President Obama is preparing to propose a new tax on millionaires as part of his plan to cut deficit by $3 trillion over the next 10 years. The White House says the effort is aimed at ensuring people who earn more than $1 million a year pay a minimum rate of tax that at least matches that of middle-class families. Dubbed the “Buffett Tax,” the proposal is named after billionaire U.S. investor Warren Buffett, who wrote earlier this year that rich people like him often pay less in tax than those who work for them. Meanwhile on Saturday, President Obama used his weekly address to urge Congress to pass his jobs bill.

President Obama: “I know some of them would rather wait another year to wage another election than work together right now. But most Americans don’t have the luxury of waiting. It was three years ago this week that a financial crisis on Wall Street made things much more difficult for working folks on Main Street. And too many are still hurting as a result.”