On the heels of his $447 billion job creation plan, President Obama released his deficit reduction plan Monday. The plan aims to raise $1.5 trillion in revenue and could amount to $3 trillion in deficit reduction over the course of a decade. The plan takes into account $1 trillion that would be gained from troop draw downs in Iraq and Afghanistan, and a half a trillion in cuts to benefit programs like Medicare and Medicaid.
[See a collection of political cartoons on the budget and deficit.]
What is drawing the most heat in the plan is Obama's "Buffett Rule" named after billionaire Warren Buffett, who in August wrote a New York Times op-ed begging the federal government to "stop coddling the mega-rich," and raise taxes on the wealthiest Americans. Obama's deficit plan repeals the Bush tax cuts on the wealthiest Americans, closes corporate loopholes, and limits the tax deductions the super wealthy could take. As Ken Walsh points out, the rule is a bold political move, "a populist gambit designed to gain support from liberals and independent voters who want him to confront the rich." House Budget Committee Chairman Rep. Paul Ryan called the move "class warfare" and accused Obama of inciting "fear, envy, and anxiety" among Americans. Obama refuted the claim, saying, "This is not class warfare. It's math."
What do you think? Should taxes be raised on millionaires to pay down the deficit or is Obama's "Buffett Rule" class warfare? Take the poll and comment below.
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