Obama’s Tax Hike Faces GOP Rebuff

    In this photo taken Friday, Sept. 16, 2011, President Barack Obama gestures while speaking in Alexandria, Va. Facing a potentially destabilizing diplomatic clash, President Barack Obama heads to the United Nations next week already looking beyond a potential vote on Palestinian statehood and toward laying the groundwork for the resumption of stalled Middle East peace talks. (AP Photo/Jacquelyn Martin)

    Jacquelyn Martin / AP

    Think President Obama tacked Warren Buffett’s name onto his tax hike to persuade Republicans to vote for it? Whatever the name of Obama’s “Buffett Rule”—a tax increase on individuals making $1 million or more—it faces stiff opposition from Republicans, who have already claimed that tax increases are off the table in deficit-reduction talks, and it’s not likely to become law without compromise on their part. Obama proposed the tax increase in his Saturday-morning radio address, and he plans to formally put it before Congress on Monday. House Speaker John Boehner already proclaimed on Thursday that “tax increases are not a viable option,” but he did say he agreed with the president that a reform of the tax code is necessary. It’s unclear how much money Obama’s tax hike will bring in, but one thing is clear: It will need at least some GOP votes to be passed.

    Read it at The New York Times