Obama Pushes for Higher Taxes on Rich
Obama called a group of four millionaires and their assistants to set a minimum tax on people who earn at least $1 million annually.
The proposal, which faces Republican opposition in a test vote on April 16, is named after billion dollar investor Warren Buffett, who pays a lower tax rate than his secretary because preferential treatment is given to capital gains and dividends.
"Why should a school teacher pay 25 percent and a billionaire like Mitt Romney pay less than 14 percent. It is unfair, unjust and unbalanced,” said Chairman L.A. Democratic Party Eric Bauman.
Supporters of the tax increase say likely Republican presidential nominee, Mitt Romney, is a prime example of the currently unfair system.
"The rich shouldn't pay less. It should be the same or more for the rich,” said Los Angeles resident Albie Reiner.
The Buffett Rule will require those that make at least $1 million in taxable income to pay a minimum of 30 percent in income taxes. But some taxpayers say the tax increase will not solve any of the country's economic problems.
"I don't think you will raise enough money to make it significant. I think you need to change the tax system, said LA resident Zale Rubins.