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Obama’s Tax Hike Faces GOP Rebuff

"Buffett" plan would only hit millionaires.

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.