Sep. 24th, 2011
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The top 400 tax filers own more wealth than the 150 million other filers and typically pay about 12 percent income tax rates according to the Tax Policy Center. Paul Krugman's Op-Ed piece about the RNC attempt classify raising the top bracket to the pre Bush tax cuts as "class warfare" is a great read.
This week President Barack Obama said the obvious: that wealthy Americans, many of whom pay remarkably little in taxes, should bear part of the cost of reducing the long-run budget deficit. And Republicans like Rep. Paul Ryan responded with shrieks of "class warfare." It was, of course, nothing of the sort. On the contrary, it's people like Ryan, who want to exempt the very rich from bearing any of the burden of making our finances sustainable, who are waging class war.
( More facts behind the cut )