Obama to seek a new tax rate for wealthy

September 17, 2011 - 6:10 PM

WASHINGTON (AP) — 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' 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.

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

The tax proposal was first reported by the New York Times.