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Published: Monday, 23 May 2011 | 9:25 AM ET
By: Jeff Cox
CNBC.com Staff Writer
The US is spending $4 billion a day more than it is taking in, putting the country on an unsustainable fiscal path perpetuated by both Democrats and Republicans, according to David Walker, head of the Comeback America Initiative.
Solving America's problems will require a combination weighted toward spending reductions but one that also will require spreading the taxation burden around more evenly, said Walker, the former US comptroller general.
..."We have to broaden the base—51 percent of Americans don't have any income taxes," he said. "That's not acceptable in a democracy."
The richest Americans are paying just 18 percent income tax rates even while the top marginal rate is supposed to be 35 percent, he said....