Obama calls for "Buffett tax" on wealthy

US president Barack Obama has said the wealthy and corporations should pay their "fair share" to cut the country's deficit after proposing a tax for the super rich.

Outlining his plans to reduce the US deficit and kick-start economic growth, Obama proposed cuts to healthcare benefits but said businesses and the wealthy must pay higher taxes too. This is part of his plan to save more than $3tn (£1.9tn) over a decade to pay for his plan to boost jobs, with roughly half coming from tax increases, the BBC reports. In a televised address from the White House, Obama said if the US did not act now, the burden of debt would fall on future generations. "Washington has to live within its means," he said. "We have to cut what we can't afford, to pay for ...