Obama Pushes ‘Buffett Tax’ on Rich

    Copies of President Barack Obama’s proposed budget for fiscal 2015 are set out for distribution by Senate Budget Committee Clerk Adam Kamp, on Capitol Hill in Washington, Tuesday, March 4, 2014. Obama's fiscal blueprint, which he is sending Congress today, was expected to include proposals to upgrade aging highways and railroads, finance more pre-kindergarten programs and enhance job training.  (AP Photo/J. Scott Applewhite)

    J. Scott Applewhite/AP,J. Scott Applewhite

    President Obama introduced a $3.9 trillion budget for fiscal year 2015 today. While the election-year plan promises tax cuts for an estimated 13.5 million Americans, it includes higher taxes on estates and the wealthy and would prevent certain groups of earners from lowering their taxes below an effective rate, aka the famous Warren Buffett Rule. The White House is also planning to overhaul the corporate tax code and remove loopholes, which it claims would increase corporate revenue by 35 percent in one year, to $449 billion.

    Read it at The Wall Street Journal