US President Barack Obama faces opposition from the Republicans as he plans to introduce the “Buffett tax”. The “Buffet tax” is named after billionaire investor Warren Buffett who has proposed for the rich to pay higher taxes. The new law, if passed will increase the tax for those earning more than $1million a year. The move is part of the Obama administration’s efforts to tackle US’s alarming deficit. The Republicans oppose the plan; Mitch McConnell, the Senate Republican leader said the tax would damage the US economy further by punishing job creators. The new proposals by the government are likely to be focal points in next year’s elections.

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