Millionaire | featured news

A proposed 30 percent minimum tax on millionaires backed by President Barack Obama - dubbed the Buffett tax after investor Warren Buffett who supports it - would raise about $47 billion over a decade, according to a congressional report.

Democrats backed away from their demand for higher taxes on millionaires as part of legislation to extend Social Security tax cuts for most Americans on Wednesday as Congress struggled to clear critical year-end bills without triggering a partial government shutdown.

Lobbyists for a day, a band of millionaires stormed Capitol Hill on Wednesday to urge Congress to tax them more....

Here’s some good news for Marylanders: We’re rich! Well, not all of us. Certainly not the blogger currently disseminating this information. But a lot of us are rich. Very rich. So rich that, get this: Maryland, for the first time, now has more millionaires per total households than any other state in the country.

Senate Democratic leaders are proposing a 5% surtax on those earning $1 million a year as a new way pay for President Obama's jobs plan, turning to an issue with populist appeal as they line up support for a vote, possibly next week.

The defense had said James "Bob" Ward loved his family, while prosecutors contended the millionaire's demeanor -- along with the evidence -- proved he murdered his wife.

"People who are doing quite well and worry about low-income people not paying any taxes bemoan the fact that they get so many tax breaks that they are zeroed out," said Roberton Williams, a senior fellow at the Tax Policy Center. "People at the bottom of the distribution say, 'But all of those rich guys are getting bigger tax breaks than we're getting,' which is also the case."

When it comes to retirement, most Americans doubt they've saved or invested enough to retire comfortably, let alone reach that million-dollar milestone, according to a new AP-CNBC poll.

Republican leaders on Sunday criticized President Barack Obama's proposal for a new tax on millionaires, calling it "class warfare" and predicting it will face heavy opposition in Congress.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.