President Obama unveiled a $3 trillion long-term deficit reduction plan today that relies heavily on raising taxes for the wealthiest Americans. Addressing GOP critics of the plan President Obama said, “This is not class warfare - It’s math”. Most of the Plan comes from about $1.5 trillion in new taxes and $800 billion comes from repealing Bush-era tax rates for couples making more than $250,000 a year. President Obama is also introducing a measure called the “Buffet Rule” - named after billionaire Warren Buffet. The Buffet rule would raise investment taxes for people making over $1 million a year to 35%, instead of the Current 15%. Congressman Paul Ryan went after the President’s plan on Fox News Sunday yesterday saying, “Class warfare may make for really good politics, but it makes for rotten economics.”
Louisiana Congressman John Fleming said on “Jansing & Co” this morning that he can’t afford a tax hike because he only has $400,000 a year left after feeding his family.
Andrew Breitbart while speaking to a Tea Party crowd in Lexington Massachusetts got carried away with his speech, saying that liberals attack him “all the time”. He went on to say - “Fire the first shot’ Bring it on. Because I know who’s on our side. They can only win a rhetorical and propaganda war. They cannot win. We outnumber them in this country, and we have the guns…”
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Governor Scott Walker said on Friday afternoon that he has no details on why the home of one of his former top aides was raided by the FBI last week. Witnesses saw FBI agents taking pictures of the property and then walking out of the home with a box. Tonight John Nichols of The Nation joins us for the latest.