President Obama will announce a deficit reduction plan today that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House’s opening offer to the Congressional “super committee,” which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes “class warfare,” particularly the so-called “Buffet Rule.” Named for billionaire Warren Buffett, who has repeatedly called for higher taxes on the rich, the rule imposes a minimum tax rate on those earning more than $1 million per year. Many Republicans contend that taxing the wealthy will only worsen the economy. Grover Norquist, president of Americans for Tax Reform and author of “Leave Us Alone: Getting the Government’s Hands Off Our Money, Our Guns, Our Lives,” has a reputation of holding Republicans in Congress to Americans for Tax Reform’s anti-tax pledge. He gives his spin on Obama’s plan.
The story you just read is available for free because thousands of listeners and readers like you generously support our nonprofit newsroom. Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you: We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll get us one step closer to our goal of raising $25,000 by June 14. We need your help now more than ever!