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Warren Buffett to attend Obama fundraiser

Jemal Countess
Warren Buffett
Jemal Countess

Updated at 2:40 p.m. ET

Billionaire Warren Buffett plans to attend a $35,800 per person fundraiser for President Obama next month in Chicago, campaign officials confirmed to CBS News Wednesday. Mr. Obama is not expected to attend.

The chairman of Berkshire Hathaway Inc. served as the inspiration for what the White House calls the "Buffett rule" -- a tax policy change Mr. Obama is proposing to ensure that taxpayers who make over $1 million a year are taxed at the same overall rates as middle class Americans. Mr. Obama gave the policy that name after the famed investor suggested he and his super-wealthy friends should pay more in taxes.

The president unveiled the "Buffett rule" on Monday as part of a series of ideas to reduce the deficit by about $3 trillion over 10 year and energize his liberal base, which has become disenchanted with the president's frequent compromises with political adversaries.

Mr. Obama took a decidedly more populist tone when he introduced the deficit reduction plan, a move intended to create a sharp contrast between his agenda and the Republican agenda. Liberal activists have made the "Buffett rule" a central component of their campaigns for making the U.S. tax code more progressive. Republicans are opposed to the idea, noting that it will do little to help the struggling economy.

Update: In addition to the event month, Buffett will also be at an economic forum next week hosted by the Obama Victory Fund -- a joint operation of the Obama campaign and the Democratic National Committee. On the invitation for the forum, Buffett is billed as a "special guest." Contributors are being told it's a $10,000 minimum donation to attend. Mr. Obama is not attending the forum.

CBSNews.com special report: Election 2012