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President Obama: Buffett Rule Not A Redistribution Of Wealth

By: Associated Press
By: Associated Press

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Wednesday, April 11, 2012

President Barack Obama says his call for raising taxes on millionaires is not a redistribution of wealth, but a way to free up money for crucial investments in the U.S. economy.

Pitching the so-called Buffett rule for the second straight day, President Obama dismissed the notion that the plan is a gimmick. He says it is necessary in order to tackle the country's massive deficits.

The rule is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary. President Obama was flanked during his remarks at the White House Wednesday by several business executives and their assistants who he says agree with the principles in the Buffett rule.

The Senate will vote on the plan next week, though it has little chance of passing Congress.


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