than $250,000 a year. that sed argume the argument fr white house. white house calling into play the buffett rule after billionaire warren buffett who says the rich are frequently not taxed enough. buffett said he s been, quote, coddled long enough by a billionaire-friendly congress. like many republicans, mitch mcconnell is rejecting the president s proposal while taking a shot at buffett s argument. with regard to his tax rate, if he s feeling guilty, i think he should send in a check. we don t want to stagnate this economy by raising taxes. it won t just hit individuals, david. there are over 700,000 of our most successful small businesses that pay taxes as individuals. democrats say the plan makes sense and millionaires should pay their, quote, fair share. republicans are calling the president s plan something else. class warfare may make for
their jobs, their retirement accounts. so, it s time to ask everyone else, the wealthy, to step up, too. ron, we have heard from republicans are having to say. take a listen to this. how they re responding to the buffett rule as we heard yesterday. we don t want to stagnate this economy by raising taxes. it went just hit individuals. the tax code should be reformed for one purpose. to generate more revenue to run the government. when you pick one area of the economy and say we re going to tax those people because most people are not those people, that s class warfare. class warfare may make for really good politics, but makes for rotten economics. not even going to bring up the cw term, but the middle class the frustrated with the income despairty. we see the protests along wall street over the weekend. why is it good politics to push back against fair tax rates for millionaires and billionaires?
we re talking about on wealthy americans. some of the taxes we have talked about before, limiting those itemized deductions that the wealthy take. closing loopholes on hedge fund managers, oil and gas companies, corporate jet owners and also letting the bush era tax cuts for the wealthiest americans expire when they are set to. also a little more than $1 trillion in war savings. of course, we do know that the wars in afghanistan and iraq are already going to be winding down. and that s something that republicans are hitting on. and frequently both sides have used this when they do their math. and then also interest savings, kiera. $430 billion there the white house says, and that s because if you don t owe the money, you don t have to pay interest on it so the money would be saved there. all right. bre brianna keilar at the white house watching that for us. christine romans, let s break it down and talk specifically about which americans will pay for these cuts. well, let
rich and the middle class to pay uncle sam the same percentage of their earnings, and republicans are saying today, that it is a bad idea. what it does, is it adds further instability to our system, more uncertainty, and, it punishes job creation and those peoe who create jobs, class warfare may make for good politics, but it makes for rotten economics. reporter: the new minimum tax rate for millionaires is named for president obama s billionaire buddy, warren buffett who thinks it is a great idea, viewing it as charity and writing in a new york times, op-ed said, i know the mega nature, they are decent people and they love america and appreciate the opportunity and many have joined the giving pledge, promising to give most of their wealth to philanthropy,
the police investigation into that claim is ongoing. heather: president obama set to roll out a new tack plan tomorrow targeting americans earn new tax plan tomorrow targeting americans earning one million dollars a year or more. named after warren buffet. the plan is facing strong opposition from republicans. peter doocy reports from washington. reporter: the president wants millionaires and the middle class to pay uncle sam the same percentage of their earnings. he wants to call the rate the buffet rule. republicans are already saying that it is not the right way to raise revenues. it adds further instability to our system. more uncertainty. and punishes job creation and those people who create jobs. class warfare may make for good politics, but makes for rotten economics. reporter: when the president speaks tomorrow he won t be giving specifics about the new rate or how much money it could bring in. a look at recent history tells