USA TODAY: … [President Barack] Obama uses his weekly address today to reiterated his pitch that along with domestic and defense spending cuts and changes to Medicare, taxes should rise for upper-income Americans and corporations that enjoy special tax loopholes.
“If we’re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice,” Obama said. “We have to ask everyone to play their part. Because we are all part of the same country. We are all in this together.”
Obama had reduced his earlier demands that taxes be a major part of any deficit-reduction plan needed to get Congress to raise thenation’s $14.3 trillion debt limit. Now he’s willing to have major spending cuts with only minor tax increases — but Republicans still aren’t biting… (more)
EDITOR Why a “minor part”? It should represent at least 25%. Earnings over $1 million should be taxed an added 5%, over $5 million an added 10%, over $20 million an added 15%. Then we would return to being a society of shared sacrifice and self esteem as we were from the 1940s through the 1970s.
