Republicans are up in arms over White House assertions that Mr. Obama will call for a new minimum tax rate for incomes over $1 million a year. The White House says the new tax is intended to ensure that wealthy Americans pay a tax rate comparable to middle class Americans. Republicans argue the new rate will hurt the economy, claiming that any new taxes will hurt small businesses which create new jobs, says the Washington Post.

 "Class warfare...may make for good politics, but it makes a rotten economics," Rep. Paul Ryan (R-Wisc.) said on Fox News Sunday. 

This minimum tax rate for millionaires is part of a planned, comprehensive overhaul of the existing tax code. Obama plans to call his proposal the "Buffet Rule" after wealthy investor Warren Buffet, reports the New York Times. Buffet made headlines earlier this year by publicly complaining that the wealthiest Americans pay lower tax rates than middle-class individuals. 

Obama is expected to propose the new base tax for the wealthy Monday as he unveils his new tax and long-term deficit reduction plan.