President Obama, in a speech scheduled for today, will propose that people with an income of over one million dollars should pay at least 30% of their income in federal taxes. The proposal is based on an idea put forth by billionaire Warren Buffet, who noted that his income tax rate was lower than that paid by his secretary. The proposal has been called “The Buffet Rule”.
Obama tells the rich today
You’re going to have to pay
at least a rate of thirty percent
a rate that will prevent
your paying less than’s customary
for your secretary.