President Obama on Sunday will urge Congress to impose a new minimum tax rate for millionaires, a White House official said Saturday.
The aim of the proposal, first reported by the New York Times, is to ensure that individuals making more than a million bucks pay at least the same percentage as middle-income taxpayers.
The measure will be dubbed the Buffett Rule, a nod to billionaire investor Warren Buffett's public complaints about the uber-wealthy paying less in federal income taxes than middle-income workers.
Obama plans to announce the new tax rate as part of his long-term deficit reduction plan. It would be in addition to the $447 billion in new tax revenue that Obama is seeking to cover the costs of his new jobs plan.
The proposal will come as a special joint congressional committee works to hammer out a bipartisan budget deal by the end of November.
Obama will not specify a rate or provide other details, The Times reported. The new rate will affect only 0.3% of taxpayers, administration officials said.
The tax is likely among the most contentious changes Obama will propose in seeking an overhaul of the federal income tax code.
Obama's plan is expected to face stiff opposition from Republicans unwilling to raise taxes.
In a speech on Thursday, House Speaker John Boehner reiterated that he would oppose any tax hikes.
With News Wire Services
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