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The president will propose new tax rates for millionaires.

The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, White House officials said Sunday.
Called the Buffett Rule, the proposal will be part of a comprehensive deficit reduction plan President Barack Obama will unveil on Monday, according to a senior administration official and White House sources who revealed the information ans asked not to beidentified.
Obama will propose several tax changes, one White House official said, adding that the Buffett Rule would replace the current Alternative Minimum Tax that was created to ensure people paid a minimum percentage of their income in taxes.
The Buffett Rule would impact only 0.3% of taxpayers — fewer than 450,000 individuals.
The president will not specify a specific rate or details of the Buffett Rule in announcing his proposal, leaving it to Congress to decide how to calculate such a rate as part of the larger debate over rewriting the tax code, the official said.

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