Brown backs Obama’s move on millionaires

Greens Leader Bob Brown is calling for Parliament to support a millionaires’ tax, an innovation that is also gathering momentum in the United States.

The Australian Greens will today move a motion in the Senate that:

The Senate supports moves by President Obama to close tax loopholes for those earning a million dollars a year, ensuring that millionaires pay a minimum rate of tax that at least matches that of middle-class families.

“A proposed millionaires’ tax, or ‘Buffett rule’, adopted as policy by the Australian Greens in 2010 would create a new marginal tax rate of 50% on annual income of more than $1 million,” Senator Brown said.