Obama's 30% millionaire tax

President Obama said that millionaires and billionaires have to be the minimum “fair share” to pay in taxes. It has to be at least 30 percent of their income. Also Obama said that people who earn more than $ 1 million a year should not pay less than 30 percent in taxes. The 30 percent marker is the first real detail Obama has offered since proposing the so-called Buffett Rule last September. That rule is a guideline intended to ensure that the very wealthy do not pay a lower percentage of their income in taxes than anyone in the middle class. The congressional research service estimated that a quarter of millionaires do not pay enough in federal taxes for satisfying the Buffet Rule. The CRS arrived at the number after considering what filers pay in federal income, payroll and corporate taxes combined. Obama also asserted to stop tax deductions for millionaires on home, health care, retirement and child care. Most of people do not support this rule, because they don’t like to pay taxes.