Obama Said to Adopt Buffett Idea for New Tax on ‘Mega Rich’

President Barack Obama will propose a new levy on U.S. taxpayers making more than $1 million to help trim the nation’s debt, adopting a suggestion from billionaire investor Warren Buffett, according to an administration official.

The tax will be among recommendations the president makes to a special congressional committee charged with finding ways to cut $1.5 trillion from the nation’s long-term deficit, according to the official who wasn’t authorized to speak on the record. Obama is set to unveil his deficit-cutting proposals tomorrow.