Rich Should Pay More Taxes : Obama

With America's debt assuming dangerous proportions and no significant number of jobs being created of late, the US President Barack Obama today unveiled plans to tax the rich and reduce the deficit.

Coming out with a slew of proposals to tax the rich, Obama said his plan eliminates tax loopholes that primarily go to the wealthiest taxpayers and biggest corporations, tax breaks that small businesses and middle-class families do not get.

“If tax reform doesn’t get done, this plan asks the wealthiest Americans to go back to paying the same rates that they paid during the 1990s, before the Bush tax cuts,” e,” Obama said in his speech at the Rose Garden of the White House.

“We can’t afford these special lower rates for the wealthy,” he argued.

From: http://ping.fm/9tEOn