Obama to seek a new tax rate for wealthy

President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

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

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

Promising the impossible. Or more likely, justifying the desired by citing the impossible.  There is a level of wealth after which the person in question will NEVER pay one cent more in taxes than they choose to.  Buffet is well beyond that point.
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