Obama to propose 'Buffett tax' on millionaires

By REUTERS
September 18, 2011 04:06

 
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WASHINGTON - us President Barack Obama will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit-cutting recommendations to a congressional supercommittee on Monday.

White House Communications Director Dan Pfeiffer said in a tweet on Saturday the tax would act as "a kind of AMT" (Alternative Minimum Tax) for people in that earning bracket, aimed at ensuring they pay at least as much tax as middle-class families. The "Buffett Tax" refers to billionaire US investor Warren Buffett.

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