Monday Must Read: Obama Unveils Tax-the-Rich Plan; New BART GM to Meet with Protesters

Stories you shouldn’t miss:

1. President Obama unveiled his new plan for requiring wealthy Americans to finally pay their fair share of taxes. The president dubbed the proposal the “Buffett Rule,” after billionaire Warren Buffett, who has noted that he pays a lower tax rate than his secretary under current IRS loopholes. Republicans immediately decried the plan, calling it “class warfare,” to which the president responded: “This is not class warfare; it’s math,” noting that it’s not mathematically possible to make a substantial dent in the nation’s budget deficit without new revenues.

Buffett and Obama

  • Buffett and Obama

The president’s plan would slash the deficit by $3 trillion over the next decade. Obama also vowed to veto any legislation that calls for more cuts without higher taxes on the rich.

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