Yesterday evening we reported the details of House Republicans' "fiscal cliff" compromise offer to the White House, which offered real ideological concessions, to the tune of $800 Billion in new revenues. The plan -- originally conceived last year by the Democratic co-chairman of the debt commission, Erskine Bowles -- also calls for the reduction of both discretionary and mandatory spending, making needed (albeit small-ball) reforms to the largest drivers of our debt. Unlike the president's risible, widely-panned proposal last week, Republicans' new negotiating posture offers genuine compromise: (a) It has bipartisan origins, (b) it achieves "balance," (c) it...
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The "richest among us" already pay far more than their "fair share." In 2009, the top 1% paid 36.7% of federal personal income taxes collected. The top 5% paid 58.6%. Meanwhile, the bottom 50% paid just 2.25%. Get in touch with reality.
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