Obama Rejects 'Class Warfare' Tag In Push For Hedge Fund Tax Hike

Sep 19 2011 | 12:35pm ET

If President Barack Obama's latest tax proposals—which would increase the burden on hedge fund managers and other wealthy Americans—are class warfare, as Republicans claim, he's come out with all guns blazing.

The president would pay for half of his $3 billion deficit-reduction plan by eliminating tax breaks he says favor the wealthiest. And Obama, more combative on the matter—or any other—than at any other time during his presidency, has vowed to veto any plan that does not include higher revenue from taxes.

"This is not class warfare. It's math," Obama said at the White House today. "I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare."

"We shouldn't balance the budget on the backs of the poor and middle class," he went on. "We can't afford these special lower rates for the wealthy."

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