Obama says US can't afford tax cuts for richest

9:17 AM, Apr 14, 2012   |    comments
Saul Loeb, AFP/Getty Images
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WASHINGTON -- President Barack Obama says the nation can't afford to keep giving tax cuts to the wealthiest, "who don't need them and didn't even ask for them."

Obama is using his weekly radio and Internet address to urge Americans to ask their member of Congress to support the "Buffett Rule," which is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.

The plan would require that people earning at least $1 million annually, whether in salary or from investments, pay at least 30 percent of their incomes in taxes.

The Senate is expected to consider the proposal on Monday.

In the Republican address, Rep. Fred Upton of Michigan says the administration's policies are making gasoline prices worse. He says energy legislation pushed by the House is being blocked by Senate Democrats.

Online: Obama address: http://www.whitehouse.gov  

GOP address: http://www.youtube.com/HouseConference  

The Associated Press

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