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.
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