Comrade Obama: wealthy need to pay their fair share of taxes (and he could be right)

NEW YORK (CNNMoney) — In case you haven’t heard, President Obama wants the wealthiest to pay more in taxes.

Noting the rise in income inequality in recent years and the need to reform the U.S. tax system, the president on Tuesday said that some of the wealthiest in America pay far less in federal taxes as a percentage of their income than many lower down the income scale.

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Tagged as: Economic recovery, income inequality, middle class, President Obama, Recession, taxes, unfair taxes, US economic recovery, US economy, wealthy