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Obama to Propose a New Minimum Tax Rate for High Earners Dubbed the ‘Buffett Rule’

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On the same day that crowds gathered to protest on Wall Street, reports have emerged that President Barack Obama will call for a new base tax rate for the wealthy on Monday. Looking to gain populist support and to put pressure on Republicans, the President plans to call on a rate that will ensure that millionaires "pay at least the same percentage of their earnings as middle income taxpayers," according to administration officials who spoke with the New York Times Saturday.

"Mr. Obama, in a bit of political salesmanship, will call his proposal the 'Buffett Rule,' in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages."

A White House official said the proposal would be included in the president' proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy. The Times reports that the tax hike will be for individuals making more than $1 million dollars a year.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit.

The Associated Press contributed to this article.

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