STATE OF THE UNION

Obama Pitches New ‘Buffett Rule’

Says millionaires should pay 30 percent taxes.

President Obama struck a populist tone at last night’s State of the Union address, speaking out against income inequality and touting a revamped “Buffett Rule,” the idea that people making more than $1 million a year should pay at least 30 percent in income taxes. “Now you can call this class warfare all you want. But asking a billionaire to pay at least as much as his secretary in taxes?” Obama said, referring to Warren Buffet's secretary, who was in the audience. “Most Americans would call that common sense.” There aren't any immediate plans to put the Buffet Rule into policy action, however. A senior administration official says it’s more like a principle Obama will advocate in the coming months—and a weapon against his GOP opponents.