In a speech in the Rose Garden Monday morning, President Obama laid out a plan that would raise taxes on the richest Americans by $1.5 trillion.
Called the "Buffett Rule" after mega-investor Warren Buffett, who recently said rich people like him should pay more in taxes, the plan would eliminate loopholes that allow many rich people to pay taxes at a lower rate than middle class folks.
"Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett," Obama said.
Obama will submit his plan to the special Congressional committee tasked with cutting the deficit by $1.4 trillion. It is a $3 trillion plan that includes the tax increase, $1.1 trillion in savings from winding down the wars in Iraq and Afghanistan, $580 billion from reductions in entitlement programs such as Medicare and Medicaid and $430 billion from reduced interest costs.
House Speaker John Boehner said last week that he will not allow the committee to use tax increases to raise revenue, so it appears another standoff is in the making between the White House and Congressional Republicans,
Here is Obama's full speech: