THE Obama Administration is considering a proposal to hike the percentage of tax for millionaires which would be equal to the one paid by middle-class families..

In tune with the President's consistent stand that the wealthy should do more to control the soaring national debt, the tax proposal is likely to target the top 0.3% of taxpayers who reap huge benefits from lower rates on dividends and capital gains.

President Obama may call his proposal the Buffett Rule in a reference to Warren E Buffett, who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle income workers because investment gains are taxed at a lower rate than wages.