President Barack Obama released plans Monday on debt reduction, which included a tax increase on the wealthiest Americans. The announcement has immediately drawn criticism from GOP members, who argue that the plan pits one group of Americans against another. Obama has stated he will not enact any debt reduction plan that cuts spending without increasing taxes on the wealthy.
The proposed tax increase, called the Buffet Rule, would ensure that those earning more than $1 million don’t pay a smaller percentage of their income than someone who earns less. The revenue generated from the tax increase would be $1.5 trillion. Obama’s full debt reduction plan outlines $3 trillion in savings.
