President Obama's proposal consists mostly of reforming the tax code to raise taxes on the wealthy and closing "loopholes" on corporate taxes, which would raise revenue by $1.5 trillion. This is the answer to a caller' question. The millionaires pay about 10% of all income taxes. "The president's proposed 'Buffett rule' is right on target," said Representative Sander Levin, to Obama's proposal for a tax on millionaires. Two years ago, only 287,000 out of about 172 million U.S. taxpayers made 9.5 percent of all reported U.S. income. Of those highest earners, Internal Revenue Service data also showed that 1,470 owed no federal income taxes in 2009. Today's top tax rate, 35 percent, is half what it was 30 years ago. The last time the tax code was thoroughly overhauled was in 1986, when President Ronald Reagan, a Republican, raised corporate taxes and cut the top tax rate.