Democrats talk about having millionaires pay their "fair share" -- Republicans talk about "class warfare."

That's the term Rep. Paul Ryan, R-Wis., used to describe President Obama's proposed "Buffett Rule," which would set a higher tax rate for millionaires.

"Class warfare might make for good politics, but it makes for bad economics," Ryan said on Fox News Sunday.

Ryan said higher taxes -- part of the debt reduction plan Obama plans to roll out Monday morning -- will hurt job creators and create further uncertainty in the economy.

"If you tax something more, you get less of it," said Ryan, who chairs the House Budget Committee.

The New York Times reports that Obama's new proposed millionaires tax is to be named after billionaire investor Warren Buffett: