Obama Pushes ‘Buffett Tax’ on Rich

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.