Obama backs Buffet rule to take the wealthy more

U.S. President Barack Obama says it is time the wealthiest Americans pay what he called their fair share in taxes.

During his weekly address Saturday, Obama urged Congress to vote in favor of the so-called Buffet Rule in a few weeks.

The plan, named for billionaire investor Warren Buffet, would increase taxes on people earning at least $1 million. Buffet has said it is not fair he pays a lower tax rate than his secretary. Critics noted that Buffet receives most of his money via passive investment that is taxed lower than earned income.

The president says funding the tax breaks for the wealthy is not fair when middle class families are struggling to pay for necessities.

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