President Obama is proposing a new tax rate for people making over $1m a year
. The new rate is part of a larger plan which seeks to bring in $1.5 trillion in new tax revenue
and is sure to meet opposition in congress. From the article: "The core of the president's plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare." GOP Rep. Paul Ryan of Wisconsin said, "Class warfare may make for really good politics but it makes for rotten economics."