WASHINGTON.— US President Barack Obama has proposed higher taxes for the U.S. rich as part of his plan for reducing the nation’s deficit. However, the initiative stands little chance of passing Congress, with the Republicans already lining up against the President’s tax proposal.

The New York Times revealed that Obama had a deficit reduction plan on Monday; and a set of new measures to stimulate the economy and create jobs─ currently, there are an estimated 14 million unemployed in the US.

Obama’s so-called ‘Buffett Rule’ is designed to prevent millionaires from taking advantage of lower tax rates on investment earnings than what middle-income taxpayers pay on their wages by imposing a minimum tax rate on wealthy filers. The measure would only affect 0.3 percent of US taxpayers─ less than 450,000 people─ but it has already sparked off a public outcry, especially among power circles and US congressmen who see their interests undermined.

Meanwhile, the White House announced they have no intentions of extending the tax breaks on the rich, a resolution adopted during the George W. Bush administration which terminates in January, 2012.

While poor and middle-class US citizens fight in Afghanistan and thousands work day and night to make it to the end of month, America’s wealthy people get amazing tax exemptions, the New York Times said.