Definition of Buffett Rule

What is the Buffett Rule? What is the definition of the Buffett Rule?

President Obama recently made waves by including something coined the "Buffett Rule" in his budget plan.

The "Buffett Rule" stipulates that those Americans who are making at least a million dollars per year should pay the same percentage of their earnings in taxes as those from the middle class.

The "Buffett Rule", as you can probably imagine, is named after Warren Buffett.

Warren Buffett is a multi-billionaire who has made his fortune guiding Berkshire Hathaway over the past number of decades. Buffett (through Berkshire Hathaway) is known for taking very large positions in prominent companies and holding them over the long-term. Buffett's results over the past 50 years have been second to none.

Warren Buffett has been arguing in recent years that rich people "such as himself" should be paying more in taxes.

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