Barack Obama, 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.

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.

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.