President Obama's $3 trillion deficit reduction plan employs both cuts in expenditures and increases in revenue. Such an approach is sensible and is favored by the vast majority of Americans. If we really give a shit about trimming the deficit, it can't be all one way or all the other. It's gotta be both.
On the revenue side, Obama wants the Bush-era temporary tax cuts on income over $250,000 to finally expire. The top rate would rise from 35% to 39%. He wants to end some write-offs on some corporate tax returns. He wants to end some subsidies to the oil/gas/energy industries.
And he proposed the "Buffett Rule" -- a higher tax rate on those earning $1 million or more in annual taxable income.
No surprise, the Republicans are adamantly opposed. They're all over the airwaves calling it "class warfare". Really? I mean, really?!! What demented spin doctor thought up that piece of shit?
The R's are ready to defend their class, ready to do battle on behalf of those oppressed, long-suffering millionaires and billionaires.
This is actually a startlingly honest admission from the GOP. They acknowledge that the genuinely wealthy are their true constituents, and that even though only 1% of the population earns $1 million or more, the Republicans are ready to go to war . . . against the rest of us.
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