Obama tax plan calls on richest Americans to aid in deficit reduction

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  • Dale Eisman

President Obama’s pledge to veto any deficit reduction package that does not include higher taxes for corporations and the wealthiest Americans is good news for the millions of middle class taxpayers who have borne the brunt of the Great Recession, Common Cause said today.

“Hooray! The President has finally put some teeth into his case for ‘shared sacrifice’ to get our nation’s finances in order,” said Bob Edgar, president of the non-partisan government watchdog group.

“We remain concerned about the impact on the poor, the elderly and the infirm of some of the spending cuts being considered by the White House and Congressional Republicans,” Edgar said. “But Mr. Obama’s line-in-the-sand on taxes directs everyone’s attention toward finding sources of money that might let us avoid the worst of those cuts.

“I notice that some of the President’s critics already are dismissing his proposal as ‘class warfare,'” Edgar added. “However those same folks seem to have no problem with ‘reforms’ that would raise taxes on the middle class, cut pension benefits earned by tens of thousands of public employees, and decimate labor unions. As Warren Buffet has observed, there’s class warfare already, and the richest Americans are winning.”