President Obama dropped the hammer on millionaires. As part of his larger $3+ trillion deficit-reduction plan, the President announced a new tax, specifically aimed at the nation’s millionaires. The tax will be called the “Buffett Rule,” a reference to investor Warren E. Buffett, who has argued that the rich should pay higher taxes.
Although the administration was short on details, the basic concept is clear: any American who earns more than $1,000,000, whether as a result of earned income or investment income, will pay a new tax.
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