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
earnings. republicans are saying today that is not the right way to raise revenues. what it does, 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 it makes for rotten economics. reporter: the president speaks tomorrow, he won t give specifics about the exact new rate he wants or how much it could bring. a look back shows he thinks 5.4% is fair that s the millionaire s surtax he pro he proposeed in 09. that didn t fly now he s trotting out his buddy warren buffet. something the president has been doing for quite a while now. right now, warren buffet pays a lower tax rate than his second. an than his secretary a outrage he has asked us to fix. we need a tax code where
term deficit reduction plan and the idea, the white house calls the buffett rule, based on comments made by billionaire business man warren buffett and the chairman of the house budget committee, paul ryan discussed the plan on fox news sunday this morning and the wisconsin republican said hiking taxes on the rich will do more harm than good when it comes to spurring job creation. class warfare may make for good politics but makes for rotten economics. we don t need a system that seeks to divide people and a system that seeks to prey on people s fear, envy and anxiety and we need to remove the barriers for entrepreneurs to go out and rehire people and i m afraid these tax increases don t work. eric: joining us now is this angchor of fox news sunday, chrs wallace. good morning, other than that he liked the idea a lot. eric: he says if you tax more you get less. what did he mean by that? exactly. he s saying that if you tax
class warfare chris a make for good politics. but makes for rotten economics. we don t need a system that seeks to divide people. we don t need a system that seeks to prey on people s fear, envy and anxiety. shannon: that was republican paul ryan this morning. voicing his concerns about health care the economy and president obama s american jobs act. i sat down with chris today and go a sneak peek. chris, this morning had you on one of the key players on budgetary issues in the house. we are getting more word about details, for the president s plan that he is going to announce tomorrow. chris: yeah. the new idea that the president is going to announce, some would question how new it is. this idea of a millionaire s tax, minimum tax on millionaires called the buffet rule in the name of warren buffet that millionaires would have to pay at least the same