latimes.com

President Obama will propose that people earning more than $1 million a year pay at least the same tax rate as middle-class earners to help reduce the soaring budget deficit, according to administration officials.

Obama will call the plan the “Buffett rule” after billionaire investor Warren E. Buffett, a supporter of his who recently called the tax system unfair, noting that it lets him pay a lower rate than his secretary does.

The plan would replace the complicated alternative minimum tax, which was enacted decades ago to ensure that the wealthy paid at least some income taxes, according to the officials, who requested anonymity because they were not authorized to discuss the matter publicly.

Obama’s proposal, to be unveiled Monday, is likely to face strong opposition from congressional Republicans and could resonate throughout the 2012 presidential election.

Republicans have vowed not to raise taxes even on the wealthy, arguing that the struggling economy cannot recover if Washington takes more money from people they have dubbed “job creators.”

I work for “job creators”, haven’t seen a raise in close to 5 years, had a pay reduction for a year to “cut costs” and we’re not hiring new people in entry positions at the same time our execs are getting golden parachutes of in the tens of millions when they leave the company due to ethical misconduct charges. I hear the same things from friends who work in other places at well. The millionaires can afford the attorneys and accountants to hide their earnings, most of us can’t. They can start paying for the privileges they have and give back to the rest of us.