The Hill News

Sen. Charles Schumer (D-N.Y.), a vocal advocate for President Obama's proposed "Buffett Rule" that would raise tax rates for millionaires on investment income to mirror rates owed from personal income, acknowledged Monday that the plan would not be enough to balance the country's budget. But Schumer said the proposal was "a question simply of fairness" and maintained there was "no class warfare involved" during an interview with CBS News.

Schumer was asked to respond to a statement by New York City Mayor Michael Bloomberg, who noted that because most of the country was part of the middle class, a tax hike on the richest would only "get you halfway to a balanced budget â€" everybody's taxes have to go up."

The senator then acknowledged "it is true that, you know, the high-end people are not the whole answer to the problem."

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