Obama planning a millionaire’s tax called the “Buffett Rule,” named for Warren Buffett

President Barack Obama will reportedly propose a millionaire's tax so that high-income earners, earning $1 million or more a year, pay at least the same rate as middle-class earners.

The move — called the "Buffett rule" after billionaire investor Warren E. Buffett, and part of efforts to reduce the budget deficit, according to the LA Times — is expected to encounter opposition from congressional Republicans.

Buffett wrote in a New York Times op-ed piece last month that he and other rich Americans "have been coddled long enough by a billionaire-friendly Congress."

(GlobalPost reports: Warren Buffett asks Congress to stop “coddling” the super-rich)

The White House says the "Buffett rule" will be included in the detail of Obama's plan for long-term deficit reduction, to be detailed Monday, the AP reports. 

Obama on Sept. 8,  in a rare joint session of the United States Congress, outlined a $447 billion package composed of tax cuts, aid to states and infrastructure spending to kick-start the economy.

According to the AP:

House Speaker John Boehner, R-Ohio, said Thursday he would oppose tax increases to reduce the deficit.

Boehner has urged Congress' deficit super committee to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.