(MENAFN) US Treasury Secretary, Timothy Geithner, said that the Buffett rule, proposed by President Barack Obama, will not harm the country's economy, reported The Peninsula.
Geithner added that the rule, which is a tax plan aimed at imposing at least 30 percent income tax on Americans making over USD1 million per year, will not hold back the nation's investment and growth.
He also said that the plan has been strongly criticized by Republicans who argue it will discourage people from launching new businesses as it will increase capital gains tax and taxes on investment.
It is worth noting that the plan was named after US billionaire businessman Warren Buffett.
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