In his September 8 lecture to Congress, President Obama promised that "every proposal I've laid out tonight will be paid for."? How? By raising tax rates on "the wealthiest Americans and biggest corporations."? In other words, the President is proposing a $447 billion tax increase.
When the details are revealed on September 19, the President will be proposing large and permanent increases in the highest income tax rates ?' mainly to "pay for"? a small and temporary cut in payroll taxes (which accounts for 54 percent of his $447 billion package). The plan is likely to contain elements of the September 7 proposal of Congressional Democrats to the super-committee — such as a draconian "super-Pease"? phase-out and cap on itemized deductions, and a top marginal tax rate of 48.8 percent in 2013.
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