President Obama called for tax reform measures this week to cut the budget deficit by $1.5 trillion over the next decade in his fiscal year 2013 budget.
The budget outline builds on many of the proposals in the American Jobs Act that Obama proposed last year, and which so far has failed to advance in Congress. It envisions the expiration of the 2001 and 2003 tax cuts for high-income taxpayers and enshrines the so-called “Buffett Rule,” which Obama also described in his State of the Union address. Under the Buffett Rule, no household making more than $1 million a year would pay less than 30 percent of their income in taxes.
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