Obama Tax Plan Would Ask More of Millionaires

President Barack Obama delivers remarks at the opening session of the White House Rural Economic Forum at Northeast Iowa Community College, in Peosta, Iowa, Aug. 16, 2011. (Photo: Doug Mills / The New York Times)

Sunday 18 September 2011 by: Jackie Calmes, The New York Times News Service | Report

Washington - 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. With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare andMedicaid.
READ MORE