warfare pure and simple. Obama is the most politically rigid President in my lifetime.

    September 18, 2011 11:30 am at 11:30 am |
  24. T'sah from Virginia

    ►"...the fact that 55% of all Americans, pay NO income tax at all..."

    This statement is NOT true and the RIGHT tends to use it all the time!!! You cannot say 55% (and this number is always “different” every time I hear it) of Americans do not pay taxes if everyone in the country pays sale taxes, social security taxes, Medicare taxes, property taxes, real estate taxes etc., which “tax” their income. And to say 55% of Americans do not pay taxes, at least state who these people are.

    My 22 year old son makes a mere $25,000 a year, if that, and because he's "single" and does not fall in the class of “LOOPHOLE-Beneficiaries”, pays MORE taxes than GE does. However, if my son had a “child” and still made that same amount, he most likely would NOT pay federal/state taxes and “benefit” only because of the child tax credit and EIC.

    So please, the REAL conversation should be – who’s NOT paying taxes!!! Those who are far below what is even considered “middle class” – CAN’T pay or maybe “shouldn’t” pay federal/state taxes because of their low income. But don’t keep putting them in a class of people who “do not” pay taxes because they do!!!

    Obama/Biden 2012!

    September 18, 2011 11:31 am at 11:31 am |
  25. Bessy

    @ terry, Va.
    You continue to show your ignorance. Anyone that is educated, as you claim to be, would not constantly us the word " Obummie " for the POTUS just to be a smart ass. They would use the man's correct name and then " slam " him if that is what they want to do.
    The Buffet Rule is a very good idea. BTW, for those of you on this blog site who are so worried about the number of Americans who are not paying taxes. You cannot pay taxes if you are not earning any money. These people still continue to pay sales tax and other taxes attached to gas, etc. Get in the real world before you start commenting on what you heard on Fox News or from Limbaugh.

    September 18, 2011 11:35 am at 11:35 am |
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