President Barack Obama is in Florida today touting his “Buffet Rule,” a key part of his message as he runs for re-election.
Scheduled to hit up three fundraisers near West Palm Beach and Fort Lauderdale, the events were expected to raise at least $1.7 million.
As for the Buffet Rule, Obama has been urging Congress to boost taxes on millionaires to no end, but has been unsuccessful.
The Buffett Rule is named after billionaire investor Warren Buffet and is a tax plan proposed by Obama in early 2011 to lessen income inequality in America between the top 1 percent of Americans and the remaining 99 percent.
The Buffett Rule rests on the notion that it isn’t fair Buffett’s secretary pays a higher tax rate than that of her billionaire boss.
The tax plan would apply to individuals earning more than $1 million per year.
Buffett said in 2011 that he disagreed with the rich paying less in federal taxes, as a portion of income, than the middle class, and has voiced support for increased taxes on the wealthy.
The Buffett Rule would implement a higher minimum tax rate for taxpayers in the highest income bracket so that they do not pay a lower percentage of income in taxes than poorer Americans.
The Buffett Rule may be Obama’s biggest challenge as President and to change the American tax code would be monumental. Here are a few things you need to know about the Buffett Rule.