President Obama has the mega-rich in his sights as he attempts to cut the US budget deficit.
He is seeking a higher minimum tax rate for anyone making more than a million dollars a year.
The planned ‘Buffett Tax’ draws inspiration from billionaire investor Warren Buffett. He complains that rich people like himself often pay less than those who work for them due to tax loopholes and argues the wealthy can pay more.
Obama, who is set to announce his proposal on Monday, has repeatedly urged Congress to close tax loopholes for “millionaires and billionaires”.
Before next year’s election, he is seeking to draw a sharp distinction between his Democrats and the Republicans, who are against any tax increases.