President Barack Obama will announce Monday he is calling for a new minimum tax rate for Americans making more than $1 million a year, FOX News Channel confirmed Saturday.
The new tax plan, which the White House is calling the "Buffett Rule" after billionaire investor Warren Buffett, was first reported by The New York Times.
The Buffett Rule will reportedly ensure that those wealthy individuals are contributing at least the same percentage of their earnings as middle-income taxpayers.
Obama is due to speak about his strategy to reduce the deficit in remarks at the White House's Rose Garden on Monday.
Citing administration officials, The Times said Obama will urge Congress to overhaul the federal income tax code next year. They said the Buffett Rule will only affect 0.3 percent of taxpayers, or less than 450,000 individuals. It will replace the alternative minimum tax, a plan which negatively affects millions who are considered upper middle class, and may allow average Americans to receive a tax cut.
Last month, Buffet wrote in The Times, "My friends and I have been coddled long enough by a billionaire-friendly Congress."
Buffett said that while he paid nearly $7 million in taxes last year, the figure was only 17.4 percent of his taxable income, well below the average taxpayer.
The new plan would help offset the cost of Obama's $447 billion jobs creation plan, The Times reported, but is likely to draw opposition from Republicans who believe raising taxes on the wealthy discourages investment.
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