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What is the 'buffett rule'?

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Ima Jensen

Global investors overwhelmingly support President Barack Obama's proposed tax increase for those earning annual incomes of $1 million or more in an effort to reduce the deficit. By a margin of 63 percent to 32 percent, respondents in a Bloomberg Global Poll approved of the president's proposal, known as the "Buffett rule" in a nod to Warren Buffett, the chairman of Berkshire Hathaway Inc., who has said it is wrong that he pays a smaller share of his income in taxes than does his secretary.

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