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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.

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