WASHINGTON – President Barack Obama says the wealthy should pay their fair share in taxes, saying anyone who makes more than $1 million should pay a minimum tax rate of at least 30 per cent.
The president is using the State of the Union address to provide more details about the so-called Buffett rule, which sets a goal of a minimum tax rate for those earning $1 million or more a year.
Households making more than $1 million typically pay a federal tax rate of about 24 per cent.
The Buffett rule is named after billionaire Warren Buffett, who has said it’s unfair that his secretary pays a higher tax rate than he does.
To emphasize the point, Buffett’s secretary, Debbie Bosanek, is attending the address in first lady Michelle Obama’s box.