Barack Obama’s administration laid out its case for a minimum tax on the wealthiest Americans yesterday, doubling down on its bet that fiscal fairness will be a winning platform in this year’s presidential election.
The White House is promoting the “Buffett rule”, which would set a minimum tax of 30 per cent on the income of millionaires, as it attempts to establish a stark contrast with Mitt Romney, Mr Obama’s likely Republican challenger and a former venture capitalist.
The measure is named after Warren Buffett, the billionaire investor who has called for higher taxes on the wealthy after noting that he pays a lower tax rate than his secretary because of preferential tax treatment for capital gains and dividend income.
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