The Buffett Tax

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"Buffett Tax" refers to billionare US investor Warren Buffett, who wrote earlier this year that rich people like him pay less in tax than those who work for them due to loopholes in the tax code, and can afford to pay more. 

Obama in a populist step designed to appeal to voters, has proposed the Buffett Tax on people making $1 million a year as part of his deficit reduction program.

The tax would act as a kind of "Alternative Minimum Tax" aimed at ensuring millionaires pay a minimum rate of tax that at least matches that of middle class families.

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