Obama's Buffett Rule: 30% Minimum Tax for Millionaires

President Obama made his expected pitch for the Buffett rule tonight, with Warren Buffett secretary Debbie Bosanek attending his State of the Union speech to hear it in person. After noting Buffett's complaint that she pays a higher tax rate than her billionaire boss, Obama fleshed out the details, notes AP: "Tax reform should follow the Buffett rule," he said. "If you make more than $1 million a year, you should not pay less than 30% in taxes."

He also said Washington should stop "subsidizing millionaires," asserting they should not get tax subsidies or deductions. "On the other hand, if you make under $250,000 a year, like 98% of American families, your taxes shouldn't go up," he added. "Now, you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes? Most Americans would call that common sense." (More Buffett Rule stories.)