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Obama says millionaires should pay a minimum tax

Tuesday - 1/24/2012, 9:14pm  ET

WASHINGTON (AP) - President Barack Obama says the wealthy should pay their fair share in taxes, saying anyone who makes more than $1 million should pay a minimum tax rate of at least 30 percent.

The president is using the State of the Union address to provide more details about the so-called Buffett rule, which sets a goal of a minimum tax rate for those earning $1 million or more a year.

Households making more than $1 million typically pay a federal tax rate of about 24 percent.

The Buffett rule is named after billionaire Warren Buffett, who has said it's unfair that his secretary pays a higher tax rate than he does.

To emphasize the point, Buffett's secretary, Debbie Bosanek, is attending the address in first lady Michelle Obama's box.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)