President Obama and his fellow Democrats want the rich to pay “just a little more” in income taxes to underwrite an extension of the 2% cut in the payroll tax rate for working Americans, his other tax and spending proposals, and reduce the long-run growth in the federal deficit.
How much more? For starters, at least to President Clinton’s top marginal rate of 39.6% for couples earning over $250,000 a year (presumably measured by the IRS definition of “taxable income”).
Then what? Will President Obama sign a blood oath that 39.6% is the absolute “little more” he will ask the rich to pay, excluding the additional Medicare tax in Obamacare (if upheld by the Supreme Court)?
No matter how many times the question is asked, not a single supporter or adviser of President Obama, or the president himself, has been willing to put a number on a “little more” or state an ironclad cap on the top tax rate.