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Obama says U.S. can’t afford tax cuts for richest

  • ASSOCIATED PRESS
    FILE - In this Feb. 15, 2010, file photo President Barack Obama congratulates Warren Buffett after presenting him with a 2010 Presidential Medal of Freedom in an East Room ceremony at the White House in Washington. In his weekly radio and internet address Saturday April 14, 2012, Obama urged Americans to ask their member of Congress to support the "Buffett Rule," named after the billionaire investor who says he pays a lower tax rate than his secretary. Obama says the nation can't afford to keep giving tax cuts to the wealthiest, "who don't need them and didn't even ask for them." (AP Photo/Carolyn Kaster)
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WASHINGTON >>  President Barack Obama says the nation can’t afford to keep giving tax cuts to the wealthiest, "who don’t need them and didn’t even ask for them."

Obama is using his weekly radio and Internet address to urge Americans to ask their member of Congress to support the "Buffett Rule," which is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.

The plan would require that people earning at least $1 million annually, whether in salary or from investments, pay at least 30 percent of their incomes in taxes.

The Senate is expected to consider the proposal on Monday.

In the Republican address, Rep. Fred Upton of Michigan says the administration’s policies are making gasoline prices worse. He says energy legislation pushed by the House is being blocked by Senate Democrats.

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Online:

Obama address: http://www.whitehouse.gov

GOP address: http://www.youtube.com/HouseConference

 

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