By Jeanne Sahadi @CNNMoney December 7, 2011: 5:13 AM ET President Obama says it’s the ‘height of unfairness’ that the very wealthy can pay a lower percentage of their income in federal taxes than many in the middle class. NEW YORK (CNNMoney) — In case you haven’t heard, President Obama wants the wealthiest to pay more in taxes. Noting the rise in income inequality in recent years and the need to reform the U.S. tax system, the president on Tuesday said that some of the wealthiest in America pay far less in federal taxes as a percentage of their income than many lower down the income scale. "A quarter of all millionaires now pay lower tax rates than millions of middle-class households….
Wed Dec 7 , 2011