Obama to propose new tax rate for millionaires

Washington (CNN) - 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, a senior administration official told CNN on 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 the official, who spoke on condition of not being identified.