It is named after one of the world’s richest men, investor Warren Buffett, who says it is not fair that he pays a lower tax than his secretary.
During his weekly address Saturday, the president urged Congress to approve the legislation during a planned vote next week.
Under the Buffett Rule, anyone earning more than $1 million would pay at least the same percentage of income taxes as middle income wage earners. The president says families earning less than $250,000 per year – 98 percent of American families – should experience no increase in their tax rate.
Obama rejects claims by critics that the Buffett Rule impedes job growth.
In the Republican address, Congressman Fred Upton charged the Obama administration’s energy policies have increased the country’s dependence on foreign oil with the rejection of a pipeline project that would run from Canada to the U.S.
Upton urged the administration to consider his party’s American Energy Initiative that aims to cut gas prices and create jobs.
Some information for this report was provided by AP, AFP and Reuters.