CHARLOTTE, N.C. — President Barack Obama promoted his tax proposals Wednesday while criticizing congressional Republicans who are pushing to repeal the estate tax.
The House is expected to pass a bill this week to repeal what some lawmakers call the "death tax," saying it prevents small business owners and family farmers from passing on their businesses to their heirs. But Obama wants to increase the estate tax and has threatened to veto the legislation.
At a town hall on working family issues, Obama said the estate tax only affects about 5,000 families, including just 120 households in North Carolina. He said it would cost $270 billion, "which is the cost of the tax breaks I'm giving to 44 million people."
"My view is we don't need tax cuts for millionaires and billionaires. I don't need a tax cut," Obama said.
Obama touted his proposals to help families pay for child care, college tuition and retirement.
Congress hasn't embraced any of the president's ideas.
Obama also was asked about the income gap between women and men and responded it's a personal issue for him since he was raised by a single mother and his grandmother was the family's primary breadwinner.
"Michelle would point out first ladies get paid nothing. So there's clearly not equal pay in the White House when it comes to her and me," Obama said.