Buffett Rule

Obama promoted his Buffett Rule, which states that millionaires and billionaires should pay their "fair share". This should help reduce the federal debt and pay for necessary government investments such as education. "One in four millionaires pays a lower tax rate than millions of hardworking middle-class households," Obama told a group of business executives. “It’s just plain wrong that middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires,” he added. This proposal came from the billionaire Warren Buffett who said he pays a lower tax rate than his secretary. This issue has become a political element.

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