Drawing clear battle lines for next year’s elections, a combative President Barack Obama on Monday demanded that the richest Americans pay higher taxes to help cut soaring U.S. deficits by more than $3 trillion. He promised to veto any effort by congressional Republicans to cut Medicare benefits for the elderly without raising taxes as well.

Quoted from Tax the rich, Obama says; class warfare, says GOP on Yahoo! News – Latest News & Headlines

President Obama's tax hike is just a symptom of the big-government disease. Moreover, many Americans earning less than $200,000 are likely to suffer collateral damage from this tax increase. The current tax code is already highly progressive. The wealthy pay a far higher effective tax rate. After all deductions and eptions are included, the rich pay roughly 24 percent of their - 's plan would cut $4 trillion from deficit over 12 years through a mixture spending cuts (roughly 75 percent) and closing loopholes and breaks for very wealthy (roughly 25 Opinion | Obama on the As president, followed through. He quickly cut es for most families and, after several years, won a increase on rich. Yet re was one major downside to his approach. And I was Tags: opinion, obama, upper, middle, President Barack 's 2013 increases for wealthy Americans neir slowed ir income growth nor hurt economy, according to a study that taps into a key debate in current Drawing clear battle lines for next year's elections, a combative President Barack on Monday demanded that richest Americans pay higher es to help cut soaring U.S. deficits by more than $3 trillion. February 2, 2012; Source: Wall Street Journal | At National Prayer Breakfast yesterday, President promoted his economic policies, in particular “Buffett Rule,” which would ensure that millionaires pay a 30 percent

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