Obviously the fact that Buffett’s effective tax rate is low is because he lives mainly off of dividends which are taxed at only 15% makes no difference. Millions of middle-class retired Americans also live off of dividends, will all of them fall under Obama’s new “Buffett rule”?

(The Hill) — President Obama will call for a new higher tax rate on millionaires to ensure they pay at least the same share of income in taxes that middle class families do.

A White House official confirmed the president will unveil the plan Monday at the White House as part of a broad proposal with recommendations aimed at deficit reduction.

The plan will be called the “Buffett Rule” in reference to billionaire investor Warren Buffett, who has long called on lawmakers to increase taxes on the wealthiest Americans.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” Buffett wrote in a New York Times op-ed published on Aug. 15th. “It’s time for our government to get serious about shared sacrifice.”