Republicans' insistence on fixing the deficit without replacing the revenue lost to the Bush tax cuts will devastate vital programs. Social Security, Medicare, Medicaid and national defense will founder. Government investments in infrastructure and research will starve. Why should the very rich pay more in taxes? Here's why:
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These tax breaks explain whyWarren Buffet could truthfully say that billionaires like him pay taxes at a lower rate than their secretaries do. Put the capital gains rate back at 20 percent, eliminate the cap on income subject to the payroll tax, raise the top bracket for people making over a million dollars a year to, say, 40 percent, and the debt crisis will disappear.