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"That’s the kind of balance you need," said Geithner. "Why is that the case? Because if you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to -- the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security."

It's February, so President Obama has unveiled his budget proposal for fiscal year 2013, which begins Oct. 1. Mr. Obama, who has presided over the first trillion-dollar budget deficits in American history and proposes to spend $3.8 trillion in his new budget, let it be known — again — that increasing taxes on "the rich" is his method of choice for raising revenue. The president may think this will get the nation out of the fiscal crisis he worsened, but in reality, he is setting the stage for more budget shortfalls — in the unlikely event this budget, unlike the...

President Obama heads west today for a three-day, three-state swing aimed largely at filling the coffers of his re-election campaign and honing his message to supporters in key states. Obama will headline eight fundraisers across California and Washington through Friday night. The events are expected to net at least $8.6 million for the Obama Victory Fund. Much of Obama’s focus will be on mingling with some of his wealthiest – and most famous – supporters in Los Angeles and San Francisco, who will play a key role in underwriting his bid for a second term. Later he’ll dine with 80...

Ever since the First Couple entered the White House, their social life has swirled around the very rich. Hollywood actors, pop star singers, Wall Street hedge fund managers, billionaire investors — these are the fabled "top 1 percent" in terms of income and wealth. The Obamas invite them to White House dinners. They vacation with them on Martha’s Vineyard. They party with them. They sup with them at $35,000-a-plate fundraisers. (Have these affairs ever included an auto worker? A mine worker? How about someone who is unemployed and looking for a job? What about someone who has lost his home?...

President Obama will use his election-year State of the Union address on Tuesday to define an activist role for government in promoting a prosperous and equitable society, hoping to draw a stark contrast between the parties in a time of deep economic uncertainty. ...Mr. Obama will call for changing the corporate and individual income-tax codes so the wealthy pay more, both to finance government investments and to alleviate the rise in income inequality in recent years. Republican presidential candidates have countered that government should get out of the way.

Reality TV star Kim Kardashian – she of the Jimmy Choo shoes and Dolce & Gabbana lifestyle — is getting pitched this week to reach into her very, very deep designer pockets and come up with more money for California’s education and social services. No joke. The new ad campaign from the Courage Campaign has a light and playful touch but pointedly notes that Kimmie made $12 million last year, a far cry from the $47,000 average income for Joe Californian. It’s a high profile effort for the Courage Campaign’s latest campaign: www.MillionairesTaxCA.com, which officially asks “the wealthiest Californians —...

In his big economics speech in Osawatomie, Kan., Tuesday, President Barack Obama asserted, "This is a make-or-break moment for the middle class." That's not good news for the middle class. What's the big problem facing Americans today? A lack of good jobs or the fact that rich people make more now than rich people used to make? The president seems to believe the latter. He seems to think that if Democrats raise tax rates on the wealthy, jobs will become fruitful and multiply. Or if they don't, at least he can blame Republicans for not agreeing to his economic package....

From “An Open Letter to the People of California”: I am filing today an initiative with the Attorney General’s office that would generate nearly $7 billion in dedicated funding to protect education and public safety. I am going directly to the voters because I don’t want to get bogged down in partisan gridlock as happened this year. The stakes are too high.

It's difficult to divine exactly what the Occupy demonstrators in California cities and on university campuses are protesting. ... We needn't weep for the wealthy; they can take care of themselves. But their incomes are much more volatile than those of us who earn paychecks because they are much more dependent on capital gains from stocks and other investments, and when recession hits, their income streams decline sharply. That's where the effect on college fees comes into the equation. California has a particularly progressive personal income tax system, which means that it's extraordinarily dependent on high-income taxpayers. In fact, the...

Washington — Two dozen “patriotic millionaires” traveled to the Capitol on Wednesday to demand that Congress raise taxes on wealthy Americans. The Daily Caller attended their press conference with an iPad, which displayed the Treasury Department’s donation page, to find out if any of the “patriotic millionaires” were willing to put their money where their mouth is.

. . . Due To Liberal "Generosity." 50 million Americans are recorded as living below the poverty line, and nearly 50 million citizens are receiving Food Stamps, compliments of the rest of the tax paying populace. Lyndon Baines Johnson originally alloted a little over 1% of U.S. Gross Domestic Product to fight the War on Poverty, which we are miserably losing. Now, over 14% of America's GDP is spent on poverty programs. Dividing the estimated GDP of $14,000,000,000,000 by 50,000,000 "poor" Americans equates to each poor American receiving some sort of welfare in the amount of $280,000 per person. Don't...

The context for Occupy Wall Street and proposals to tax the rich - "rich" being constantly redefined - is the broader issue of economic inequality. For years, liberal politicians, academics and pundits have complained about growing inequality, but their protests barely resonated with the public. When most people are doing okay, the fact that some people are doing better does not arouse much anger. No more. When many people do worse, or fear they might, the rich inspire resentment and envy. Glaring inequalities that once seemed tolerable become offensive. By and large, Americans regard the rich the way they do...

White House: Millionaire tax isn’t enough Neil Munro -- The Daily Caller 39 mins ago President Obama wants tax increases on the wealthy, regardless of whether the Democrats’ proposed millionaire tax becomes law, White House spokesman Jay Carney said Friday. “The president’s position has not changed” since he called for increased tax rates on individuals earning more than $250,000 per year, and for adoption of the “Buffett Rule,” Carney said during his midday press conference. Under the still-vague “Buffett Rule,” named for multi-billionaire investor Warren Buffett, the government would ensure wealthy people could not use current features of the tax...

CHICAGO (CBS) – It’s sticker shock in the mail. Tax bills went out to Cook County homeowners this week and the big jump in the amount due to many homeowners has some wondering if they can keep their house. CBS 2′s Dana Kozlov takes a look at how the dramatic jump in property tax bills is affecting people and what you can do about it. According to the Cook County Clerk’s office, tax rates are up for schools, park districts, municipalities and other government bodies. Some of those tax levies have made double-digit increases in tax rates. The property tax...

WASHINGTON—Senate Democrats proposed a 5% surtax on people earning more than $1 million a year to pay for the $447 billion cost of President Barack Obama's job-creation bill, in a move designed to shore up their party's support for the measure. The proposal would replace the range of tax deductions for wealthy people, oil companies and other businesses that the president had proposed to end to offset the cost of the job-creation initiatives in his plan. WSJ Deputy Managing Editor Alan Murray and Evan Newmark discuss the politics of the proposed 5% surtax on millionaires put forth by Senate democrats....

BET founder Robert Johnson on the "FOX News Sunday" program: "Well, I think the president has to recalibrate his message. You don't get people to like you by attacking them or demeaning their success. You know, I grew up in a family of 10 kids, first one to go to college, and I've earned my success. I've earned my right to fly private if I choose to do so. "And by attacking me it is not going to convince me that I should take a bigger hit because I happen to be wealthy. You know, it is the old --...

According to biologists, billions of years ago the first sea creature wiggled onto the beach. This was a pivotal moment in life's long march from amorphous sea snot into the highest form of mammalian beings—hedge-fund managers. Many people see that as an improvement, but I'm not judgmental. What we don't know is why the first sea creatures were so anxious to leave their ocean habitats. My guess is that it had something to do with taxes. Reliable people on television have informed me that taxes are the root cause of all behavior. And that means we can predict the future...

BEGIN TRANSCRIPT RUSH: From Judicial Watch: "In its quest to promote taxpayer-funded entitlement programs, the Obama Administration has actually rewarded one state with a $5 million bonus for its efficiency in adding food-stamp recipients to already bulging rolls. It’s part of the administration’s campaign to eradicate 'food insecure households' by improving access and increasing participation in the government’s Supplemental Nutrition Assistance Program (SNAP)," or food stamps. "This week Oregon officials bragged that the USDA has given the state $5 million in 'performance bonuses' for ensuring that people eligible for food benefits receive them and for its 'swift processing of applications.'...

CNBC: "Are you happy that the way it is being described. Is the program that the White House has presented a million dollars and over your program? " Warren Buffett: "Well, the precise program which will -- I don't know what their program will be. My program would be on the very high incomes that are taxed very low. Not just high incomes. Somebody making $50 million a year playing baseball, his taxes won't change. Make $50 million a year appearing on television, his income won't change. But, if they make a lot of money and pay a very low...

A key moment in the dueling Obama-House Republican visit to Silicon Valley Monday was when the wealthy, retired-early Google exec told President Obama to raise his taxes. Yes, you read that right. “I don’t have a job, but that’s because I’ve been lucky enough to live in Silicon Valley for a while and work for a small startup down the street here that did quite well. So I’m unemployed by choice. My question is would you please raise my taxes? “I would like very much to have the country to continue to invest in things like Pell Grants and infrastructure...