Obama's speech this morning, outlining his economic plan, from CBS.com:
Taking a defiant tone against Republicans unwilling to raise taxes in order to close the deficit, President Obama today unveiled a $3 trillion long-term deficit reduction plan that relies heavily on raising taxes on the wealthiest Americans.
"This is not class warfare -- it's math," Mr. Obama said, addressing GOP critiques of his plan head on.
"The money has to come from some place," he continued. "If we're not willing to ask those who have done extraordinarily well [to do a little more], the math says everybody else has to do a lot more. We have to put the entire burden on the middle class and the poor."
The core of Mr. Obama's deficit reduction plan is $1.5 trillion in new taxes. About $800 billion comes from repealing the Bush-era tax rates for couples making more than $250,000. The plan also closes certain corporate tax loopholes and limits certain tax deductions.
The president is also putting forward a measure he's calling the "Buffet Rule" -- named for billionaire investor Warren Buffett -- to raise taxes on those making $1 million or more a year in income. Taxpayers making $1 million or more often make their fortune through investment income, which is taxed at 15 percent, compared with the top tax bracket of 35 percent.
So that's what he's got: raise taxes on "millionaires and billionaires." And probably the rest of us, too. On the other hand, the problem with his brand of "not class warfare" seems a lot like class warfare. But as the graph shows -- thanks to Jason Fichtner, hat tip to @AndrewStilesNRO -- that class warfare is a double-edged sword. There is a segment of Americans that isn't paying its fair share. But it's not on the left hand side of the graph. It's on the right.
What happens when American voters take a good hard look at who actually pays for the federal government and who doesn't?
Talk about class warfare.