Washington US President Barack Obama on Tuesday said that the US middle class deserves tax cuts, while people with incomes above $1 million per year should pay at least 30 per cent in taxes.
"Congress needs to make the Buffet rule a reality," the president said. "This is common sense. If you make more than $1 million a year, you should pay a tax rate of at least 30 per cent."
The Buffet rule was inspired by the complaints of billionaire investor Warren Buffet, who in 2011 said that he is taxed at a lower rate than his secretary.
In his speech, Obama thanked citizens who brought pressure to bear so that an agreement could be achieved in Congress between Democrats and Republicans to extend the payroll-tax cut for 160 million workers....more
11:22 AM, Feb 22, 2012