Obama pushes Congress to increase taxes on millionaires


US President Barack Obama



President Barack Obama called on Congress to increase taxes on millionaires in his Saturday radio and Internet address.

"We don't envy success in this country. We aspire to it," Obama said. "But we also believe that anyone who does well for themselves should do their fair share in return, so that more people have the opportunity to get ahead — not just a few."

The president first pushed the plan last September and it is scheduled for a vote in the Senate on April 16, the Associated Press reported.

Senate Democrats will submit legislation that would aim to turn the so-called "Buffett Rule" - requiring higher taxes on the wealthiest Americans - into law, Sen. Chuck Schumer recently told CBS News.

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The "Buffett Rule" is named after billionaire investor Warren Buffett who famously said he paid less taxes than his secretary and has pushed for higher taxes on America's wealthiest people.

Currently many wealthy taxpayers earn investment income that is taxed at a rate of about 15 percent, according to the AP.  The Obama administration has proposed Americans earning $1 million or more should pay at least 30 percent of their income in taxes.

In his remarks Saturday, the president asked Congress "to stop giving tax breaks to people who don't need them."

The issue is already a key point of contention between Democrats and Republicans this election year.

If enacted, Congress' Joint Committee on Taxation estimates the legislation would collect $47 billion through 2022, which critics say would only make a small dent in the projected $7 trillion federal budget deficit.

On Saturday, Obama also reiterated he wanted to end tax breaks for Americans earning more than $250,000. Those breaks, enacted during President George W. Bush's first term, are due to expire at years end.