(CNN)-It's early, and State of the Union is bringing you the best of the morning headlines to go with your cup of coffee.
On our radar this morning: President Obama's new tax plan for millionaires.
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President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” 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.
Administration officials assert that “Confidence Men: Wall Street, Washington, and the Education of a President” by Ron Suskind is infested with errors, both big (what they characterize as misquotations and distorted narratives) and small (several names, a birthdate, a publication date, an employer, an unemployment rate, etc.) and gives a distorted and inaccurate picture of the White House under Obama.
All told, federal taxpayers last year received $1.08 trillion in credits, deductions and other perks while paying $1.09 trillion in income taxes, according to government estimates.
Only about 8 percent of those benefits went to corporations. (The write-off for corporate jets equals about .03 percent of the total.) The bulk went to private households, primarily upper middle-class families that Obama has vowed to protect from new taxes.
Paul won with 44.9% of the votes, Texas Gov. Rick Perry came in second with 29.3% of the votes, and former Massachusetts Gov. Mitt Romney came in third with 8.8% of the votes. The California Republican Party, associated members and registered guests were allowed to vote in the straw poll, according to the statement.
PALESTINE, ISRAEL, AND THE UN
For months, U.S. and Israeli diplomats worked to forestall a plan by the Palestinians to present their resolution to the Security Council. Now, however, with Obama facing restiveness among some Jewish supporters, the prospect of a veto comes at a politically useful moment.
The bold vow on Friday by the Palestinian president, Mahmoud Abbas, to seek full membership at the United Nations amounted to a public rebuff of weeks of feverish American diplomacy. His vow came on top of a rapid and worrisome deterioration of relations between Egypt and Israel and between Israel and Turkey, the three countries that have been the strongest American allies in the region.
IN OTHER NEWS
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