Obama: Buffett rule not a redistribution of wealth - WKOW 27: Madison, WI Breaking News, Weather and Sports

Obama: Buffett rule not a redistribution of wealth

Photo credit: The White House Photo credit: The White House

WASHINGTON (WKOW) -- President Barack Obama says his call for raising taxes on millionaires is not a redistribution of wealth, but a way to free up money for crucial investments in the U.S. economy.

Obama spoke to a crowd at the White House Wednesday morning made up of several business executives and their assistants who he says agree with the principles in the Buffett rule. It's the second straight day the president pitched the so-called Buffett rule.

The rule is named after billionaire investor Warren Buffett, who says he pays a lower tax rate than his secretary.

Obama says the Buffett rule is necessary in order to tackle the country's massive deficits.

The Senate will vote on the plan next week, though it has little chance of passing Congress.

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