The ruling Grand National Party is pushing to introduce a so-called “Buffett Tax” on the wealthy, party officials said Sunday.

It is the latest populist gesture to appeal to young voters, who election experts say have turned against establishment politics, which comes ahead of general and presidential elections next year.

The idea is based on the proposal of global business magnate Warren Buffett, which was followed by U.S. President Barack Obama’s bill earlier this year to impose a special tax on those making more than $1 million per year. Buffett wrote earlier this year that loopholes in the tax code mean wealthy people like himself often pay a lower percentage of their income in taxes than those who work for him, even though the rich can afford to pay more.

“The people were angered by the thought that the Lee Myung-bak administration and the ruling party would only side with the affluent brackets and conglomerates,” said a group of the party’s reformative lawmakers in a statement, after the Oct.26 by-elections.

“Trust may not be gained back unless the high-handedness of large corporations is curbed.”

Young voters, discouraged by high unemployment, falling property prices and the widening income gap, turned against the ruling party en masse in the Seoul mayoral by-election.

As a way to gain back the support from young voters, the party is also to focus on reshuffling its human resources.

The plan may include a citizen vote in electing the party’s proportional representative or to recruit political rookies through an open audition.

The party will curb the number of lawyer or judge-turned-lawmakers and turn its eye to a wider pool in an attempt to seek diversity, officials said.

The party’s policy committee is also seeking to drastically increase next year’s welfare budgets by up to 1 trillion won ($898 million), according to officials.

“Welfare issues stand as our top priority,” said Rep. Kim Song-sik, the committee’s vice chairman.

“We plan on slashing up to 2 trillion won from unnecessary budget categories and turning a maximum amount to welfare projects.”

Along with such efforts, the party is considering downscaling its headquarters by getting rid of its central office in Yeouido and transferring most of its functions to its in-parliament office.

“We will minimize our outside headquarters and focus on working within the National Assembly building,” party chairman Hong Joon-pyo said Saturday.

“The measures will not only enable us to communicate more swiftly and efficiently, but also cut back on the 120 million won spent monthly on renting the seven-story building.”

Hong is to present the renewal plan including the tax and welfare increase during the Supreme Council meeting early Monday.

By Bae Hyun-jung (tellme@heraldcorp.com)