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President Barack Obama called on Congress to require the highest U.S. earners to pay at least 30 percent of their income in taxes, building on his election-year push for what he terms economic fairness.
The president’s proposal in his State of the Union address tonight would create a minimum tax on income exceeding $1 million. That floor would be established in part by eliminating high earners’ deductions for mortgage interest, health care, retirement and child care. Given congressional gridlock, there is little chance of its enactment this year.