NEW YORK (CNNMoney) — President Obama this week defined what he believes should be the minimum “fair share” for millionaires and billionaires to pay in taxes. His answer: At least 30% of their income.“If you make more than $1 million a year, you should not pay less than 30% in taxes,” Obama said during his State of the Union address.
The 30% marker is the first real detail Obama has offered since proposing the so-called Buffett Rule last September. That rule is a guideline intended to ensure that the very wealthy don’t pay a lower percentage of their income in taxes than anyone in the middle class.
It’s named, of course, after billionaire investor Warren Buffett, who has repeatedly asserted that he pays a lower percentage of his income to the IRS than his secretary.
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