Budget Deficit, Taxing The Wealthy | featured news

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.

Most Americans oppose the big spending cuts that many in Washington see as necessary to bring down the budget deficit, a new poll suggests, but they do support one idea for deficit reduction that President Barack Obama has pushed for years — raising taxes on the rich.

The plan would generate $4 billion a year by raising taxes on the highest earners, in a move that would help to close the state’s budget deficit.