Senate rebuffs ‘Buffett tax’
US President Obama’s plan to raise tax rate for wealthy to 30 per cent blocked by upper house of Congress.
Published On 17 Apr 2012
The US Senate has blocked a proposal by President Barack Obama to make the country’s top earners pay more tax.
The proposal was named after the millionaire Warren Buffett who supported Obama in calling for a law requiring US citizens who earn more than $1,000,000 a year to pay a 30 per cent tax rate on their income.
But critics argued the law would punish people for their success.
Al Jazeera’s Kimberly Halkett reports from Washington.
Source: Al Jazeera