Barack's explanation for this unfairness to the top 5%?
"Right now, they are getting taxed at 36 percent. Under Bill Clinton in the 1990s, they were being taxed at 39.6 percent. You're talking about a 3.6 percent difference, and, you know, for, you know, the average person who is making half a million, a million dollars -- people like you Sway -- that's chump change, that's nothing. But it could make a big difference for that young person who is trying to figure out whether they can go to college or not, if we could give them more of a break or give them more scholarships or grants to go to college."Chump Change?
The Tax Policy Center says a person or family making $500,000 a year would pay $3,363 in additional income tax under the Obama plan.
A person or family making $1,000,000 a year would see their tax burden increase by $28,301 under the Obama plan.