Obama to propose 'Buffett Rule' on taxes: reports

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Obama to propose 'Buffett Rule' on taxes: reports
CHICAGO (MarketWatch) -- The White House is set to propose a "Buffett Rule" aimed chiefly at preventing those making more than $1 million a year from paying taxes at lesser rates than those at lower income levels, according to several published reports late Saturday. The plan, reportedly set to be unveiled Monday as part of President Obama's recommendation to a bipartisan congressional "supercommittee" on deficit reduction, is named for multibillionaire Warren Buffett, who has noted on multiple occasions that he pays federal taxes at a lower effective rate than his secretary and other Berkshire Hathaway employees. The prospective rule, according to the New York Times, is meant to replace the alternative minimum tax, which was intended at its inception to keep wealthy taxpayers from using a variety of deductions and loopholes to pay taxes at lower rates than lesser earners but has come to affect a growing proportion of middle-income Americans. The new plan is likely to be a nonstarter with Republicans, notes a Wall Street Journal report, pointing out that House Speaker John Boehner reiterated just last week that all tax increases are "off the table."