From Robert Reich: http://robertreich.org/post/10413056931
By Robert Reich:
September 19, 2011
So the really big fight — perhaps the defining battle of 2012 — won’t be over Medicare. It won’t even be over Obama’s jobs program.
It will be over whether the rich should pay more taxes.
The President has vowed to veto any plan to tame the debt that doesn’t increase taxes on the rich. The Republicans have vowed to oppose any tax increases on the rich.
It’s a good fight to have.
In a Rose Garden ceremony this morning, Obama proposed new taxes on the wealthy — including a special new tax for millionaires, the closing of loopholes and deductions for people making more than $250,000 a year, and an end to the portion of the Bush tax cut going to higher incomes.
Republicans accuse the President of instigating “class warfare.” But it’s not warfare to demand the rich pay their fair share of taxes to bring down America’s long-term debt.
After all, the richest 1 percent of Americans now takes home more than 20 percent of total income. That’s the highest share going to the top 1 percent in almost 90 years.
And they now pay at the lowest tax rates in half a century — half the rate they paid on ordinary income prior to 1981.
Continue reading at: http://robertreich.org/post/10413056931