PRO-CON: Should the wealthy pay more?
Jennifer Lee Preyss
Jan. 6, 2013 at 9:05 p.m.
Updated Jan. 6, 2013 at 7:07 p.m.
Following an 11th-hour congressional session last week, President Barack Obama signed the American Taxpayer Relief Act of 2012 into law.
House and Senate congressional representatives agreed to the terms of the legislation in an attempt to avert the "fiscal cliff" and stave off projections of a mild recession in the new year.
Though split on the appropriate measures to avert an impending national economic crisis, Congress agreed to prolonging income tax cuts for about 98 percent of Americans. Wealthy Americans, however - individuals earning more than $400,000 and couples making more than $450,000 annually - are expected to feel the brunt of the congressional compromise.
But is it fair to expect the nation's richest citizens to pay more in taxes than the majority of middle-wage income earners?