GOP: Obama Wants Top Tax Rate Near 45 Percent

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Democrats have attacked Wisconsin Republican Rep. Paul Ryan's budget plan, saying it helps only the rich.

Senior White House advisor David Plouffe used the familiar liberal refrain that it "showers huge tax cuts on millionaires and billionaires paid for by seniors and veterans." 

Ryan countered that the budget represents a "sharp, clear difference" that will make America stronger economically.

"So, what we're saying is, clean up the past and have flatter, simpler, more competitive tax system," Ryan told Chris Wallace on "Fox News Sunday."

"And you have to remember, Chris, that eight out of ten businesses in America, they file their taxes as individuals. The president [is] saying he wants their top rate to go to high as 44.8 percent in January. You can't compete like that," he said.

The GOP budget aims to reduce the deficit by $3.1 trillion over the next decade with sweeping tax reforms, program cuts, and shifting oversight from the federal government to states.

Ryan said the Republican plan is the only alternative that effectively counters what he calls Obama's "path of debt and decline."

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