President Obama wants to adopt an idea put forth by Warren Buffet to raise tax revenue. The Buffet rule, as it is called, would target the wealthiest Americans for more taxes.
The White House is also proposing a higher tax on the oil and gas industry, fund managers and private estates. At the same time he would let the tax cuts to the wealthy from the Bush years expire. A further measure would raise dividend taxes on wealthy investors to the same level as ordinary income tax.
These tax proposals are part of his overall budget plan, which sets the … Read the rest