President Obama and Congress must first extend all of the Bush-era tax cuts except those affecting millionaires. Individuals and small businesses with annual incomes of more than $1 million can afford to pay a little more.
Those with incomes above $250,000 can also afford to pay a little more, but Mr. Obama should be willing to extend their tax breaks. Compromise demands a little give here on a Republican priority. Democrats will like that the truly wealthy will be required to pay higher taxes, while Republicans should like the fact that most of the Bush tax cuts are extended.