WASHINGTON/N.Y – US President Barack Obama is planning a higher minimum tax rate on the richest Americans to ensure they are taxed at the same rate as the less wealthy, the BBC informs. White House officials said Obama would provide details of his proposal on Monday when he reveals his long-term plan to reduce the budget deficit. Reports say the proposal is to be called the Buffett Rule, after the billionaire investor Warren Buffett. Buffett says loopholes mean the richest pay relatively less tax. This is because earnings from investments are taxed at lower rates than wages. The proposed new tax would affect Americans who earn more than USD 1m a year. The proposal is likely to meet a strong challenge in Congress, where Republicans have said they oppose any tax increases. Hundreds of people marched on Saturday near Wall Street in New York in a failed attempt to occupy the heart of global finance to protest greed, corruption and budget cuts.
Plans by protesters to turn Lower Manhattan into an “American Tahrir Square” was thwarted when police blocked all the streets near the New York Stock Exchange and Federal Hall in Lower Manhattan. According to MSNBC, demonstrators gathered in parks and plazas in Lower Manhattan and said they were determined to stay at least through the weekend so they could confront Wall Street workers on Monday morning. “It’s a worthy cause because people on Wall Street are blood-sucking warmongers,” Bill Steyerd, 68, a Vietnam veteran from Queens, told the New York Daily News. Counterculture magazine Adbusters and hacking group Anonymous were among the organizers asking participants to set up tents, kitchens and peaceful barricades, NY1 television station reported. Organizers hoped to draw at least 20,000 during the weekend. Satellite demonstrations were held in Los Angeles and Seattle under a Day of Rage banner, and in Barcelona, Spain, and elsewhere. Participants tweeted pictures of a free food station loaded with jars of peanut butter to help sustain protesters. New York Mayor Michael Bloomberg said that the protesters have a right to be heard, as long as they do not interfere with others’ rights.