Obama wants Buffett Rule

Julian Harris
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US President Barack Obama wants to push ahead with a minimum rate of tax for millionaires, despite figures showing that high earners pay on average far higher rates than most Americans.

The proposal, known as the Buffett Rule after the Sage of Omaha Warren Buffett, would ensure that those earning over $1m a year would pay at least 30 per cent to the government.

The Tax Policy Center shows that on average the group currently pays 24.1 per cent.