Obama wants `Buffett Rule' tax

By: Associated Press Email
By: Associated Press Email

President Barack Obama is reviving a tax proposal that stands as a symbol of the Democrats' efforts to portray themselves as champions of economic fairness, though it has no chance of passing Congress.

In his weekly radio and Internet address, Obama calls on Congress to increase taxes on millionaires.

Obama calls the plan the "Buffett Rule" for Warren Buffett, the billionaire investor who says the middle class pays a greater share of its income in taxes than the wealthy.

Obama also wants to end the Bush-era tax cuts for people earning
more than $250,000.

For the Republicans, House Speaker John Boehner challenged Obama to get behind GOP energy proposals. He kept up the Republican drive to blame the administration for high gas prices. Boehner called for more oil and gas production, a freeze in new regulations and approval of an oil pipeline from Canada to Texas.

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