Increasing taxes on the wealthy would bring fairness to U.S. taxpayers across the board, billionaire investor Warren Buffett said on Wednesday, backing the tax reform that President Barack Obama proposed in his State of the Union address, according to CNBC
On Tuesday, Obama proposed a minimum effective tax rate of 30 percent on those who earn a million dollars or more, reviving his call for the so-called "Buffett rule," designed to prevent millionaires from paying a smaller share of income taxes than middle-class taxpayers.
Buffett published an editorial in August stating that his own 17.4 percent effective tax rate was lower than that paid by wage earners in his office. He also said wealthy people should pay more taxes.
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